Due Diligence | Thailand Law

Due Diligence

?Due Diligence? is a process whereby an investigation of an investment deal is performed to determine its worthiness prior to finalizing a transaction. Here are the basics for the process. When selling and buying real estate in Bangkok this involves several things which include: Obtaining a title insurance policy regarding the ownership of the property and the encumbrances to which it is subject

• Requiring the owner to secure an attornment from the tenants agreeing to maintain the status quo with regard to the lease agreement prior to the transfer of ownership

• Researching the zoning laws and the existence of any special assessment of property taxes applicable to the property, building code compliance of the premises, the existence of any, and the sales price history of the property if applicable

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Due diligence for Bangkok real estate is a very important step that real estate buyers must undertake, most especially foreigners who are especially susceptible to unscrupulous dealers and developers.? The practice of due diligence provides invaluable information that enables the prospective buyer to verify the claims being made by the seller regarding the property being sold.

It all starts with the exercise of due diligence on the background and title of the property being considered as well on the credibility of the seller himself.? Due diligence also includes conducting a physical inspection of the place to give the buyer a clear picture of the actual state the property giving the buyer information such as whether or not the property would require additional expenses for repairs, whether the surrounding structures or establishments would affect the buyer?s own purpose for the property, whether the property is accessible or not, and others.? This must be done prior to negotiation.

A buyer can then use the information yielded through the performance of due diligence as a bargaining tool in order to get a better price or gain concessions from the seller.? More importantly, it will prevent the prospective buyer from spending a substantial amount of money on something that would eventually only put him in serious financial and legal trouble. A wise investor cannot forego the exercise of due diligence for Bangkok real estate, a task which he must only entrust to a reliable and competent lawyer.? Siam Legal International is a reputable law firm that has a team of real estate lawyers who specialize in providing foreign investors with all the necessary legal services to ensure a clean and trouble-free property transaction.

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Source: http://www.thailandlaw.org/due-diligence/

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