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Thailand Property News & Articles |
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What is the Importance of Legal Due Diligence?
Are you planning to buy land, a house, or a condominium unit in Thailand? Then it is essential you have a legal Due Diligence in Thailand on it in order to have a thorough check of the history and status thereof.
Land title deeds in Thailand are divided into four main categories, namely:
(1) Freehold Title Deed (Chanote or Nor Sor 4)
(2) Nor Sor 3 Gor
(3) Nor Sor 3
(4) Possessory Right
Among these four, the Freehold Title Deed (Chanote or Nor Sor 4) grants the holder of the document full rights over the land. Thus, if you planning to buy a land in Thailand, this type of title deed is the best option.
However, the Possessory Right is the type which is least recommended, because land with a
possessor’s right has never been substantiated by the Land Department. It is only recognized by tax payments at the Local Administrative Office. |
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Indeed, due diligence investigation plays a primordial role before buying a real property. It tackles whether the land you wish to buy has a Chanote Title or merely a Possessory Right. It determines whether the house you want to buy is encumbered or not. It examines the land, the house, or the condominium unit you wish to purchase, and its zoning regulations. In short, it reviews the whole background of the real property you are planning to buy. The reason why it is very important to check the background of the real property you are buying is because you acquire the defect(s) in the title and the potential claims against it along with the real property itself.
This article was provided by Siam Legal, an international law firm with offices in Bangkok, Chiang Mai, Hua Hin, Pattaya, Phuket, and Samui. Siam Legal publishes Thailand property guides on its website. |
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Siam Legal International
Interchange 21 Building, 23rd Floor, 399 Sukhumvit Road
North Klongtoey, Wattana, Bangkok 10110
Tel: 662 259-8100 |
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