Investing in real estate certainly involves a considerable amount of money. It cannot be denied that there are some fraudulent property dealers and developers taking advantage of investor’s lack of knowledge on legal procedures and documentation related to real estate in Thailand. This may be due to the language barrier, as all official documentation is available in Thai only. Therefore, it is advisable that investors must take extra precaution, by seeking for due diligence services before finalizing any transactions.
Due Diligence is a useful tool for estimating the status of a prospective project and its developer. It is the research and analysis of a company, organization, or an individual done in preparation for a potential business transaction or investment. In addition, Due diligence serves to confirm all material facts and legal parameters on a sale or acquisition by investigating and evaluating a potential investment. A reasonable person always take extra precaution before entering into agreement with another party. This consequently prevents unnecessary harm in the future because due diligence indeed helps to identify potential risks and liabilities.
The failure to conduct necessary precautions usually results in terrible consequences. Some cases results to serious financial and legal distress on the part of the buyer. If problems, risks and liabilities are not discovered and identified in advance, the seller might evade any responsibility for them later on.
Magna Carta Law Firm provides due diligence services related to real estate, business and legal contracts. Our lawyers will make sure that both parties deal with each other in a fair manner by conducting thorough title and background checks. Contact us now!