Contracts bind one party with another, be it for a lease or a sale of a property. This makes a thorough review of the document a very important thing to do before signatures will be affixed or payments will be made.
Reviewing a contract does not simply mean going over the terms but it also means examining whether there are hidden clauses or charges that can be detrimental to one party or both sometime in the future.
A thorough review of contract, therefore, is a highly essential step in property purchase in Thailand.
Why is it important?
The level of importance of a contract review depends on each person or entity involved but nonetheless, it is a must when it comes to property purchase.
The buyer should know and understand every word or meaning of the clauses on a contract to avoid finding himself in a detrimental situation in the future because he missed or have not understood something while going over the proposed contract.
Additionally, the contract should clearly state the responsibilities of both the buyer and the owner of the property like who has the responsibility to pay a certain tax or what the developer must do in case the finished unit that the buyer off plan is not within the standards as presented on the schematics.
A carefully reviewed contract may even save the property purchaser from spending for legal remedies in case a disagreement steaming from each sides’ contention would ensue later on.
Also, hidden charges are always possible therefore this makes a contract review even more needed.
Lastly, a property buyer, be it a local or an expatriate, should have a contract reviewed by a competent property lawyer to ensure that the clauses of the contract are all enforceable in Thailand and possibly, also at his home country as well. This should be done before such contract will be signed by him and not after.
Contract Review Service
Siam Legal opens up negotiations with the other party apart and make suggestions when warranted as the firm does not only stop at reviewing the contracts for legality and or enforceability alone but it also aims to actively negotiate with the other party in amending the clauses of the contract that seems to negate the rights and interests of the property purchaser.
Furthermore, Siam Legal also aims to thoroughly check whether hidden charges do exist and have the contract changed if such are present.
After thoroughly examining the contract with the proposed amendments undertaken, only then that Siam Legal will present the contract for its client’s ratification thus making its contents legally binding.