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ResourcesThailand Real Estate & Property LawConveyancing and Property TransferConduct Property Due Diligence BEFORE Paying a Deposit in Thailand

Conduct Property Due Diligence BEFORE Paying a Deposit in Thailand

Transcript of the above video:

As the title of this video suggests we're discussing Property Due Diligence specifically in the context of conducting such due diligence before paying a deposit.

I have seen this happen frequently.  Folks will go ahead and contact me about doing Property Due Diligence after they have paid a deposit in association with a given piece of property. Now this property may be off plan. It maybe already built. There maybe somebody in the property. Whatever the case is, I strongly, strongly urge those who are watching this video who are serious about undertaking the purchase or the conveyance of real estate or real property here in Thailand to go ahead and contact a legal professional and get some due diligence done on the matter before paying a deposit. So many times I see people realizing that they need to do due diligence only after they pay the deposit and I'm here to say, and not all not all landlords are necessarily looking to hold on to a given deposit, but in many cases it's very difficult to extract that deposit back from a landlord even if the situation is materially different than what the proposed buyer thought it was at the time they initially got into the transaction.

So the thing to take away from this video,  attorneys, legal professionals here in Thailand, can provide a great deal of insight regarding both the legal posture possibly the financial posture, for example mortgages etc. associated with a given piece of property and so it's a very good idea to go ahead and retain such services before making financial commitments that could prove irrevocable or effectively irrevocable due to the fact that for example it may be a deposit that’s not worth going after through the courts because the cost of getting the deposit back doesn't reach the threshold of the amount that the deposit was worth in the first place.  

So the thing to take away from this video in my opinion, is the due diligence on these matters is best done before a deposit is made so as to possibly forestall a situation where a deposit has been paid and it's impossible to get it back and the situation isn't such that the buyer wants to go ahead and proceed with the purchase or the conveyance of the given property at issue.