Buying Land

[MonPengCarabao]

A friend has some Land I would like to purchase, they have offered to let us pay installments, is there a way to protect myself so once the final payment is made the hand over the Chanote?

[SunbeltAsiaExpert]

I surmise you are Thai or a shareholder of a Thai company as in almost all cases, only Thais or Thai companies can acquire land.The best way to protect yourself in the case of acquiring this land is through a sales purchase agreement, prepared by a lawyer. This agreement will include details concerning the payment schedule, the date that transfer of ownership will occur etc. You will be protected through the indemnities stipulated in this agreement. It is recommended to have the contract notarized by a lawyer here in Thailand to give added credibility to the agreement and also to ensure that it is enforceable in a court of law. The contract must also have stamp duty and witness by two people. Any corporation signing must also use the seal of the company.

Another option of securing your interests is by using a third party escrow account, or through a broker /agent wherein they will hold the funds for you for a minimal fee until you have fully paid the price of the land. Certain brokers/agents also make sure that the transfer of the land is supervised and done smoothly.

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