Whether it is buying a car, a townhouse or acquiring a piece of land, a contract is there to represent in writing the agreed duties and responsibilities of the parties involved. Whether the transaction is worth just a couple hundred thousand Thailand baht or a multi-million one, contracts serve as evidence of the obligations of both the seller and the buyer on one another.
Yet, it is a sad reality that no matter how important the contents of the contracts are, many people are still bound to fail and suffer the loss of investment and savings by dismissing the importance of having their contracts reviewed by the a competent attorney, lawyer, or solicitor.
Avoiding to be taken advantage by an unethical seller does not come cheap prior to the signing of contracts but in the long run, it may be the one that will save you a huge deal of your money.
Therefore, you must have a reputable lawyer or law firm who will be tasked to review the terms and conditions for you as there might be provisions that are unfavorable to your interests. Things like hidden charges and other redundant obligations may be on the contract but you are not able to detect them when you first read the document because first and foremost, you maybe a vulnerable expatriate unfamiliar with the legal processes, customs and tradition of your host country.
While you can just buy a Thai to English dictionary to translate certain items in case the seller drafted the contract using Thai terms, you must remember that not all dictionary translations are accurate especially you are dealing with Thai legal terms. So a Thai lawyer or solicitor who is exceptionally knowledgeable to both languages is extremely helpful to you.
Additionally, your lawyer or solicitor can: check for details that are essential but not reflected on the contract, check if the names are correct and check if the dates, schedules and other agreed pertinent facts are explicitly stated on the contract.
If revisions are required in order to make it favorable to you, your lawyer or solicitor will make the necessary adjustments basing on how you want and need them to be. Only then you will pay the required deposit when no further revisions and corrections are needed for the contract.
In conclusion, review of contracts has the potential to save you from lengthy and costly legal battles, and other applicable fees in the future in case of a default or a contract breach. Therefore, having any contracts reviewed by a lawyer or attorney is a very practical practice when venturing into the realm of property investment.
Protect yourself and your investment. Hire an attorney, lawyer, or a solicitor in Thailand to review your contracts then you can assure yourself of a secure and peaceful stay in the kingdom.