Financial Resource

than the lead agent who stand to benefit from you completing the transaction. If you are aware of such facts then you will be able to mentally value the attractiveness of your contemplated transaction more accurately.

Wills

Foreign wills, subject to certain rules, are recognized and enforceable in Thailand. However, in practice, court applications, notarization and formal administrative procedures can cause time delays in administering your estate. Therefore, a specific Thai will to deal with your assets is advisable. Furthermore, if there is an offshore element attached, such as an offshore company you have set up to acquire your property interests, then you should also make a will in the appropriate jurisdiction. You should notify the lawyer dealing with your will in your home jurisdiction that you have created other wills, so that that lawyer can ensure there is no conflict between the documents. Wills should be made in English and in Thai for good practice.

General Tips
Don’t Take Short Cuts
Surround yourself with professionals
Double check information
Get to know the parties and companies you are dealing with
If you are working from a distance, work hard on effective communications with your advisers and other parties
Think not only about the asset you are investing in, but also the management of it
If you don’t enjoy the process of acquisition, think about why you are acquiring
Separate emotional like from cold clinical analysis of the property, suitability and price
Monitor the real estate market leading up to and throughout the purchase
Manage your foreign exchange calculations
Plan late delivery of off the plan property, and choose quality over speed
Using your Legal Advisers Effectively
Establish scope of engagement of your lawyer through an engagement letter
Establish and agree the price for works
If you negotiate legal fees then you may also be reducing the scope of works
Communicate your motivations for purchase as early as possible
Pay your deposit on time, and pay your bills on time in order to demand timely service
Tell the truth to your advisers
Establish who the main point of contact on your transaction is, and who is the partner ‘managing’ the transaction and those working on it
Request translations of documents if documents are produced in Thai language
Make sure you plan your availability to sign original documents and take into account that you may need to post documents to facilitate processing of the transaction
Make sure you understand what you are signing ‘Powers of Attorney’ for
Try to be friendly with your lawyers, so they can enjoy working for you

“This content was produced by Limcharoen Hughes & Glanville for www.phuketproperty.com , an international law firm with offices in Bangkok; Phuket; Koh Samui; Ho Chi Minh City and Bali” www.limcharoen.com

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