The Thailand Real Estate Investment and Property Law Forum 2013
Asia Business Connect held the “Thailand Real Estate Investment and Property Law Forum 2013” conference at the Bangkok Convention Center last September 19th to September 20th. Mr. Kert Stavorn, a partner at Siam Legal International, gave a presentation regarding “Contract Strategies and Legal Concerns in Sales/Property Contracts for the Real Estate Business” and also sat in a panel discussion entitled “Thailand’s Property – Oversupply of Property/Real Estate Bubble?”
Kert’s presentation focused on the consumer protection laws passed in recent years and incorporated into sales contracts for condominiums and land located in housing estates. Kert also provides some tips for those who were interested in leasing the property as an alternative way of participating in the Thai real estate market. According to Kert, the liability for paying the Housing and Land Tax should be clearly allocated, succession rights for the lease should be defined or else the death of the lessee would terminate any lease by default, and for land with houses, there should be a supplement agreement pertaining to the structures built upon the land. Kert also advised investors to further minimize their risk by performing due diligence on any potential property and conducting background research into the developer and its past projects.
Kert noted that standard form contracts should be used because they saved time, minimized transaction costs, allocated risks in a fair and transparent manner, and reflected industry standards. Kert also noted that the standardized contract laws used in some other ASEAN countries, such as Malaysia, were even more comprehensive than those used in Thailand.
When asked during the panel discussion about where he would invest in Thailand if he had only one choice, Kert answered that he would invest in Phuket since it is where his heart is and because Phuket always has the potential for future growth.
About the Author (Author Profile)
Siam Legal is an international law firm with experienced lawyers, attorneys, and solicitors both in Thailand law and international law. This Thailand law firm offers comprehensive legal services in Thailand to both local and foreign clients for Litigation such as civil & criminal cases, labor disputes, commercial cases, divorce, adoption, extradition, fraud, and drug cases. Other legal expertise of the law firm varied in cases involving corporate law such as company registration & Thailand BOI, family law, property law, and private investigation.