A legal review of property contracts is important for several reasons. First of all, it protects the developer from liability. Even with the best intentions, disputes can arise if the seller fails to disclose important information or fail to meet their responsibilities before closing. Secondly, the review can add a clause that mandates arbitration or negotiate a satisfactory method of conflict resolution. Regardless of the reason, hiring a lawyer is a wise investment for the developer.
Benefits of hiring a lawyer for contract review
If you are planning to buy a property in Thailand, hiring a property contract lawyer is a wise decision. Attorneys have vast experience in the industry and know how to write business contracts in a way that benefits their clients. They can help you save money by negotiating on your behalf and ensuring that the contract meets your needs. The lawyer will be able to provide valuable advice regarding typical contract terms and negotiate on your behalf.
Another benefit of hiring a Thai property contract lawyer is their expertise in Thai law. Whether you want a new job or a change of career, a lawyer can review your contract and ensure that you're not violating your rights. Employment contracts can often contain detailed terms, so it is vital that you understand these terms. Even if you've read the contract yourself, you may be surprised to learn that it affects your personal life and career.
Attorney review
Unless the contract stipulates otherwise, a real estate contract in Thailand needs few days for review. This review period is designed to make sure both parties understand the terms of the contract and to protect their legal rights. While real estate brokers and salespeople often use basic, "standard" contracts, certain provisions are not appropriate for every transaction. By using this time to examine the contract and make any necessary changes, attorneys can identify any potential problems and ensure that the interests of both parties are protected.
The Review Period begins on the day after the contract is signed by BOTH parties and delivered to each party. This time period does not include legal holidays or weekends. Each party has few days to hire an attorney to review the contract and make any necessary changes. The Review Period can be extended by mutual consent between the parties.
Basic contract review vs. lawyer review
A basic contract review goes deeper than a specific issue review. A lawyer will be able to answer specific questions and note areas that need revision. This service is ideal if you aren't sure of how to handle a contract. A lawyer can be invaluable in negotiating changes and ensuring that your interests are protected. Whether you choose a lawyer review or a basic contract review depends on the nature of the contract.
A basic contract review is a step up from an issue-specific contract review. It involves a lawyer looking over the entire agreement for any red flags or issues. A lawyer will make suggestions for improvement and note down any areas that need to be edited. This type of contract review takes time, but ensures that your property contract is legally binding. It is worth the money, however. Here are a few benefits.
Cost of hiring a lawyer for contract review
When you're looking for a property contract review, you'll need to consider how much it will cost. Some lawyers offer flat fees, while others will charge per issue. Some may charge more than 90,000 Baht for a standard review. The higher the complexity of the contract, the higher the fee will be. The following is an overview of the typical costs of contract reviews. You can also find out how much they'll cost if you want an issue-specific review.
There are two main ways to get the cost of a contract review: hourly or flat-rate fees. An hourly fee will vary depending on the lawyer and his or her experience. An hourly fee will generally range from 3,500 to 6,000 Baht, although you can get by with a lower-cost review if you only have a few basic questions. If you're worried that your lawyer's review won't cost much, consider hiring a cheaper lawyer for a one-time review.