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Market Watch - Page 7:

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Pre-plan Your Purchase, & Prevent Future Pain.

 

 

 

Whether you are buying a resort villa, selling a piece of land or developing investment property, transforming any financial deal into a profitable investment can be a rocky road. Aside from sound accounting and tax planning advice, it is important that a key member of your team be your legal advisor.

All too often, individuals or businesses look only at the cost rather than the overall lowering of associated risks including the possibly of a catastrophic impact poorly-constructed deals often bring.Matches are not often made in heaven. Finding the right legal advisor takes time, research and in many cases a trial-and-error approach. While picking a name out of a phone book certainly is one of the more common way of finding council, the results are often a hit-and-miss proposition.

Start your search by speaking to friends, businessmen or other contacts. If possible, ask for an introduction by means of a phone call or email. If you are a developer, sound out other developers and see who is representing them and how they assess performance. Look closely at what your needs are. If you are buying a home, do you need a multinational firm - or will you do better working with a smaller organization or individual lawyer? Right-sizing the approach ultimately saves time and money.

Here in Phuket, the property market has evolved and developed to the point that we have a wide variety of choices, from well-respected local firms


 

 

such, as International Law Offie, to firms with local and Bangkok offices: Belmont Limcharoen and McEvily & Collins, and firms with international officescertain time periods is to allow booking on like JSM, and Tilleke and Gibbons.

There are also a number of extremely competent local law firms and individual lawyers. Getting into the market and speaking to a number of firms will enhanceyour own knowledge, enabling you to reach a more informed decision. Asking direct questions is always the best approach but don't expect free advice and lose track of the overall goal of finding the most competent legal representative.

Capping the cost of certain work is an acceptable practice that ensures you do not exceed your budget. In many instances, reviewing a cost estimate will help you identify certain items that may be eliminated or done more cost-effectively by non-legal staff. Containing and managing the scope of work is good sense; it is never wise to hand someone a blank check.

A reliable professional services team will go a long way to making your deals successful, be it a one-time affair or a long term working relationship. But as in any relationship, success often reflects the time and effort you put into the process. Pairing up your legal team, accountants and tax advisors in a don't leave any stone unturned approach is one of the best investments you will ever make.

 

   

Bill Bamett is Managing Director of C9 Hotelworks a Phuket hotel and residential consulting firm With more 20 years experience in the region, he has played an active role in some of the island biggest develovments.

       
       
Articles: 2009
 

Koh Samui's Luxury Market Emerges

 

The Next Big Thing In Ocean Front Real Estate

 

Predicting The Year Ahead - 2009

 

Phuket For Sale

 

Is Phuket Property Too Expensive

 

Is Phuket Ready For Fractional Ownership?

 

Koh Samui's Emerging Luxury Market Part 2

 

The Winds Of Change

 

Phuket Luxury Villa Market Update Part 1

 

 

       
 

Archived Articles: 2007 - 2008

 

Krabi - On The Edge Of A Boom

 

US Financial Crisis - Living The Sub-Prime Life

 

Rental Income - Investment Rent And Raves

 

Aesthetics - Out With The New, In With The Old

 

Hotel Branded Realestate, Battle Of The Brands

 

Local Communities - Cables Gone Wild

 

Rental Property - Plus & Minus, Buying A Hotel Unit

 

Aesthetics - Bold Designs Keep Boredom At Bay

 

Agent Commission, The Low Down About Paying Up

 

US Financial Crisis - Clouds The Property Horizon

 

Phuket - The Next Big Property Trend 2007

 

Vietnam, Too Fast Too Soon

 

Timeshare, High End Fractional Ownership Matures

 

How we should protect the property cash cow

 

Re-Inventing Patong

 

Budget Hotel Brands Shake Up The Scene

 

Property Developers - Number Crunching Pays Off

 

Bali, (property) Supply Surges Ahead

 

Aesthetics - Designing For Success

 

Phuket, Battle to preserve the beaches

 

Low Season - Cyclical Cynics

 

Phuket Luxury Villa Market Update Feb 2009

 

Khao Lak, Back To The Future

   
 

 

   
 
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