I have noticed that there seems to be no real title insurance in Thailand. Apart from the usual insurance to safeguard against fire, theft and damage to personal property, there still seems to be a lack on quality insurance relating to boundary disputes, restrictive covenants, fraud, missing landlord, undisclosed rentcharges or rents that run with the land. What about missing documents such as a building permit, or even a building that was erected without a building permit more than 5 years ago. Purchasers need some form of safeguard against these areas, and it seems that these problems always creep to the surface once in a while when the purchaser is not paying attention, or fails to instruct a lawyer. Title insurance companies in Thailand should consider expanding their portfolio to include a variety of insurance options which can protect both the seller and buyer in a land transaction. In the United Kingdom, title insurance is common place amongst conveyancers, and in most transactions, title insurance is always needed whether it be for missing title documents, rights of access, title defects, undisclosed rights of way or restrictive covenants, or even a missing landlord thus rendering the lease problematic.
Title insurance is vital and should be implemented in conveyancing transactions in every legal office in Thailand. Insurance would also create a level of confidence amongst the parties concerned and thus will create a system of checks and balances. Insurance companies in Thailand should do more to widen the scope and provide a comphrensive cover to deal with almost every eventuality relating to land and buildings combined.
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