Thailand is no doubt a beautiful country rich in culture and with beautiful beaches. It is among the top tourist destinations in Asia and deservingly so.
If you are a foreigner keen on purchasing property in Thailand but are unsure of how to go about it, you are in the right place. Here is the ultimate guide to buying property in Thailand:
1. First, Look For a Property Agent In Thailand
When looking for property in a new country, you need all the expert local assistance you can get. A local real estate agent will be in the best position to know the geographical area and is well versed in the language of the land.
You will save valuable time because a local agent will quickly point you in the direction of a property of your liking that is within your price range.
Some people opt to purchase property directly from the seller. However, with a property agent, you stand the chance to have someone act as a liaison between the seller and you.
They will most likely negotiate a sweet bargain price for the property since they will be representing your best interest throughout the entire process.
2. Do Legal Planning With a Local Property Lawyer
Properties cost a pretty penny. You can’t risk losing considerable sums of your life savings on unscrupulous deals.
That is why you need a property lawyer to guide you through all the steps. Doing it yourself can be tricky because you may not be fully aware of the correct legal process you need to follow to acquire the property. Engage a local property lawyer before signing or placing deposits on any property.
They will be in the best position to know the correct legal process and ensure that you do not blow all your money away.
3. When You Find a Property You Like, Do a Title Search
Thailand is full of beautiful properties but again, ensure you use reputable sources. You can find listings for pool villas in East Pattaya and other properties in the country.
It is recommended that you do due diligence and check with the Lands office to confirm if the seller is the rightful owner.
Confirm if the seller has the legal title deed before signing any contracts. A title search should reveal if there are any interests on the land, like liens or mortgages.
4. Make a Deposit
After doing all your investigations and confirming that the property is legit and meets your needs, you will need to place a deposit to signify your interest in the property.
The seller reserves the property after you show commitment by paying the deposit. It is usually about ten per cent of the purchase price. After settling the deposit, the legal team can start the process of drafting purchase contracts.
It is worth noting that, in most cases, if you are to opt-out of the purchase, the seller does not refund you the deposit money.
5. Review The Contract
Have your legal team review the contract the seller drafts together with the terms and conditions. That is to protect your interests.
Purchasing property is a huge step that involves considerable financial investments. Sometimes, it can be hard to know how to start and what steps to take.
Especially if you are interested in property in a foreign country. If you are eyeing property in Thailand, then ensure you speak to the right professionals and take your time to do due diligence.
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