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The Process of Buying a Property in Thailand

Posted by HSH Samui on March 18, 2022
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If you are a foreigner wanting to buy property in Thailand, whether a villa or condo but not certain as to how this is done. Here, you will find the basic breakdown of what needs to be done and how to buy property or any real estate in Thailand.

  1. Select a Property Agent in Thailand

Buying a property in Thailand can be an extremely complicated and time-consuming process. Therefore, selecting a reliable real estate agent who knows how to communicate with the locals and is connected with lawyers, land office officers and house inspectors will save you valuable time and money by showing you the right property that meets your criteria.

It is important to note that buying directly with the developer isn’t always going to save you money compared to buying with an agent. The prices are usually fixed by the seller as it will be advertised to the public to avoid confusion. A professional agent will obtain a fair price and act on you and the seller’s best interest on your behalf and make sure the sale runs smoothly.

At Home Sweet Home Thailand, it is our goal that our clients are guided through the buying process smoothly and safely. We understand that purchasing a property is not a simple process here in Thailand. Therefore, we are very diligent in making sure our clients are well taken care of from start to finish.

  1. Selecting a Property Lawyer to perform due diligence

Since you are spending your life’s saving on a property, you should not save money on the legal aspect of the buying process. This means hiring a good property lawyer to oversee every single detail of the property and leaving no stone untuned. It is better to lose money on legal fees than to lose the entire amount of the property price.

The first process is due diligence, this includes doing a title search where a comprehensive examination of a title deed recorded at the Land Office should be done. You need to verify that the Seller has a clear and legal title deed of the land before you enter into a contractual agreement.

The title search will trace the land to its first possession. It will reveal any registered interests on the land such as mortgage or liens. This title search will also verify the rights reserved to access to your property; the residential zoning, environmental and planning codes applicable in the area. It is a good idea to make sure that you can build a structure on the land.

The next step is to put down a deposit to show your good faith in the deal. In return the seller will reserve and take the property out of the market. We would recommend the deposit is paid in either an escrow account or kept in the agencies or lawyer’s account.

  1. Review of the Thai Property Contract

Depending on the circumstances, the seller is usually the one who prepares a Sales and Purchase agreement especially if you are buying from a developer. However, if you are purchasing a villa from a resale property, the buyer’s lawyer is usually the one who prepares the sales and purchase agreement.

 

Do not hesitate to contact us to have tailored information and to find the right property !

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