If you're a foreigner looking to buy property in Thailand, you have to take into account a number of factors. Many of the country's rules are quite strict, and a lawyer with experience in negotiating real estate sales is an important addition to any buyer's team.
Buying property in Thailand is an appealing prospect for many foreigners, especially those who want to invest in a holiday home in a beautiful tropical location. The 'Land of 10,000 Smiles' is home to some of the world's most stunning architecture and a culture that combines a wealth of history with contemporary entertainment. This east-meets-west balance is one of the reasons why so many people choose to purchase property in Bangkok, and there are many other places across the country too that attract investors seeking a tropical retreat.
Whether you're buying in Bangkok, Chiang Mai or other popular areas of the country, most condos are available to foreigners as long as they are bought under the name of a Thai company. This is a legal way to circumvent some of the complexities of buying in Thailand and it offers the advantages of retaining ownership of the land, and being able to pass the freehold onto your family should you decide to sell the property in the future.
Another common method for buying land in Thailand is via a local registered company that has been set up with the help of a Thai national. This is a good option if you are seeking more than just a leasehold title, but it does come with its own set of problems, so be aware of these before starting the process.
A Thai company is not a guarantee of good financial management, and there have been many cases where companies have gone bust. It's also worth remembering that the government has strict regulations in place regarding the use of titles and it is a good idea to get a lawyer to help you navigate these laws.
The first step in the process of selling your property is to put down an earnest deposit that will be held by the seller until you can complete the deal. Typically, this makes up around 10-15% of the purchase price. However, this deposit is non-refundable if you back out of the deal.
It is a good idea to consider having your home inspected by a qualified Thai inspector before you transfer the property. This will ensure that the condo is in good condition and will also give you peace of mind, as most condominium developers provide warranty periods on their units.
When you're looking to buy property in Thailand, it's always a good idea to go through a reputable and reliable real estate agent. This will ensure that the entire transaction is handled in a professional manner and that you have all of the necessary paperwork completed correctly.