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Buying a property in Thailand {The legal responsibilities}

Posted by trevor on 10th May 2019
| 0

Buying a property in Thailand – Follow these guidelines and stay out of trouble.

Buying a property in Thailand to correct wayBuying a property in Thailand, or anywhere in the world, is a joyous occasion. We say normally, on the understanding that you take the time and effort to make sure the property you are buying, is what you are looking for. Be certain to carry out as many checks as you feel are necessary before you commit to buying. You do not want to have paid a deposit or the full amount to then realize you have overlooked something important. Here are some important factors for you to read about buying a property in Thailand.
In Thailand there are so many types of properties available. Large mansion like styles, to simple more compact condominiums, Thailand has it all, when it comes to property.
So, when you are looking at buying a property what should you do first, what are the steps you need to take?

Buying a property in Thailand, seek advice from a professional Real Estate Company.

There are many reasons to use an Real Estate Agent, none more so than for their local knowledge of the area. The last thing you need is to buy a property, only to find out a new towering condominium block is due to start construction soon. especially if the condominium block is going to obscure your view, or infringe on your privacy.
Agents also have their ear to the ground as well as well connected networks. The chances are they will be able to find the property you are looking for.
Agents also in general have a good relationship with the seller. Meaning that the agent may be able to negotiate a better deal for you. Developers of condominiums often give, or waiver certain fees away.

Paperwork you need to complete.

Once you have decided on your property you need to produce certain documents to complete the purchase.
A document from the bank called a Thortor 3 needs producing. this document confirms that the money you are using to pay for the property has come from abroad.
You will need your passport and if you are using a Thai company to buy the property, you will need all relevant documentation for the company. Make certain to seek legal advice from a lawyer and ensure your paperwork is all in order.
Make sure that the Title Deed reflects the property you are buying. Sounds strange but sometimes errors do happen. Be certain that if you are purchasing a house that the boundaries are clearly defined and match with the boundaries stated on the title deeds.
Property Asia provides online guidance to buying a property

Payment process.

Once you have your property, the first thing you need to do is pay a deposit. the deposit is 10% and forms a binding commitment that you intent to buy the property. Total payment completion is normally done within 30 – 60 days. Sometimes final payment duration extends past 60 days. This normally requires a bigger deposit.
The total price payable may also have extra expenses you need to consider. Legal fees, transfer fees, maintenance fees are all costs that will be due for payment. Before committing to a contract be certain to clarify who is payable for what.
If you are thinking about buying a condo you may want to read this article: Buying A Condo In Thailand {Useful Guide}
Whatever you are looking to buy, a house, a condo or even land. make sure that you seek legal advice. Consult with a lawyer and be certain that everything in correct before committing to buy!

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