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Property buyers guide – Things you need to know!

Posted by trevor on 2nd September 2019
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Property buyers guide – things to be aware of.

property buyers guide, be sure you know what to expect!If property investment is on your agenda, then you need to read our FREE Property buyers guide. Thailand is more than just a beautiful country. It is also a country that many people from around the world wish to set up home in. Natural beauty, stunning beaches, incredible culture are just a few of the attractions that draw people from around the world to Thailand. So once here and Thailand’s magic grabs hold of you, the next thing is to buy a property in Thailand. However, unlike in many other countries, Thailand has many issues that will need to be addressed.
To assist you in the process of buying a property, we have put together our Property buyers guide. This is only a guide, and furthermore, detailed investigations may be required during the process of buying a property in Thailand.

Property Asia Property Buyers Guide

The first consideration is why are you investing. What do you want from your investment? Is it a new family home, is it an income stream, or perhaps an investment?
Take into consideration certain factors that will ultimately have an impact on your investment.

1) Location – be confident the area meets with all your needs. Accessibility has to be considered, especially during peak traffic times. People are going to work or taking children to school. Likewise, returning home from work and collecting children. These issues will have an effect on your own travelling times if your house is located near schools or main roads.
2) Local amenities – are they accessible and easy to get to? Yes, we will mostly carry out a weekly or monthly shopping spree. But what about if you forget or run out of milk, for instance, or perhaps bread or other small groceries? If you are in the middle of nowhere, then you need to consider this. sounds daft right? But after the second or third time of running out of milk, it becomes less and less amusing!
3) The age of the property. In general, older properties may need more upkeeping than newer properties. This may have a financial impact on your investment. Likewise, more modern properties also can have faults and issues you may not have considered, so be prepared. If you are buying in a development of similar properties, don’t be afraid to ask around and speak to other owners.

Ownership rights!

1) Foreigners cannot own land. Only Thai people can own land in Thailand. There are ways of overcoming this with Thai Companies, but that is a whole new set up and one that needs much more careful consideration.
2) Condominiums are far easier to own as a foreigner. In general, up to a maximum of 49% of the condominium may be owned by a foreigner. So as long as this quota has not been exceeded, you are able to own a condominium. Alternatively, you can register the lease of a condo with the District land office should you wish to obtain a 30-year lease agreement.

Property Buyers Guide – How to buy a property!

1) Firstly a deposit will be required. This is normal and often NON_REFUNDABLE. At the same time, you will be required to provide relevant documentation such as a National Passport.
2) The seller will need to provide deeds to the property to confirm they are able to sell the property. They are also expected to provide a copy of their iD Card to confirm they are who they say they are!
3) Tabien Baan must be provided and checked that the seller has or has not registered their personal address at the property. If they have, then they need to remove this registration to an alternative property address.
4) Once the above is confirmed, a Sale & Purchase Agreement must be made. This includes the amount of the purchase price, the deposit that has been paid and also all transfer taxes that may be due.
5) Payment for the property has to be made from the buyers native country. The money must be transferred from abroad.

Land Department

Documents must be provided to the land Department as follows:

1) Passport along with relevant visa stamp must be produced.
2) If married, a copy of your marriage certificate is required.
3) A document is confirming from the Juristic person that the entitlement of foreign ownership is valid.
4) Foreign currency exchange form must be provided confirming payment has been received from overseas.
5) If the property is already mortgaged, documentation must be provided from the bank where the current mortgage is held to confirm the final amount due prior to transfer.

Property Buyers Guide – The transfer and legal procedure at the Land Department

1) As a result, all parties must be present, and there are no exceptions to the rule. If anyone fails to turn up, the process cannot go ahead.
2) Original cashier cheque is to be presented by the buyer or representative.
3) Sale and Purchase form is completed and signed by both parties.
4) Land officer completes all documentation and provides the new buyer with a Title deed. Payment is made by both parties for all taxes and costs for the transaction of the land.

NOTE
Be sure that all amenities such as electric and water is transferred to the new owner’s name.

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