There are some places where you can find properties for sale in Thailand. Majority of the expats living in Thailand would recommend that you hire a local property consultants or lawyers to assist you with property purchase, which is because Thailand‘s real estate sector is not regulated. There are various restrictions on the way a foreigner or foreign investor can buy property in Thailand, and purchasing a home in the country without help from the locals can become quite a headache and difficult.
Property for Sale in Thailand
A foreigner or foreign investor in Thailand has a wide range of options for apartments, houses and condominiums – with limitations for foreign buyers. Foreign investors can buy condos as long as majority of the ownership of the building is still from its Thai owners, but purchasing land in Thailand is harder for foreigners. It is possible to lease land on a 30-year lease and then build. The lease can be renewed or sold if you wish to leave. Another alternative is forming a local company with Thai comrades, and let the company purchase the land on your behalf.
Purchasing property in Thailand is rather different from bussing houses in the West. Here, the market is less regulated and you need to personally check everything to ensure that the property you are interested in can be bought legally. Here are other things you need to consider:
- · Have enough savings to build a house, or try to seek mortgage from local banks
- · Find a trustworthy property lawyer who knows the location that you have chosen
- · Have the lawyer check the title deed and make sure that the house was built with proper permits
- · Check with your lawyer the sale contract drawn up by the seller
- · Follow up with the mortgage from your local bank
- · Sign the contract and have the consultant or lawyer register the sale of the property at the Land Department
You will be expected to pay a deposit of 10% to secure the purchase. Deposits is not refundable unless the seller pulls out the deal, in which case the buzzer is entitled to double return of his or her deposit. For those who are not yet in the country, you should see to it that your money is moved from abroad to Thailand. For large money transfers, it is important that you get the best deal available for the transaction.