Thailand is a sophisticated tourist destination for people all over the world. This has helped the Thailand property market to continue its growth, with a number of foreign nationals choosing this country as their retirement location.
Bangkok properties in the middle of the cityYou too can have your own Thailand property. But before making you purchase, understand the following steps in buying a property in Thailand.
Before purchasing a Thailand property, it is best to know what this investment is for. Is it for rental income, primary residence, holiday home, retirement or capital appreciation? Determining the purpose will make it easier for you to understand the type of property you should be looking for.
If you are buying a property in Thailand as a foreigner, it is essential to familiarize yourself with the Thailand property law to know which properties you can and cannot purchase. Knowing the basics of this law will help you to become aware of the relevant questions to ask lawyers, sellers, and agents.
Part of doing your research is also being able to narrow down specific location for your property.
There are two reasons why it is advisable to appoint a lawyer in this early stage of your purchase. First, your lawyer can give you advice during viewing, negotiating, and purchasing. Second, the whole process of buying a property can be made quickly in the presence of a lawyer. Although some buyers continue with steps 4 and 5 before appointing a lawyer.
This includes working with property agents and discussing what to look out for when viewing properties.
Evaluate and compare properties based on your preferences and investment objectives.
Making an offer and negotiating includes understanding all the issues that are likely to be discussed among developers or property owners.
Once you’ve chosen your Thailand real estate and have settled on a price, you will need to make a reservation and pay a deposit to assure the seller that the purchase is serious. With the reservation and deposit made, the seller will make sure to take the property off the market during the specified time on your agreement.
Other buyers skip step 7 and proceed with due diligence first before paying a deposit for reservation. This is also acceptable, but this risks losing the property if another interested buyer pays a deposit and reserves the real estate before the first interested buyer completes the due diligence.
But whichever comes first, due diligence is necessary when making property purchases.
Once due diligence has been completed, you and the seller can already advance to the signing of contracts, full payment of purchase price, and transfer of ownership.
The final step includes handing of keys, documents and guarantees. This is also the time where you as the purchaser must confirm and check that all details on the agreement remain on the property.
Check out Thailand property listings on Yazhou Property blog and see a run-down of guidelines on home loans and other property investment information through our Facebook page.
Related posts:
1.Take note of the following before buying a property in Thailand
2.Top Bangkok property locations for property investment
3.Know why you need to invest in Bangkok real estate
4.Can you afford these luxury Thailand properties?