Thailand, one of world’s top tourist attractions, is attracting more and more foreigners who are looking to buy property. While some want to settle there, there are a good number of them who buy so that they can sell some time later. It makes sense – since there is such high demand that property prices are expected to keep rising. There are two destinations that are favoured by foreigners – Samui and Pattaya. These locations have lovely beaches and the locals are friendly and welcoming.
It is recommended, however, that you be careful when buying property in Thailand. The first thing you need to do is hire a registered lawyer as well as a real estate agent. These 2 people are the ones who will close the deal. Your lawyer will make sure that the transaction is legitimate and he will go through all contracts that you sign to ensure that you are protected. Your real estate agent will find the right kind of property for you, negotiate the price on your behalf, make sure that the property is in good condition and then seal the deal.
There are some important things you should know about property sales in Pattaya and in other places throughout Thailand. First, you will find all kinds of properties – there are condos, town houses, villas, detached houses and more. Condos are the easiest to buy because you can buy one in your own name. They are also easier to maintain. Other kinds of property such as houses and villas are a bit harder to buy – they cannot be bought in an individual’s name, so to buy one you have to register a limited company. The best thing to do if you are keen on buying a house or a villa in Pattaya is to ask your lawyer to help set up a company for you.
The other important thing you should know is that property sales to foreigners are not regulated. This means that you are on your own should something go wrong. Even simple things such as fees and commissions are left to the broker. This means you have to work hard to find a real estate agent who won’t rip you off. Again, your lawyer can help you to find an honest broker. Also, because the fees are not fixed you can negotiate them downwards.
The other thing you have to be careful about is the title deed of the property you want to buy. Your lawyer and realtor should make sure that the deed is valid – some people have bought property only to realize that they didn’t buy it from the rightful owner. They should also check whether there are any liens or outstanding mortgages on the property.
Some developers convince buyers that if they buy when the property is still under construction they will pay less. That may be true but you should keep in mind that there are many stalled projects all over Thailand and they have been that way for years. Buying an incomplete project is a big risk on your part.