Buying property in Thailand

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It may seen that there is no difference whether to buy a house or an apartament in Thailand or just anywhere else, but the whole process of purchase and reg-istration differs greatly from the usual formalities in Russia.

Now to find

The Pattaya market is not very transparent and, at first glance, it seems chaotic. An abundance of agents with the same offers, price differences, and outdated information are common. Choose reputable agents (the agency fee is paid by the seller anyway) with updated databases. Normally the members of REBA ES (East Coast Real Estate Brokers and Agents) are experienced and qualified.

House or condo

Choosing a house or an apartment depends entirely on the owner’s lifestyle and the acquisition and legal registration nuances.

Often our compatriots are buying a house in the village of Baan Dusit Pattaya or as it is called Russian village in Thailand. Due to the fact that foreign nationals prohibited ownership of land in Thailand, have to buy a house in the name of Thai companies or long-term lease, but this does not have problems. For more than 420 Russian-speaking families bought a house there.

When purchasing, be sure to consult a competent lawyer or agent. Before making your final choice, decide whether you will live in your residence year-round or only on vacation.

Think about what is more important for you close proximity to entertainment or peace and quiet. How many people will live in this residence? Note that house maintenance from afar is not an easy task, and most probably you will not be allowed to keep your pet in a condo unit.

There is still a very lucrative option of buying property in Pattaya is – investing in real estate. Buy an apartment or a house from the developer and rent his own management company, and earns a profit of 10% per annum of the value of 5 to 20 years, depending on the purchased property.

How to buy

The first step is a clear agreement between the seller and the buyer, including the details of the property for sale/purchase, payment procedures and a signed contract (in any language). A 10% deposit is asked as a proof of the seriousness of your intentions. There are no notaries in Thailand, and the ownership transfer happens at the Land Office with both parties and/or their representatives present.

The buyer should show the proof of the funds transfer from abroad, while the owner must provide the Chanote (Title Deed) and a document confirming all maintenance fees have been paid. The final payment is made simultaneously with the transfer of ownership.

The process of purchasing property in Thailand is quite simple, however one should use the services of qualified and honest specialists or trusted lawyers. Remember, in the event of unforeseen complications, legal process in Thailand can last for years, costs money and does not guarantee any success.

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