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How can You Buy Property in Thailand as a Foreigner?

Wanting to buy a villa or condo in Thailand but not certain as to how this is done. Well here you will find the basic breakdown of what needs to be done and how to buy property or any real estate in Thailand.

Select A Property Agent

Since you will be looking for property in a foreign country you need expert local assistance. The agent knows how to communicate in Thai and they're familiar with the geographical area. The agent will save you valuable time in selecting and showing you the property in your price range that meets your needs.

Purchasing directly from the developer isn't going to save you money as compared to buying it from an agent. A quality property for sale in Thailand is generally offered at a fixed price by the Seller. The best benefit of using a property agent is that they will act as a liaison between you and the Seller. They will obtain a fair price for you and act on your behalf to represent your best interests throughout the entire process.

Legal Planning

You have to be careful because you are spending part of your life savings to acquire this property and you must plan your steps in the process. You need to know the correct legal process in Thailand for the foreigner to acquire property. Before you sign any deposit agreement or contract, you should sit down with a lawyer or solicitor to discuss the legal process.

Best Method Of Ownership

In Thailand, a foreigner may only own a condominium in his/her own name. If the foreigner wishes to acquire land and build a house, he/she should obtain a long term lease on the land (for a period not exceeding 30 years each term).

The foreigner should apply for the construction permit to build the house in their own name. This way the foreigner owns the house and has a secured long term lease on the land.

The lease can be written with the option to reassign to another person (if you sell), ability to sublease and with a purchase option (should the law change in the future to allow freehold ownership by the foreigner). Therefore, a lease is the most common legal method for the foreigner to acquire property in Thailand.

Title Investigation

A comprehensive examination of title deed recorded at the Land Department should be done. You need to verify that the seller has clear and legal title of the land before you enter into a contractual agreement.

 The title search will trace the land to its first possession. It will reveal any registered interests on the land such as mortgage or liens. This investigation will also verify the right to access to your property; the residential zoning, environmental and planning codes applicable in the area It is a good idea to make sure that you can build a structure on the land.

Deposit

When you feel satisfied with the property, you will be asked to make a deposit to show your good faith to continue the process.

In return, the seller will reserve the property for you and start the process by drafting the contracts for purchase. Unless you write specifically a "get-out" clause in the deposit agreement, for example "subject to clear title" or "subject to agreement on the contract terms," the money deposited is non-refundable.

Review Of Contracts

The Seller will have the contracts prepared for you. Since the Seller will write the contracts, it is highly recommended that you have a lawyer or solicitor review the terms and conditions. You will want protection for your interests should there be a delay in the property being built. A proper remedy should be stated in the contract.

The contract will contain a clause for penalty if you are late with your payment. This should be fair and reasonable to both parties should the seller default.

Your payment schedule and its ration should be reasonable and practical. Normally, a first payment is 25 percent. Thereafter payments are made on a progressive basis: 25 percent when the roof is on, 25 percent when the door and windows are secure; and 25 percent when the fixtures and fittings are completed for instance.



Projects from this area

Oasis Samui, Koh Samui, Thailand

Oasis Samui is a private estate of luxury pool villas, located in the lush tropical surroundings of coconut palms with views over the turquoise blue seas of Lamai Koh Samui has evolved from a magnet for adventurers and backpackers to one of the top boutique island destinations in Asia. Many consider it an ideal time to invest in a vacation property and here are several considerations for investors:

• First direct flights to China schedule for August 2016;

• New “City Status” means more funds for local government and increased spending on infrastructure;

• Higher rental yields and longer rental season;

• Increasing demand and limited supply of high-end villas;

• High density of branded luxury hotels, with Sofitel and Ritz Carlton under construction;

• Ranked 3rd by the New York times “41 Places to Go in2011”.


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Anamaya Samui, Koh Samui, Thailand

A beautiful tropical island sheltered in the crystal clear waters of the Gulf of Thailand with secluded coves and white sandy beaches fringed with palm trees - beaches that holidaymakers dream about. Inland the island boasts lush green rolling hillsides and coconut groves, picturesque waterfalls and magnificent ocean views.

Anamaya is set on the north east peninsula of Samui island, with unequaled panoramic 270° views over the headland, the nearby island of Koh Phangan and the turquoise blue waters of the Gulf of Thailand. Rising to the peak of two hillsides facing both east and west, Anamaya is distinguished by its naturally beautiful setting, striking architecture and dramatic ocean views. Ancient banyan trees, giant boulders and remnant coastal rain forest give the site its special character.

A wide range of villa designs have been created to take full advantage of this exceptional setting, all sharing a contemporary, organic style and approach to tropical living. All villas have between three and seven guest bedrooms and offer expansive living and entertaining areas; generous ceilings give a sense of space and maximize the views while the interiors flow seamlessly to the terraces and infinity pool.

Smart technologies are built into each villa allowing energy efficient control over all aspects of water treatment, ventilation and cooling.

Anamya also features an exclusive private clubhouse, wedding piazza, sports centre, spa and children’s playground, which together with the estate’s five-star management will rival the best hotels - allowing owners and guests to enjoy a luxurious island lifestyle.


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