Remote purchase of property in Thailand

We will tell you how to buy property in Thailand remotely

Given that remote property buying has been popular in Thailand in recent years, the current circumstances have made it an even more popular home buying option for foreign investors. Therefore, many investors have turned their attention to this country.

For foreign investors looking to buy property in Thailand, the process is simple. They communicate their requirements to realtors, who then search for suitable properties, allowing the potential buyer to have a virtual viewing at their convenience. In addition to finding the right property that meets all the criteria, it is important to understand what kind of rental program the developer offers if rental income is desired. Property management companies can help with services such as cleaning and utility bills, as well as rentals.

Object selection

After selecting an object and agreeing on the conditions, it is necessary to sign a reservation agreement in order to withdraw it from sale. The buyer then needs to provide copies of the passport, email address, phone number and postal address for the developer to prepare and email a reservation agreement containing details such as price and payment schedule. The buyer signs this document before sending the scanned copy back.

Reservation

A deposit is required to reserve accommodation. Typically the deposit is $3,000-$5,000 and the developer sends an invoice with their Thai bank account details to make payment from anywhere in the world. After receiving it, the seller provides a receipt for payment. On average, it takes 30 days to complete all documents after booking and making a deposit, including the invoice for the first payment, which is sent via DHL, as it must be presented to the bank in its original form.

Contracts are usually drawn up in Thai and English, some developers offer Russian versions certified by their consulate. If necessary, during the transaction, you can request separate transfers, which can be kept by realtors or sent to owners by mail.

To complete the purchase, the developer's lawyers will email the master contract to the buyer for review. If necessary, it can be amended. Once approved by both parties, signed copies of the contract will be mailed and must be signed by the buyer in return. After that, the buyer is invoiced for subsequent payments.

If the object is still at the initial stage of construction, then before its completion, an interest-free payment plan is provided, which at the beginning is about 25-30%.

Payment

Transfers can be made online from any country on a set schedule, and before each payment, they will receive a progress report and an invoice for payment. This whole process usually takes 3-6 months until full ownership takes place, and there is no need for travel, as remote registration is possible, where only a power of attorney certified by a notary office is required.