Stages of buying property in Thailand

Stage 1. Selection and reservation of an object

The buyer and the seller draw up a reservation agreement at the stage of choosing real estate. The parties also agree on the terms of the future purchase. To draw up a document, you must provide a copy of the buyer's passport, his contact phone number, address of the place of registration, as well as e-mail.

The contract contains information about the parties to the transaction, about the property, its value, as well as the schedule for making payments and details for payment.

When concluding a reservation agreement, the buyer is obliged to pay a deposit, the amount of which is 1% of the total price. After receiving the deposit, the property is removed from sale. Funds can be deposited by bank transfer (to the seller's account) or in cash. You can make a transfer from any bank account. It does not matter in which country the banking organization is located.

As a rule, the deposit is non-refundable in the event of a failed transaction due to the fault of the acquirer. If the seller is to blame for the disruption of the transaction, the deposit is returned to the buyer.

Carrying out a site inspection. The service includes verification of the owner, the presence of encumbrances. The cost will be from 700 dollars.
Carry out verification of the organization acting as the seller. The services include checking the eligibility of an employee of the organization to make transactions on behalf of a legal entity. It also checks the authorized capital of the company, the constituent composition. Such a service will cost 700 or more dollars.
Verification of the sales contract, assistance in making changes to the document, as well as in agreeing some issues with the seller. The cost of the service is $500.
Assistance in registration of the transaction in the Land Department. The price of the service will be from 300 dollars.

When buying real estate in a new building, the buyers seek legal assistance to verify the correctness of the contract. When buying a home on the secondary market, there is a need for legal assistance at all stages of the transaction. Services are paid by the buyer.

Stage 3. Conclusion of the contract

After the purchaser makes a deposit, the seller (if the developer acts in his role) within 14 days is obliged to provide a preliminary contract for familiarization and making the necessary amendments. If the transaction is related to the purchase of housing in the secondary market, then a legal organization is involved in drawing up the contract.

The document must contain all information about the real estate object, the terms of purchase, the method of registration and calculation. Also, the contract must contain information about the costs of registering the object and its further maintenance. The document also indicates possible penalties in case of non-compliance with the terms of the contract. In addition to the contract, copies of documents proving the identity of the parties to the transaction and documentation of the property should be attached.

Stage 4. Payment for the transaction

If real estate is purchased in a new building, then payment for the transaction is carried out by bank transfer. Funds are transferred to the developer's account. Account details are specified in the contract of sale. Money can come from the acquirer's account opened in a bank in any country. It is also possible to transfer funds for a purchase on behalf of a legal entity in which the buyer is one of its founders. In this case, the country of location does not matter.

When conducting a transaction in the secondary market, the purchaser should open an account in a Thai bank. Funds from a bank account in another country are transferred to an open account. When registering a transaction with the Land Department, the purchaser provides the seller with a check for the required amount.

When buying real estate in free hold, it is necessary that the funds come from abroad.

A prerequisite for concluding a transaction is the receipt of funds in Thailand from another country, if the sale of property takes place through a free hold. This fact will be checked when performing registration actions in the department. When registering housing in a leasehold, it is allowed to make a calculation by any method.

The main advantage of Thailand is the fact that the country does not have control over the verification of the origin of funds.

Stage 5. Registration of ownership

All transactions related to the registration of real estate are made in the Land Department. To visit the organization, foreigners seek help from local representatives who accompany them, as the employees of the land department do not speak English well.

If housing is purchased in the primary market, then a representative of the developer's company is responsible for registering the transaction in the department. At the same time, he needs a power of attorney to carry out registration actions on behalf of the buyer. A lawyer will also help to formalize a transaction for the acquisition of property in the secondary market.

After completion of all registration procedures, the department employee transfers to the new owner all the documentation on the real estate object. The list of documents is determined by the object registration method. For example, if housing is acquired in free possession, then the list of documents includes:

Contract of sale. The document is drawn up in Thai. It indicates the initials of the new owner, information about the object.

Certificate of land under the house, which indicates the plan of the land and the history of transactions made with it. If an apartment is registered as a property, then the buyer becomes a share owner of the land plot, the area of which is proportional to the area of the acquired property in the apartment building.

House book, which indicates information about the real estate object and the address of its location.