It is imperative to do your homework before buying or selling property in Thailand. This is regardless of whether the property is for your own use or an investment asset. You will need to understand the different property ownership structures, taxes and other regulations. It can all be overwhelming if you aren’t prepared.
Steps to buying a property:
1) Choosing the right agent
Once you have studied the Thai property market, you will want to find an experienced agent to guide you through the process. An agent is your eyes and ears on the market. You should be confident of their abilities.
The number of properties on the market at any one time is vast. By listening to your needs, a good agent will be able to deduce what your priorities are. Working out the location, building and exact properties for your personal situation saving you a lot of legwork. A good agent will also negotiate for you to get the property you want at the price you want to pay.
At Thailand Realtors, we value clients as partners. We will work with you to ensure the process is smooth. Our team is well connected within Thailand and can provide buyers with recommendations on who to work with. From lawyers to interior designers, we know the leaders in every industry.
2) Seeking legal advice
Once an offer is agreed, the next step is to formalise the sale. Either the seller or the agent will draw up the paperwork, so it is advisable to seek legal advice and find out the exact terms you are agreeing to. This is particularly important due to the restrictions in place for foreigner owners and the type of property ownership available to them. Remember signed contracts are legally binding in Thailand.
Confirming the true owner of the property will also need to be checked at this stage. A visit to the Land Department will solve this. Here it will be recorded any registered interests in the property, and important points such as right to access, planning code and residential zoning.
3) Paying a deposit
A deposit is commonly paid once the offer is agreed upon. This will show the buyer’s true intentions. Not only is this peace of mind for the seller, but it is also for the buyer since they will be locking in the property. This deposit is generally non-refundable unless there is an agreed specific clause in the contract stating otherwise.
4) Completing on the property
Once both parties are happy with the terms set out in the contract, payment will need to be made. If you are purchasing an off-plan property, it is likely that this payment will be staggered as the building is built. For all other properties, a timeline of when the final payment needs to be made should be detailed in the contract.
How to sell
When it comes to selling your property, there are a few things you may need to do to help with the sale. Real estate agents are here to help and Thailand Realtors makes it easy for you. We’ll guide you through each step to achieve the best possible result.
1) Presentation is key
Properties need look good online to entice people through the door. Here at Century 21 we can give you advice on how to tweak your property to increase its curb appeal. We can also help get your professional photographs so it appeals to those searching for property online.
2) Correct marketing
We can market your property to give it the coverage it needs. This will be on our own website. We can also send it out to our database of purchasers via email and promote via Facebook.
3) Carry out viewings
Any prospective purchasers can view your property with one of our experienced sales team. We will highlight the features of the property to our buyers and explain why we have selected this property for them.
4) Negotiate offers
We will make you aware of any offers that we receive and work hard to convert them into an agreed sale. Having built a good relationship with both parties will enable us to get the best out of both sides to come to a mutually agreed offer.
5) Draw up contracts
Once the offer is agreed we will assist with drawing up the contract for both parties to sign. We will ensure that the buyer pays a deposit and that both parties sign the contract in good time.
If you have any questions about buying or selling property in Thailand, get in touch with the Thailand Realtors team today.