Are you looking to move into the country of smiles and buy a property? Before to purchase a property in Thailand you need to be aware of few points
By the law foreigners are not allowed to own a land plot under their name. However, foreign nationals do have the full right to the ownership of a condominium.
Foreigners have also the right to lease the land for a period of 30 years with an option to renew for another 30 years. This is acknowledged by Thailand’s Land Department as a guaranteed right. What this means, essentially, is that the lessor will not be able to negate, cancel, or otherwise interfere in your rightful occupation of that property during the entire lease period of 30 years. You, as the land lessee, will be considered the rightful occupier of the property, and cannot be denied access nor occupation rights during that initial guaranteed term.
Property Due Diligence is the method or process to find out the status and history of the property that you are intending to buy. This process will include checking the title deed, status of the current owner that they are in a good position to sell the property to you.
This will give you a guarantee that if you buy a property in Thailand is a great investment.
Take note of deposits as well as Terms and Conditions
When you decide to purchase a property in Thailand make sure you know the terms and conditions of your deposit. Most of sellers will require 10% down as a deposit. This ensures that that the property is held in your name throughout the entire real estate process is going on.
The deposit you have paid is to be deducted from the amount of the contract price. If you fail to comply with the terms of the contract the seller will keep your deposit. If not, the deposit must be refunded. Check that the terms are clearly stated on the contract prior to signing it.
Not all foreign buyers have the cash available for acquiring a property. Instead, investors want the option to finance their real estate with a property loan. the available options to finance the property in Thailand for foreign buyers are as follow :
