Recently been on a breathtaking holiday in Thailand and wondered can I buy property there? Read our latest blog post to find out all the answers.
Buying Property in Thailand
In recent times, Thailand has witnessed an influx of foreigners interested in acquiring property in this land of beauty. Buying property in Thailand as a foreigner has been a problem for a long time. Thailand laws do not allow foreigners to purchase and own property in their name directly. However, there are alternatives available for foreigners to successfully acquire property in Thailand. The most common way of buying property in Thailand as a foreigner is to set up your own Thai limited company to purchase and own the property on your behalf. As a foreigner, one has a variety of property to purchase in Thailand. This may range from real estates, land, and motor vehicles.
How to Find Property
Knowing where to find the right property to purchase in Thailand is one of the greatest challenge facing foreigners with interests and ambitions of owning property in this beautiful country. Being a tiresome and complicated process, it entails deep research, proper knowledge, and experience. Below is a list of some of the ways that foreigners can use to find property in Thailand:
1. Doing online search
Conducting online searches for property up for sales in websites such as the Thailand property market is the best way of finding property in Thailand. The Thailand property market website allows one to view properties from all over the nation from the convenience of the computer. The Thailand property market website allows one to search property for sale or lease. The website has other useful features that allow investors to search sales comparisons in targeted areas.
2. Consulting a property Agent
Consulting a local property agent is one of the best options in finding property in Thailand. Since you will be in search of property in a foreign nation, you will definitely require local assistance. A local agent is familiar with the geographical location of the property and can easily communicate in the Thai. A native property agent will save you precious time and money in identifying, and selecting property in the market that matches your price range and meets your needs.
What to Look Out For
Buying property in Thailand is considered as the biggest investments in any individual’s life. It is important that you chose your new property carefully since as it involves huge amounts of money. Below is a list of some main things to look out for or be aware of when buying a property:
1. The location of the property.
The location of a property should be the first thing to consider before deciding on whether to acquire it. As a foreigner, you should consider the security of the property you are purchasing which is mainly determined by the location. Ensure the property is located in a quiet and safe environment and can easily be accessed by road.
2. The price of the property
The price of the property you need to purchase is something you should consider. Before buying property in Thailand, check the price history, ensure it gives value for your money. You may consider acquiring a cheap property that is well-maintained and in good shape. Conducting online searches and using property agents will be of great help in comparing and selecting the right property to acquire.
3. The legal processes involved in buying the property.
Since Thai laws do not allow foreigners to directly buy property in Thailand, having the knowledge on the legal process involved in property acquisition will be of great help to any foreigner.
Foreigners buying property in Thailand find it hard to adhere to the correct buying process legislated by Thai laws. When acquiring property, it is important to ensure that you have all the relevant information that permit you to make accurate and conversant buying decisions. Below is a step by step list of the buying process in Thailand.
1. Legal structure
Since property buying in Thailand is reserved for Thai individuals, it is important that Foreigners buying property in Thailand be aware of the legal structure of their purchase. The all process should comply with the laws.
2. Reservation Agreement
Foreigners purchasing property in Thailand are advised to write a reservation agreement that contains property description and identification, purchase price and term of payment, completion date, and all due diligence clause.
3. Legal due diligence
Foreigners acquiring property in Thailand should sign a legal due diligence that ensures they understand and assesses all the legal risks associated with the acquisition process.
4. Contract review before signing final contract
Once the due diligence process is completed, it is recommended that a native lawyer should review the contract to ensure it meets the terms required by Thailand laws
5. Property Registration
Foreigners buying property in Thailand should make sure full registration of the asset with the help of a Thailand lawyer.
Thailand is ranked top of the world as a tourist destination. After an enjoyable holiday in beautiful Thailand, one may be overwhelmed by its fantastic white sand beaches, excellent individuals, and culinary delights that you chose to purchase a portion and call it your own little place in tropical heaven.