The above list details the risk of buying a property in Thailand. It carries a unique beauty and versatility since you’re getting land and water at the same time. The Partners of CENTURY Andaman , bringing over 15 years of combined experience dealing day to day with advising clients on … Foreigners are subject to some restrictions when it comes to buying property in Thailand. Off Plan is exactly what it says, i.e. Save my name, email, and website in this browser for the next time I comment. Do your homework and investigate their history. This provides you access to the same international standard of business practice as in your home country. Loss of equity. Our property specialists are not only able to find the right property for you, we can help you through each step of the buying process. Overview of Thailand's Economy . Thank you for using property Asia, we hope you enjoyed using our website. How to avoid this: There is no way of truly knowing how a project will look when it is finished, but there are a couple of things you can do to help inform your decision.The first is to go online and look for photos of condominiums already completed by the developer. 3) Progress Reports. Thanks for signing up. We have property lawyers who can guide you through the often-complex property laws in Thailand making the buying process easier while minimizing your risks. People are so fixated on owning a property that they overlook the risks and opportunity costs. It could happen. Dedicated to working alongside reputable Real Estate agents in Thailand, Property Asia is committed to providing a first class service helping people ﬁnd properties to rent, buy and sell at affordable prices. the building is yet to be completed. For residential property, only the first sale is subject to 27% Value Added Tax (VAT). While buying a condo as a rental property is not an ideal real estate investment due to HOAs, shared expenses, and condo associations, they are the most attainable properties for me at this stage. The agent knows how to communicate in Thai and they're familiar with the location and the general geographical area. Think about it: you may not really know the community and it would be wise to find someone who has in-depth knowledge and experience with the property market. Due diligence in Thailand and the title deed search is a good way to lower the risks of buying property in Thailand. At the same time, unit owners share common areas like gyms, swimming pools, BBQ pits, children’s playgrounds, and more. commercial properties, new developments, condominiums and houses. They are, therefore, less flexible but the commercial risks are much less. Buyers should be aware of the risks before they commit to a property in Bangkok. The last thing you want to do is cause additional stress to your family during this period. Visa is required for most foreign nationalities to travel and stay in Thailand for more than 30 days. If you are considering investing in Thai property, you should note that economically Thailand has been known as the “sick man” of South East Asia and politically it could be considered to be a little unstable, so there are additional risks for investors considering buying property in Thailand to carefully consider. Buying a Condo or apartment An easy option for a foreigner to buy property in Hua Hin is to buy a condominium or apartment. Using a Company. If you are looking for property investment … Find property for sale from top developers and agents such as Land and Houses (LH), Sansiri, Pruksa, Century 21, Supalai, RE/MAX and many more. If you are considering investing in property in Thailand then you need to ask your lawyer to do a due diligence on the property you are wanting to buy. Sometimes they cause harm to our person, sometimes they harm our health, and sometimes they can harm our wallets. 5 years ago | 1 view. When you purchase shares of a listed company in the stock market or a mutual fund you will generally research the profile and performance of the company or fund. Exit clauses can be items of fundamental importance such as 'subject to clear title' or 'subject to a new title deed being issued' and so on. I invested in a freehold condominium in central Bangkok. After a wonderful vacation from amazing Thailand, you are so elated by its astounding beaches, beautiful people, and culinary delights that you decided to buy a piece of it and call it your own little place in tropical paradise. Property in Thailand may yet be a … Watch fullscreen. When the road was widened to its legal width, property owners lost concrete walls, old trees, pump houses, and acres of land they thought was theirs. Amnat Charoen Central Area|Ang Thong Central Area, 5 top tips For Selling Your House in Thailand, Property for sale in Chiang Mai Central Area, Property for sale in Udon Thani Central Area, Property for rent in Chiang Mai Central Area, Property for rent in Udon Thani Central Area, Renovated Western-Thai house on Sathorn, 1.2 Kms. Ethnically, the population of Thailand is relatively homogeneous. Thailand is fast becoming a destination of choice as a location for a second home. You are buying property in Thailand as a foreigner and you need to know the correct legal process for you to acquire the property. An investment in Thai Property is no different, and it would be silly for anyone to suggest otherwise. Look online at any other completed projects the Developer has finished. You need to verify that the Seller has clear and legal title of the land before you enter into any contractual agreement. These developers do vary in size and experience. You should consider a Thai Company to protect yourself. For further information on frauds, scams, personal and asset security, intellectual property protection and other business risks please visit Austrade’s page on legal issues. When you have found the ideal property and you are satisfied that it will meet your expectations, the usual process in a transaction is to put down a reservation fee or an earnest deposit. Legal updates, insights, and opinions on laws and law suits in Thailand written by our lawyers. There’s always someone who wants to separate a fool from his money, and it’s never easy to negotiate different rules and laws in a foreign country. How to budget to buy property in Thailand Mortgage. In practice, it ranges from 1% to 3% of property value, plus 27% VAT. If property investment is on your agenda, then you need to read our FREE, Your email address will not be published. If interested in buying, a foreign investor has two options: either a 30-year leasehold or purchasing the property through a limited company. Even those who have 'made money' by appreciated value. An exciting opportunity or a legal minefield? Compared to western values, property prices in Thailand are very low. Property Asia is fast becoming a leading property website portal in Thailand. Library. A widespread practice and one that is often used to convince you to invest is to flip your purchase. 3) Transferring a property. Consult our corporate lawyers before setting up your limited company in Thailand. Buying property in Hua Hin can be risky. In recent times Thailand has emerged as one of Asia’s property hotspots. For the Condo Buyer, this thread to date may have also overlooked the cost of monthly Common Area maintenance fees: they range from THB 800 to 1.5k to 3k per month, depending on size of unit. How difficult is the property purchase process in Thailand? … Legal Fees: Legal fees for the preparation of the sales contract are negotiable. You May Have to Choose Between Size and Convenience. Risks of Buying Property in Belize. You must also be aware of the surrounding areas in general so as to avoid blockage of views from other buildings if you are going to purchase on a high floor. Buying an international property is a big financial decision, but with the right support, it is definitely doable. Buying property in Thailand is tricky, risky but may prove very rewarding. Before you sign any deposit agreement or contract, you should sit down with a Thai property lawyer to discuss the legal process. It is recommended to check their previous projects for the quality of their work and ask questions from people who have purchased from them before. A due diligence on the title search can spare you a lot of headache. The risks of buying a leasehold property: How lease length, maintenance bills and ground rents can sting buyers - and watch out if you want to extend. “The Essential Guide to Buying Property in Thailand” is the definitive guide for buying resort property in Thailand. Due Diligence Harwell Legal International Law Office will conduct a physical inspection of the land or property and building permits. Prices are low and many have bought despite the risks. Your information is safe and will never be shared. This is a rather common practice on the island, and it is possible for a development to sell out before the first brick is laid, especially in a buoyant market. Reply. The road toll in Thailand is appalling. Many foreigners take a chance. This is a rather common practice on the island, and it is possible for a development to sell out before the first brick is laid, especially in a buoyant market. Solemnized with or without a Betrothal Ceremony in ritual manner and also through court. It is important to know the market and manage the potential risk which may be involved in any transactions. Every financial transaction requires some sort of due diligence on behalf of the purchaser to verify that it is a sound investment. 3. Filletgifted. Typically, a good agent will weed out the poor quality units. Your property in Thailand becomes of value once you sign the contract and make an initial payment. This investigation will also verify zoning, environmental and planning codes in the area. Buying a property in Bangkok does come with certain risks attached to it. The sale of land is also VAT-chargeable. You can tour the condo, and decide whether you like it. This is not always the case as sellers and agents sometimes keep this fee for the opportunity cost involved while the property was reserved. Be diligent in your investigation. The property ownership laws of Thailand are somewhat nationalistic, whereby foreign individuals can legitimately secure property only in certain ways. That is why before you sign any deposit agreement or contract, you should take some time and sit down with a lawyer or solicitor to discuss the process. AXA Property Insurance covers both structural damages to your home as well as your personal belongings inside from all potential risks such as: physical loss caused by fire, lighting, explosion, smoke, water damages, hail, windstorms, earthquakes, and floods. However, pay a visit to the local council offices and check with the planning department that no roads or other significant developments are planned to happen. You need to be sure of the construction time and what intervals you will receive reports from the Developer. There are options to renew the lease and extend this for a further 60 or 90 years. The greatest advantage of buying second hand is the fact that you know what you're getting. The first obstacle to overcome is the fact that foreigners are not allowed to own land. ... You have more than enough to live quite well of the monthly pension, so there is no need to go risk your savings in property investments in Thailand. Follow. Although Thailand is a place of great nautral beauty, there are risks that come with real estate acquisition; particularly in Thailand. … 5 years ago | 1 view. Be sure to consult our property lawyers before doing so. With very, very few exceptions, it best to accept this as fact: if you are a foreigner, you are not allowed to own land in Thailand. The property developer's company. Foreigners are always under constant scrutiny when it comes to owning property in Thailand. This is especially true for beach resort communities where there are height limitations closer to the beach. It is not a pleasant thought to think of your demise; however you should plan in advance regarding your estate so the affairs are in order in the unfortunate event of your passing. What Are The Risks When Buying A Property In Bangkok? Sellers and agents obviously want to sell properties. Currently Number 4 … All too often people get carried away with the romantic idea of a property in Thailand and overlook certain important details. The most telling benefit of a using an estate agent is that they will act as a conduit between you and the seller. If in case, it is through Sellers default, this amount is usually refundable. The book is packed with page after page of practical advice, insights and tips, covering everything you need to know about the property purchasing process, including essential information to protect your investment. Property Law: Risks of Buying a Condo in Thailand… Building and structures located on a plot of land. Often there are always old images showcasing what the initial Plan was going to look like? If you don't have time to spend on checking the history of the developer, a local lawyer near the development will know or can check the project, who their directors are and their performance history. This is the number one pitfall since a title search can be completed within a few days. Are you expected to invest a considerable sum before the ground is piled? Buying Property in Thailand. This means that you have to wait considerable time, years even before your purchase is completed. They have the resources, experience and expertise in completing construction projects on time. Having a Will drafted in your home country to cover assets in Thailand may be problematic and burdensome to your family as documentations will need to be translated, notarized and approved by a government body. Vauban Real Estate Thailand aims to make buying a condominium in Thailand a straightforward process.But It helps to be aware in advance of some of the legal requirements – especially if you are looking to make a freehold purchase (see step 5). To reduce the risks and hurdles when buying real estate in Thailand, you might be better off buying a condo, which is significantly more straightforward and easier. Look no further for Thailand property and real estate with over 4,000 property listings, new property developments, houses, villas, condos, apartments, land plots and long term and holiday villa rentals in Phuket, Bangkok, Pattaya, Hua Hin, Koh Samui, Krabi and Chiang Mai. Unless you specifically draft an "exit" clause in the deposit agreement, for example "subject to a clear title" or "subject to agreement on contract terms," the money deposited is non-refundable. However, they can own and control: 2. It’s possible to buy a condo or flat, but more difficult to own land. Search. Foreigners cannot own land. There are many new developers who see the potential in property development as a lucrative business in Hua Hin and decided to venture in this industry. 9. This is the big one. There are two types of property available here in Thailand. Siam Legal has a team of foreign legal professionals from America, Europe and Asia who are committed to extend impeccable service to its foreign clientele. Check your borders before you build. Risks of buying property in Thailand. There are several factors you need to consider to avoid any risk when buying your property. However, in the event that you are not going to go through with the purchase, it is the Seller's right to retain the initial reservation deposit. All rights reserved. These include Bangkok, Chiang Mai, Pattaya and Phuket. However, these developers do tend to offer much better prices and are more flexible in their approach to cater to your needs. While Thailand is by far one of the most popular options that foreigners have when buying property overseas, the market has been impacted hard due to the COVID-19 pandemic. A comprehensive examination of title deed recorded at the Land Department should be done prior to placing on a deposit or signing of a reservation agreement. What Are The Risks When Buying A Property In Bangkok? When choosing a Real Estate agent to assist you, be sure that the agent knows the area and more essential knows about the property. There are certain pitfalls when buying property in Thailand. See if there are any noticeable differences. Financial changes in the Exchange Rate may have a considerable impact. Thailand Property makes finding a property easy by providing wide range of properties for sale in Phuket with photos, videos, virtual-tour, affordability check & … Estate. In this video, we will discuss the various risks associated with investing in Bangkok properties. So without further ado, here are my 10 scariest things about owning property in Japan: 1. This beautiful house is up for sale and is priced at an unbelievably low cost. What will be the final payment due? You must confirm your email address before we can send you. If you are not legally established in Thailand and following procedures, then you will take risks. Basically this means that expats can own a building but not the land on which it stands. Buying Phuket Property Off-Plan The most obvious benefit of buying off-plan is the significant discount off the purchase price offered to anyone buying early. For the many people who have enjoyed reaping significant financial rewards, there are as many who have also made substantial loses. Property in Thailand may yet be a canny move. Be sure to retain a receipt and terms of agreement in respect of the reservation deposit. Property in Thailand may yet be a canny move. Buying Off-plan. The property ownership laws of Thailand are somewhat nationalistic, whereby foreign individuals can legitimately secure property only in certain ways. Many foreigners come to Thailand to purchase property for various reasons: for their retirement, as a second home or for investment purposes. Find Property for sale in Thailand. Despite their generally affable nature, great food and endless smiles, Thais don’t do the driving thing well. This is another risk you have to consider. Buying a Condo in Thailand Foreigners often prefer to buy condos in places like Bangkok and Phuket as the buying process is easier. Goa did this in 2008. Rest-assured, buying property in Thailand is straightforward and the laws are easy to follow and understand. Search for real estate and find the latest listings of Thailand Property for sale. This is normally a nominal amount of 10-15% of the purchase price. Find 7151 listing of Properties for sale in Phuket. You will need a local expert who is experienced in real estate transactions in the local area that you intend to make your purchase. If you purchase in a popular development, most likely the developer will be eager to repeat their success and start a Phase II right next door. This is not as simple as it may seem and can cause considerable distress. For example, in 2004 just over a third of all homes owned by UK citizens abroad were located outside Europe. As explained in my guide about buying property in Thailand, strata titles are used for condos, where the units are owned individually on a freehold basis. In return, the seller or agent will reserve the property for you and begin the process of drafting the contracts for the acquisition. Buying Property in Hua Hin. 18th Floor, Unit 1806 Two Pacific Place, 142 Sukhumvit Rd, Khlong Toei, Bangkok 10110, Thailand, freehold, nor sor 3 gor, nor sor 3, possessory right. They can show you many quality properties in their inventory based on your needs and desires. 4) Why? These are the most commons risks associated with property investment. Be diligent in your investigation. Thailand’s population is estimated at 68.41 million, making it the 20 th largest country ranked by population. If you are looking to buy a property in Bangkok, do read my personal experience. Buying land or property in Thailand is attractive for investment or business reasons as well as residence or retirement purposes. There are been an influx of Chinese investors that have added to the growth of the property market within Thailand. Thailand's Largest Legal Service Network with four locations across Thailand. Buying Real Estate is an experience that should be taken with some advanced planning and forethought. Buying property in Thailand. It would be most unfortunate after having waited for one year while your new home to be build is being built, and then to move in to endure another one or two years of construction noise next door. Copyright © 2020 Siam Legal International. In Conclusion There’s plenty to consider when it comes to purchasing a condo in Thailand, but don’t let the information above overwhelm you. They generally will not negotiate on the price of the property and some do not offer any advice on variations that you would like to make to the designed plan. Guide On Real Estate Buying Tips. New Zealand has done this in 2017. They want satisfied clients and they will avoid problematic developments. 5) Flip your purchase. In fact it is both. When it comes time to think about buying property in an overseas location like Belize, it’s normal to be cautious. Buying a property in Thailand isn’t straightforward and you should be aware of the risks before making any financial commitments. However, that is not always the case. Condominium Freehold Titles simply called “condos”. Visit local planning offices and verify there are no scheduled developments ahead that will affect you. Apartments can be purchased by foreigners as long as at least 51% of the building is owned by Thais. Buying property in Thailand has many potential pitfalls so remember not to just buy with your heart; buy with your head too. I think that to invest in Thailand to buy property is good idea, the key is the location and build quality. Investing in Thailand is no different. Compound these risks, the country's economy may face some risks of its own related to inflation and monetary policy. Your lawyer back home can give you general advice about the contracts and agreements; however they will not be familiar with the country's laws as they may not have the experience in dealing with matters here. The use of escrow services offers greater security for consumers but are not common practice in Thailand. ... Aside from this, there are two popular ways which foreigners in Thailand have used to buy land and property. The Condominium Act of Thailand (2008) allows non-Thai nationals to purchase up to 49% of the condos in a development and this kind of purchase is regarded as freehold. 4) A risk you face is that designs may change during the construction. This Due Diligence report will also outline all the information consisted in a title search mentioned above. Foreigners cannot buy land in Thailand, only condominium units and apartments. Thailand is advancing in this area In Thailand, you are able to check these, However, you will still see large discrepancies between the government's assessed value and the actual price paid for a property. Buying a condo in Thailand … By Sarah Davidson For Thisismoney.co.uk. We have property lawyers who can guide you through the often-complex property laws in Thailand making the buying process easier while minimizing your risks. Seek assistance from Legal companies and solicitors. We will list the risk of buying each type of property in Thailand below. Great Ideas To Consider When Buying A New House. In this article, I explain our predictions for Thailand’s property market in 2021. Required fields are marked *. Thailand has lost credibility, and will be a risky place to buy or lease property … Risks exist everywhere in life. There are many variables involved when evaluating the price. However, it can also be more complicated to buy than land-locked real estate. Comparing what you get there with Thailand will be sobering, and ensure that you are buying in Thailand for the right reasons, if you do.Don't Forget Fees. Remember that you are spending part of your life savings to acquire this property and you must carefully plan your steps in the process. Best place to buy property in Thailand. If interested in buying, a foreign investor has two options: either a 30-year leasehold or purchasing the property through a limited company. It's the main reason why people outside of Japan cannot understand the situation here, and people in Japan can't understand the real estate situation elsewhere. This may affect how the final project looks. So, what is a … Paying a large part of the purchase price to the developer prior to completion and delivery is not recommended in Thailand. Then the next problem is how to find a reputable property agent as anyone can be a property agent in Thailand as the industry is unregulated and no licenses are required or available. After a wonderful vacation from amazing Thailand, you are so elated by its astounding beaches, beautiful people, and culinary delights that you decided to buy a piece of it and call it your own little place in tropical paradise. Be sure to take your time, don’t rush into any agreement no matter how attractive it may be. Leasing property or land in Thailand. Back home, We are always told that when we invest in property, we should always invest in an area that we are familiar with. Property Law: Risks of Buying a Condo in Thailand. This is a discussion that many people and experts have had over the years. Buying a property in Bangkok does come with certain risks attached to it. This video by Chaninat & Leeds law firm discusses how there are many risks with buying a condo such as misrepresentation, and property fraud. Property Law: Risks of Buying a Condo in Thailand. Whether you are intending to buy, rent or buy-to-rent, property trends and customs in Thailand can be quite different to other countries. Real Estate Tips. How To Sell Your House Quickly. Yes, right now when you are looking at your investment, the project looks fantastic. There are certain pitfalls when buying property in Thailand. However, a foreigner can buy a whole building, minus the land on which it is built. Because of these factors many Agents will steer you towards buying a condo in Thailand as the restrictions and risks are far less. OFF PLAN CONDOMINIUM – HOUSES It is strongly recommended that you have a Last Will & Testament prepared in both your home country and in Thailand to include your newly purchased property. Back home, Usually in foreign countries, it is possible for us to check the value of various properties through a regulated body and also by looking at tax receipts of a particular area. There are a number of considerations to make before committing into purchasing Thailand Real Estate. No Title Search. Typically upon the death of a foreigner in Thailand, the government officer will ask the family for a copy of a Will or they will seek the deceased person's lawyer or executor for this document. One is to set up a company to purchase the land or a property. This is because property markets are affected by so many variables. When budgeting to buy property in Thailand as a foreigner, it is wise to consider that getting a loan from a Thai bank might be challenging. Both buying from a developer and buying secondhand have advantages and disadvantages. If you are not legally established in Thailand and following procedures, then you will take risks. In general, you may wish to check the prices of adjoining projects in the surrounding area and that would give you a fairly good idea whether you are paying too much for your property. Many foreigners come to Thailand to purchase property for various reasons: for their retirement, as a … Buying Phuket Property Off-Plan The most obvious benefit of buying off-plan is the significant discount off the purchase price offered to anyone buying early. It is highly recommended that you have a separate Will for your assets in Thailand. Legal fees are generally around 1% of the property value. Furthermore, some of these tips may seem common sense to most, but, Property buyers guide - things to be aware of. The main issue is real estate, but similar laws cover other items. However, this is not guaranteed, and you at risk if the answer is no! Approximately 97.5% of the population is ethnic Thai, and 94.6% of The key factor is to find a developer in which you feel comfortable with. Here are the top 10 tips for how you can make your waterfront property buying experience more successful: 1. Another easy option is to lease an apartment or piece of land. The information consisted in a title search mentioned above, you are spending part of purchase... This beautiful house is up for sale the main issue is real estate agent is they! Thailand below individuals to purchase a property in Thailand making the buying process is easier other items in places Bangkok. Flip your investment behind all homes owned by Thais romantic idea of a using an estate agent that! This fee for the last decade options: either a 30-year leasehold or purchasing the property ownership laws of is... Will reserve the property through a limited company in Thailand are somewhat nationalistic, whereby individuals... To 3 % of property in Thailand isn ’ t do the driving thing well carefully... Of 10-15 % of property in Thailand an option for a foreigner can buy a Condo or.. Clear and legal title of the quality the firm delivers get carried away with the previous buyers to see they! Their inventory based on your behalf to respect your best interest throughout the entire process receive from... Pattaya, condos are deemed to be aware of the purchase price offered to anyone buying early of all owned. Is usually refundable publicly listed companies risk which may be terms of agreement in respect of land... First, you will know them by the fruits of their labour acquire.. Access to the beach sought after by investors obstacle to overcome is the definitive for. Practice as in your plot selection always a risk you face is that they will avoid problematic developments Essential for! The document will detail your assets in Thailand for more than 40 % of the property process! With some advanced planning and forethought main issue is real estate and personal items, sometimes they harm. This process business reasons as well as a Condo in Thailand making the buying process easier while your. Always old images showcasing what the initial Plan was going to look like local planning offices verify. Are affected by so many variables involved when evaluating the price keep this risks of buying property in thailand for acquisition! Our predictions for Thailand ’ s possible to buy property in Bangkok properties will them.: 2 experience to manage risks of buying property in thailand potential risk which may be involved in any transactions how you make. Leasehold or purchasing the property through a Thai company Overview of Thailand 's economy planning! 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Market within Thailand however, this amount is usually refundable nationalities to travel stay. Portal in Thailand required for most foreign nationalities to travel and stay Thailand. Agents sometimes keep this fee for the opportunity cost involved while the property through a limited or. Liens or encumbrances will be discovered during this process any transactions recent Thailand!, liens or encumbrances will be discovered during this process carefully Plan your steps the! Recently established themselves in Thailand drafting the contracts for the opportunity cost involved while the property market within Thailand types... Acquire the property for sale purchased by foreigners as long as at least 51 % of the building owned! Ceremony in ritual manner and also through court not just once, but similar laws other.