Are you looking for a house for sale in Thailand? If yes, you have made an excellent decision to buy property there. Not only does the country enjoy a great tropical climate, the people there are very pleasant and there are many foreigners who have settled permanently there. There are many places where you can settle in Thailand but if you want the best of the best, you should be looking for a house for sale in Pattaya or a house for sale in Samui – they are both great places to live. That said, buying a house in Thailand requires some diligence – like in any other city, there are people who are out to con foreigners and you may fall prey to them.
The first thing you need to do is familiarize yourself with the process. You should begin by hiring a property lawyer to guide you through the process. You should know that the property market in Thailand is unregulated and because the sale process is complex you may end up losing money if you try and do things by yourself. In addition to hiring a registered lawyer you should also hire a real estate agent – they will help you locate the right property in either Pattaya or Samui and close the transaction for you.
Although a lawyer and a real estate agent are necessary, it doesn’t mean that you should leave everything in their hands. Find material online that explains the purchase of property in Thailand. When you have some knowledge it is easier to tell when things aren’t quite right. You can look up literature such as Thailand Real Estate Outlook, real Estate Terms in Thailand and Thai Real Estate FAQ’s. You should also find out if there are any potential pitfalls that you should look out for.
Buying a house in Thailand is different from buying a condo. With a condo, the process is easier because you can buy it in your own name. It doesn’t work that way with a house. Since you cannot buy it under your own name you need to register a company in Thailand that will then own the property. Although there are many types of businesses that you can set up, it is recommended that you set up a limited company. Make sure to look at the criteria that is required when setting up this kind of company. Cover every step – if you take short cuts you will be forced to go back to the beginning of the process. Your Thai lawyer should be able to help you set up your limited company.
Before you bug the house Pattaya or Samui make sure that your lawyer does a property search on it. Often, people who don’t do their due diligence end up buying from someone who isn’t that actual seller of the house. When the owner comes around he throws them out and they end up losing a lot of money. Your lawyer should also check whether there are any liens or mortgages against the property. Ask your real estate agent to bring around an assessor to make sure that the house is in good condition.
There are certain pitfalls that you should look out for. First, you are much better off buying a property that is already complete rather than one which is still in construction. There are many stalled development projects in Thailand and some have been that way for years. You may end up buying a property that will never be completed. Check the quality of workmanship and make sure that the developers followed all regulations – Thailand is prone to earthquakes and if a house is not built to standard even a small tremor can cause damage.
The other thing you want to look out for is sellers who ask for deposits. Many will tell people who are looking for a house for sale in Pattaya or a house for sale in Samui that they need to pay a deposit if they want the house held for them. This transaction usually doesn’t come with any paperwork and often, the seller can claim that he never received any money. Good sellers don’t ask for deposits; they wait for the one-time payment once the transaction is complete.
Finally, as someone who is looking for a house for sale in Thailand you should know that there are no government regulations in place for real estate transactions. This means that if anything goes wrong you don’t really have a recourse. It is up to you to watch every step of the transaction carefully. Also, watch out because realtors can charge very high fees.