How To Buy a Property In Thailand?
Do you want to buy or own a property in Thailand and are confused how to go about it? Buying a property in Thailand is not just complex but also unregulated. We have highlighted few points for you below, to make sure that you enjoy a hassle-free experience while getting a property for yourself in Thailand.
A property agent is of utmost important while starting to look out for a house in Thailand. This agent should be well versed with the language and also the geographical area. An agent will always help you get the best deal and save your time. The greatest advantage of hiring a property agent is that they represent you and act on your behalf to make sure that you get the property at a fair price.
Legal Process and Lawyers
Legal processes are complicated and in order to understand it well one needs to hire a property lawyer who will direct you in the right way. Also, any document that requires your signature should be properly read and consulted with the lawyer before it’s sent for processing. You need to understand the laws behind buying a property to avoid complex situations or exploitation of any nature in future.
One needs to verify the legal title of the land before getting into an agreement to buy the property. The Land Department records the name that is associated to every land and this needs to be checked before taking any step towards buying the property. Such a check will clear all doubts related to mortgage and liens.
Post all decisions on finalizing the property, you have to pay a deposit to book it and continue the process of buying. However it should be kept in mind that a ‘get-out’ clause is specifically mentioned in the contract like “subject to contract terms” etc. Unless this is mentioned the money deposited will not be refundable.
Documenting and Reviewing Contracts
After the seller has documented the contract, understanding every statement in it is extremely important. A properly designed contract which includes your interests and remedies (if any case of delay happens with the property) should be made so that it stands to be a fair deed.
These contracts also incorporate a section for penalty in case payment is delayed. This should be rational in approach and fair towards both the buyer and the seller.Tags : Buy property in Thailand, Buy property Thailand, buying a land in Thailand, Buying a property in Thailand,