When buying a property in Thailand, it is important to understand the rules and regulations. If you have never stepped foot in the country, you are likely unaware of the legal requirements that must be met before you can purchase a property. This is why it is recommended that you hire a real estate agent to help you find and buy a home. A professional agent can also save you time and ensure that you get the best deal possible.
You will need to obtain a land office registration before buying a property in Thailand. While this registration does not guarantee that you will receive a title deed, it does ensure that you are protected against fraudulent land scams. The Land Office also double checks your property information. There are plenty of potential risks when dealing with this type of transaction, and a knowledgeable attorney can provide a wealth of knowledge to help you avoid any issues down the road.
The first step in the process of buying a property in Thailand is to conduct a thorough investigation of the property. In this way, you can confirm the property's legitimacy, encumbrances, and infrastructure. Ideally, the investigation should cover everything you need to know about the property, including its current and past owners, its location, and any other pertinent information.
Another important part of the due diligence process is to verify the integrity of the title deed. Buying a property in Thailand is a high-risk investment, and a title deed is a crucial piece of evidence that your purchase will be legitimate. It will also tell you who the property's owner is, and whether there are any liens against the property.
Once you have a good understanding of the legality of the property, you should look into the building construction permit and other permits. If you are buying a condominium, you will need to have your own legal entity in Thailand, and you will need to have a Thai bank account to transfer the purchase funds. Moreover, you will need to obtain a power of attorney to complete the purchase. Finally, you will need to pay taxes to the government.
Buying a property in Thailand can be a challenging endeavor, so it is recommended that you seek professional help. Whether you are looking for a house in Phuket, Bangkok, or anywhere else in the country, an experienced and knowledgeable property agent can assist you in your search for the perfect home. They are paid only when the deal is completed, and they have a financial interest in ensuring that the deal goes through.
Due diligence is essential when purchasing a property in Thailand, and it is highly recommended that you seek out a reliable law firm that can conduct an investigation on your behalf. An experienced attorney can help you avoid legal pitfalls and can give you advice that will protect your investment.
Property due diligence in Thailand should include a background check on the developer and the title deed. You should also inquire about the property's sewage system and telephone system.