If you’re considering buying property in Thailand, it’s important to understand the process and unique factors to consider. While the process is similar to buying property in your home country, there are some differences to be aware of. Here’s a comprehensive guide to help you navigate the process.
Define Your Requirement
Determine your budget and requirements for the property, such as the number of bedrooms, location, and specific features you desire.
Property Research
Seek advice from a reputable real estate agent who has extensive knowledge of the area and can provide helpful information, especially if you’re unfamiliar with the process of buying property in Thailand.
Initial Consultation
Once you have a clear idea of what you’re looking for, inform the agent so they can curate a list of options for you. Refine your search based on property type, location, and specific requirements.
Viewing Shortlist and Inspections
If you find a property you’re interested in, add it to your shortlist or send an inquiry to our agents. Schedule a consultation to discuss the details and identify the best matches based on your budget and requirements.
Price Negotiation
Our agents are expert negotiators who have an intimate sense of the market prices. We work with buyer and seller to offer the very best options and to facilitate the negotiations based on principles of fairness and open transparency.
Reservation Agreement
Following price negotiation, we will reserve the home for you. Once reservation is confirmed, we will draft the contract with all parties, considering special clauses, terms, payments and timeline. This state of the process completes the sale and purchase agreement.
Due Diligence and SPA
Buying a home in Phuket is not only a door opener, its your home, in tropical paradise. Sometimes things don’t go to plan and so by undertaking due diligence, you confirm the legality of the sale. Our governance process works in lock-step with the land department and ensures land title and ownership, building permits, and compliance with law and regulation is satisfied. Although our lawyers are very good, we recommend that both buyer and seller appoint their own lawyers for due diligence and paperwork preparation.
Once details are finalized, both parties sign the Sales & Purchase Agreement (SPA) within 30 days of the reservation agreement.
Land Office/Transfer Ownership
The final step takes place at the Phuket Provincial Land Office/Land Department. The purchase is completed, and the property is officially transferred to the new owner. The timeline for completion varies, ranging from two to six weeks for existing properties. Remote transactions can be completed with a power of attorney or a solicitor.
**It’s important to note that Thailand is primarily a cash-buyer market, as mortgages and bank loans for foreigners are difficult to obtain unless taken in the name of a Thai national. Additionally, there are some unique factors to consider when buying property in Thailand, such as property ownership options for foreigners, proximity to international schools, and buying for residential, investment, or mixed purposes.**
