The Rules of Buying Real Estate in Thailand for Foreigners
May 28, 2020
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How to reserve a property you like in Thailand? What is a freehold property? What do you need to check the transparency of your realty transaction? How to register your new property? Read all important details of a real estate deal in Thailand.
Step 1. Reserve the Property and Pay a Deposit
You make a presale agreement at the same moment when you choose it and discuss with the seller. Information about both parties, chosen property, cost of it, terms and conditions must be in the agreement.
You pay a deposit of 1% from the total cost at the signing to in order to withdrawn the property from sale. The deposit can be made in cash or via bank transfer. It doesn’t matter where you are from, you are allowed to make a transfer in any country. If the sale doesn’t happen and it’s your fault, the deposit will most likely be non-refundable, prepare to say goodbye to your money. But if the sale stops due to the fault of the seller, the money will be returned.
Now that you signed a presale contract and paid the deposit you have 1-2 weeks to introduce amendments and review the preliminary agreement, if the seller is a developer. The agreement also can be prepared by a law firm in case of a secondary market deal with a private individual.
Such contains information about the property, additional expenses on further maintenance of the property, terms and conditions of the deal, penalties for non-compliance.
IDs of both parties and real estate documents must be attached.The preliminary agreement is legally binding and non-compliance with it is the basis for applying to the court.
Step 3. Check the Property and Transparency of the Deal
You can contact a lawyer to check the chosen property. Usually law firms offer the following services:
Checking the ownership and encumbrances.
Checking the seller's company, if they are authorized to enter into a deal on behalf of the legal entity, the founding members, share capital, etc.
Checking the agreement, making changes, and agreeing terms with the seller.
Registration of the sale in the land department.
It is common to order only checking of the contract in the primary market. But if it is a secondary real estate than you need a full legal check. You as a buyer shall be responsible for expenses. You may have it before or after making a deposit, depending on the circumstances.
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On the primary market the buyer pays via bank transfer to the account of a developer in Thailand. You can pay either as a private individual or from a legal entity where you are a founder. But in both cases it doesn’t matter from which country the payment comes from.
On the other hand, you need to open an account in a Thai bank for a secondary market deal. You transfer money from any country to this newly opened account. And at the time of registration in the land department you give the seller a check for the required amount.
Remember that if you register a freehold property, the payment must come to Thailand from another country. The land department checks this fact. For a leasehold property the origin of payments isn't important.
Unlike many other countries, in Thailand it isn't common to check the financial background.
International buyers are often aimed at residential compounds, where they can buy property in freehold
Step 5. Register a the New Owner
Every real estate deal must be registered at the land department. It employs Thai staff who barely speaks English, and all paperwork is done in Thai language. Therefore, foreigners barely go there themselves, or only if they are accompanied by Thai representatives.
Representatives of the developer register primary real estate on the basis of power of attorney from a buyer. In case of a secondary property the lawyer does it.
The land department issues the buyer a set of documents on the day of a deal. The package depends on the method of registration of real estate.
For instance, if we talk about a freehold property then as a new owner you get:
A standard form of the sale contract in Thai language, which contains your name as a new owner, information about your property and it must be signed and stamped by the government officials.
A land certificate (Chanote), which is a a document about the land under the house with the plan of the land and the entire history of transactions with it. According to law, a foreigner is also a shared owner of the land, in proportion to the purchased area of the apartment in the house.
The household register (Blue book) with the address and information about the apartment.
Can I seal the deal remotely?
Usually a real estate deal in Thailand takes from 1 week to a year. It depends on availability of the property. The buyer needs to be present only at the time of a deal registration in the land department. Therefore, the first stages (property selection, reservation, contract signing, acceptance) can be completed remotely.You can come to Thailand to finish the transaction or sign a power of attorney for a lawyer who will execute the property on your behalf. And if you already have a notarized power of attorney for a representative, the transaction can be carried out without you ever coming to the country.
