Mistakes to Avoid When Buying a Property in Thailand
You may have had a vacation in the beautiful country of Thailand. The astounding beaches, welcoming people and culinary delicacies may have roped you in making you want a piece of the tropical paradise that you can call your own. So, you plan to buy either a villa or condo or any other property in the country. Before you sign on the dotted line or transfer funds from your account, you need to know some common mistakes people make. Here are mistakes to avoid when buying a property in Thailand:
Do not forget to do a title search
Before committing and placing a deposit or signing a reservation agreement, you first need to counter check with the Lands Department to confirm if the title deed is legit. Verify if the seller is the rightful owner and if they have the legal title for the land they are selling to you. This step should come before entering into any contractual agreement. Confirm if there are any leases, mortgages or liens on the title. The research will help you verify environmental, planning and zoning codes in the area you wish to invest in. A title search is an essential process, and the best thing is that you can complete it in a few days.
Do not buy without a lawyer
While it is possible to buy property in Thailand without the help of a local lawyer, that is a risk you should not take. Especially if you are not familiar with the country’s legal system and the language. Find a lawyer or solicitor who can guide you through the entire purchase process. A lawyer will know the correct legal procedure for purchasing property in Thailand. Property is a considerable investment, and you should not risk making a wrong move. It is best to seek the services of a local lawyer who will be more familiar with the country’s laws.
Do not buy a mismanaged project
There are several property developers to choose from in Thailand. That is because property development has proved to be a lucrative business in the area. When selecting a developer to work with, do your due diligence to know if they have a track record of high-quality work. You do not have to buy a property that is still in the development stage. Consider the condos for sale in Pattaya city. You can get property of all sizes and one whose price fits within your budget.
Do not place the deposit too early
After identifying a property that meets your needs and expectations, the next stage is usually reserving the property with some reservation fee or earnest deposit. The deposit is generally about ten per cent of the purchase price. In many cases, the amount is deducted from the purchase price of the property.
The issue with placing the deposit too early comes when you want to abort the purchase or find something you like better. The seller may retain the initial deposit money. Sellers tend to keep the fee to cover the opportunity cost for when the property is under reservation. To be safe and avoid losing money, only make a reservation when you are sure that you have exhausted all your options.
Final Remarks
When buying any property, especially in a foreign country, it is easy to make mistakes and end up with lots of regrets after investing enormous sums of money on the property. Knowing the mistakes to avoid gets you a step ahead and ensures that you get the best value for your coin.
