A Guide To Buying Property in Thailand | Tax Refund Usa Tourist

by brizzle born and bred

Tax Refund Usa Tourist

So you have fallen in love with Thailand? Like so many others before you, and the thousands that will follow?  For whatever reason, you have chosen to own a property in Thailand? This could be for the long term prospect of making this wonderful country your permanent home, or as a potential investment, and/or for the pleasure of having a luxury holiday home in the sun. Whatever the reason, there are certain things you need to consider before jumping head-first into a purchase.

Naturally, what seems like a great idea at the time can often change after a full investigation of the pro’s and cons?  There is certainly no reason not to consider such a purchase, but like any property deal back in Europe or the USA, it is advisable to carry out due diligence beforehand.  Find out the facts before you sign anything, and be sure you have covered everything before you proceed.

Thailand is a wonderful country with some beautiful beaches, an amazing climate and a very laid back approach to life.  All very appealing to the foreigner just off the plane from their stressful lifestyles back in Europe or the USA?  But before you sign on the dotted line of a contract, please ensure all the necessary due diligence has been carried out, as it would have been back home.

Always seek professional legal advice and get a qualified registered lawyer

The first and probably most important decision you will make is to talk to a Thai registered, qualified lawyer who is respected and/or has been highly recommended. This is incredibly important as until you have some in depth knowledge of Thailand and the Thai real estate market, you will need professional and honest advice.  A good, trustworthy Thai lawyer can assist you in so many ways, save you money and provide many answers to the numerous questions you undoubtedly will have?  They can also help you avoid any unnecessary pitfalls created by your lack of understanding of the market, and will guide you through any language barriers.

Always remember when appointing a Thai lawyer, you are basically hiring his/her professional services in order to help protect you from any unforeseen pitfalls, guide you on Thai real estate law, help with any lack of understanding and/or protect you from any unscrupulous individuals that may be looking to take advantage of you. Lawyers are worth every baht they charge if they are honest, qualified and licensed. Hire a good one and they are an invaluable source of information and expertise.

A Good Law Firm will:

Check the current owners have the correct title to the property Check for any charges and liabilities still owed on the property Check your contract and advise you on the obligations/responsibilities of all parties Guide you through the payment/funds transfer Ensure that the property is registered appropriately and in the correct name Provide valuable and essential legal information Advise on visa regulations and your options Safe guard you against unscrupulous persons wishing to take advantage

Ownership Laws for Foreign Buyers – Ask a Registered Thai Lawyer to Help

Currently the laws in Thailand only allow certain types of property to be purchased and owned on a freehold, and you need to know what they are. A Condominium is the first type that comes to mind and a very good option. But even with a condominium one needs to check the unit to be bought falls into the correct legal category.  Check the laws governing this, and make sure you carry out all the right actions that create a smooth and hassle free purchase.  As already mentioned, a licensed Thai lawyer will do all this for you, and they are worth very baht they charge!  It is only the foolish who buys a 15 million baht property and then objects to pay a lawyer 50,000- 100,000 to deal with the transaction.  A Thai lawyer is there to protect you and your hard earned money.  Don’t be foolish, and always make sure you seek good legal advice.   It can also be foolish, to go the cheap route and use any of the numerous unqualified legal advisers who offer ridiculously cheap legal assistance.  Many, you often see in the back of tourist magazines, newspapers and occupying numerous street shops.  Once again, be careful, take your time and be sensible. There are some excellent lawyers out there and you just need to find them.

As a foreign investor, there are also ways to lease property in Thailand for up to 30 years!  Many are happy to choose this option as a freehold property can be owned by a foreign investor on leased land.  And even then, there are ways to extend a 30 year lease, but not necessarily with a complete guarantee.  Once again, check with a qualified, registered lawyer.

Buying on one of Thailand’s fabulous developments

There are numerous fabulous developments throughout Thailand and one should take their time looking.  Decide on the location such as beach area, city, country side, and take the time to look at the various projects in that location.  There are many locations to consider depending on where you wish to live. The main areas and popular choices are: Bangkok, Pattaya, Koh Chang, Rayong, Hua Hin, Cha Am, Chiang Mai, Ko Samui, Phuket, and Krabi.  Each area has its advantages and disadvantages, and there are a wide variety of developments to choose from.

Make sure you deal with a reputable developer, one that can help you as much as possible.  Ask your Thai lawyer to check any contracts and title deeds they may provide, and always seek legal advice before signing or paying for any property.  If the developer is reputable and serious, they will fully understand the need for your lawyer to be involved and in fact should welcome it, as it shows they are open and honest with nothing to hide.  A reputable developer should also be happy to provide all information as regards the building of the property you are purchasing, and any information regarding title deeds, ownership, communal areas, guarantees and whatever pertains to the successful purchase.

Building your own Home in Thailand – Exceptional Value for Money!

Building your own home is a fantastic option and probably the one that allows you to take full advantage of Thailand’s very reasonable prices. It allows you to get the most for your money.  But once again, this can be problematic if you do not consult a professional, registered construction company.  There are many unqualified builders out there, as in the West, and many are carrying out construction with no previous experience whatsoever.  Some do it as a hobby, others foolishly do it as they think it’s an easy way to make money; and some even do it because they think it’s an easy thing to do.  But as we know from Europe or USA the reason we have qualifications, the reasons we have regulations on construction, is because it is, a very complex task.   If you wish your house to be built to a standard acceptable to international standards, then make sure you get a registered company to do it for you that can provide examples of their work as well as testimonials and references.

Make sure you use a Company with Construction Experience

Remember standards in Thailand vary widely and don’t be one of the many victims who end up with a home whose electrics are not earthed; windows have gaps around them, doors that do not fit, and structures that have no guarantees.  Be sensible and careful. Ask the right questions and make sure the company you choose has a good

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