So you have decided to buy property in Thailand and are willing to cooperate with us. Why such cooperation can be beneficial to you, please read here. If you have any additional questions – we will be happy to answer them.
Buying apartment in a new development
How to choose property?
Pattaya has more than a 100 new projects currently being built. Every developer is trying to make a different “Style” and offering a different theme making each complex in their own special style. The choice is giant. How to choose? Full list of new projects you can easy find it on the internet. We also have our own special list. First you need to determine your requirements, because there are so many different options – to find an apartment that is easy to rent and therefore give you a return on your investment, or find something for yourself? You have to select the location as well as determine the level of quality that you can afford, based on your possibility.
You have to understand – whether you want to buy an apartment in the under construction project (which is cheaper), or you have looking for a ready to move in projects. There are many factors and we are ready to help you find out.
After online selection, you will want to personally see the finished project, or the under construction project and visit the developer’s showroom. We will help you organize these visits.
If you have any questions (for example, you want to buy two apartments and combine them into one, you need remodeling, or you have special requirements on the furniture package, etc.) – we are ready to help in solving these issues.
After you have finally made your decision, the buying procedure starts. Buying procedure can be done remotely and no need for you to be in Thailand at this time. We will be intermediary between you and the developer to make sure there are no misunderstandings between either side at any time.
Step Number 1. You booking your chosen house or condo unit with a small booking fee, the developer issues a receipt and removes your chosen property from the market. The amount of booking fee depends on the seller and usually is between 20,000 to 50,000 THB. You can pay by cash if you are in Thailand or transfer money remotely (bank transfer or credit card). This payment will be included in the total amount of payment under the contract, but if you decide to cancel the purchase, it will not be returned by the developer.
Step Number 2. After your reservation, developer will prepare the sales agreement. To do this, you should provide a copy of your Passport, your address, phone, email. If you wish to add your partners as the buyer, also possible to include more than one name to the sales agreement.
The developer provides a payment plan for a new property. In some cases, the installments can be from 1 up to 5 years (do not confuse it with a mortgage loan). The initial payment is typically from 15 to 30 percent of the contract price and must be paid within a 2 weeks after signing the contract. The construction period approximate can be from 1 year for small projects and 2-3 years for large complexes.
In the sales agreement you should agree price and payment schedule, the date of transferring of ownership, the exact details of the property, principle of payment of fees and taxes on registration of transfer of ownership, issues of guarantees and examination (due diligence). The agreement could be signed within Thailand or signed remotely (original copies signed by the developer will be sent to your country, and you will send back the signed copy to Thailand by express delivery.
Step Number 3. Registration of property rights. Transferring the rights and settlement occurs when, when developer has received last payment. Accordingly, registration of ownership will be done when the developer will receipt the full payment. Registration of property rights in the Land Department, as a rule, will be fulfilled by the developer (this requires authorization papers), after which you will receive a government issued certificate of ownership, a chanote (title deed) of the apartment.
Buying a condo/house on the secondary market
Select a property to buy
At the first, you have to check our website database, or visit our office, where you together with our consultants, can review and discuss about various options.
Please noted that the number of proposals that are listed on the our website, will be less than we have in our special database (You just contact us for get all information). Once you have choosed some properties that interest you, we begin to create a schedule for presentation visits. Also you can decide to purchase “remotely” without personal inspection (when you already knows full information about that project).
Negotiations with the owner/seller
If you are buying new property, you usually follow the standard terms and conditions offered by the seller and sign a standard sales agreement, but when you buying on the secondary market – you always have free discussion and negotiation.
Very important stage when you will define the final price, possible installments payments from the owner, the size of deposit, define the responsibility of each party in payments of taxes and fees required in the transfer the property, etc. We are able to free assist you.
Preparing a deal
When you buy an apartment in a licensed condominium, you need some special documents to confirm your eligibility to acquire an apartment in full ownership (for instance, FET-form). We will help prepare the right sale agreement and help to prepare the all necessary documents for you. We will try to provide the maximum security of your rights, including penalties of the seller if he was not able to transfer the property to your name within the prescribed period of the contract, etc. However, we will also protect the interests of the owner/seller and the sale agreement will include conditions of your financial responsibility if you are unable to make payment, in accordance with the terms of the sale agreement.
Transfer property rights
Closing of the deal (transfer property rights) takes place at the Thai Land Department. At the time of registration all taxes and fees shall be paid.