FAQ – Liberty Group Real Estate – Pattaya

Information

Do Pattaya has information sources for Russian citizens?

There are now in the region 3 local television channels that broadcast in Russian. In addition, the normal package of cable television includes the Russian channel RTR. Furthermore, you can install some optional packages, which will give access to other Russian channels. Pattaya has printed information sources (newspapers and magazine) for russian tourists. 

The citizens of which countries can buy property in Thailand?

The citizens of any country can buy a property in Thailand, in the secondary market as well as in the primary market.

What about health care?

International Medical clinics in Pattaya are famous for their high level of service, even outside of Thailand. For example, Bangkok Pattaya Hospital  is the most famous and the largest medical facility in the region. It operates with a highly professional English speaking staff.

In the center, you can also find the Pattaya Memorial Hospital. At first sight, this hospital may seems too simple. But medical care is provided at the highest level.

I want to move to Pattaya with my whole family. Can you please advise an international school for my child? How much will be the cost of studies?

The city has several schools where tuition is held by the international program. The most popular are ST. ANDREWS, REGENT’S and SATIT ACADEMY.

St Andrew is a school with excellent reputation. Training program is conducted in English. You must pay about 10 thousand dollars for one year.

Regent’s is a quite expensive elite educational institution. Here, children are taught in English and all the teachers are British. For a year of study in this prestigious school, you must pay almost 15 thousand dollars.

International and Thai programs are at the heart of the educational process taking place in Satit Academy. Classes are held in English and Thai. Tuition fees per student is about 4000 dollars a year.

How goes the sale of real estate in Thailand?

Buying and selling real estate should only be conducted with official documents, made by serious lawyers.

Can I buy an apartment in Pattaya and lease it while staying in my country? How much can deliver a one-room apartment? And how much will I need to pay to the agency?

After the apartment owner signs an agreement with the agency, the agent starts to search for a tenant. No agency can guarantees that this search will be successful. Our agency is not an exception but, to date, we have successfully carry out most of the orders.

On average, for a one-bedroom studio apartment, you can take 7,000 to 15,000 baht per month. The rent depends on the location of the apartment, the fact that it is fully equipped or not, the different services and facilities, etc. It is more easy to rent out an apartment located in the center or near the sea.

The owner must pay agency fees, which cost generally betwen 10 and 15%. For more information please contact our managers.

Which visa is better and how long time can I stay in the country?

The most popular visas among the visitors of Thailand are tourist, student, retirement and business visas. Persons who have reached the age of 50 can easily obtain a visa valid for one year. Studying in Thailand, for example foreign language courses, gives you also a visa for one year. All foreigners residing in Thailand with a one year visa must confirm their registration at the Immigration Service every 3 months. It is also necessary to go the Immigration Office if you want to leave temporary the country.

Does the purchase of an apartment in Thailand give some benefits ? For example, a visa?

The acquisition of a property by a foreigner does not give any additional benefit. Although, acquiring a long term visa in Thailand becomes less difficult. And the visa can be extended without any problem.

Is it better to buy an apartment in a newly built house or in an already constructed building?

It depends on the purpose for which you are buying a house. For investment, it’s more profitable to sign a contract with a developer in the early stages of construction. During the construction of real estate, the apartment price will rise. Typically, investors who buy an apartment before the start of construction can resell it with significant financial benefits by the end of construction.

For a buyer who wants to buy a cheap apartment, it is necessary to take into account that the price of a square meter is lower in the secondary market.

Is it possible to buy an apartment on credit?

Getting a loan in Thailand with only a tourist visa is problematic, if not unrealistic. For this, you need to provide a banking history and an authorization to work in Thailand. On average, the annual percentage for a Thai loan is 8%.

You can take out a loan or you can agree on payment in installments with the seller. Most often, the customer is given the possibility of paying in installments for a period of 1-2 years. In rare cases it can be extended to 5 years. When buying a home in the secondary market, payment by installments is not possible.

Can I buy an apartment in Thailand and pass it by inheritance?

Yes, the landlord has the right to transfer the property in the inheritance. You can specify the name of the heir in the Chanot you get when you make a purchase.

According to Thai law, in the absence of a will, the inheritance goes first to children and spouse.

How many people can be owners of a property?

If desired, a property can be shared between two or more owners.

Is it better to transfer money to a Thai bank account or to use cash?

We recommend to transfer the required amount to a bank account, or to use traveler’s checks. This way, you will protect your savings, because carrying a large sum of cash is risky. When transferring money to the bank, indicate the fact that you buy real estate as the purpose of the payment.

What is the Nor Sor 3?

Nor Sor 3 is a document that authorize a foreign citizen to buy a property in Thailand. It is issued by the bank and indicates the presence of foreign investment. Following the Thai law, a foreign citizen who wants to buy property in Thailand is obliged to submit a document confirming that the purchase will be made with funds transferred from another country. A buyer who has not transferred the amount to a bank account and brings the money in cash must exchange for the national currency (Baht), according to the bank’s rate.

Why do I need to open a bank account?

In fact, when buying a property in Thailand, it is not required to open a bank account. When buying an apartment in the secondary market, you can pay directly to the seller or operate through a bank agency.

We advise you to not make money deposits in the name of an agency or a private seller. Protect yourself and open a Thai bank account for your investment. When transferring money from another country, be sure to specify an amount corresponding to the payment of the property. This procedure is free of charge. The only condition is to make a payment of not less than 500 baht.

When buying a property from a developer it is not required to open a new bank account, as long as all payments go to the seller after signing the contract.

How much are the services of the agency, and who pays for them?

The buyer does not pay for agency services. He pays only to the seller or the builder. The value of a property acquired through an agency remains unchanged.

What is the contract about and in which language should it be written?

The contract between the seller (he developer) and the buyer is written in English only. A Russian translation can be provided for the convenience of the buyer but has no legal force.

The document contains information about both sides and about the property (price, terms of payment, transfer of ownership…). The period of the contract goes up to the construction completion. Also, the contract specifies which party bears which costs. When buying real estate in the primary market, the costs for the registration of property rights are borne by the buyer.

How can I buy a property from a developer?

Buying a real estate directly from a developer is as follows:

Choose an apartment and make a deposit. Usually, to reserve this property you need to pay between 20,000 and 100,000 bahts. The amount of the deposit depends on the value of the acquired property. The initial payment is made in cash or by credit card. A few days later, a contract is issued in the name of the buyer. The document specifies the details of the apartment and a further payment schedule is stipulated for completion. It should be noted that the agents do not participate in the conclusion of the contract. The agreement is solely between the seller (the developer) and the buyer.

 The document is writtend in English and is legally binding. Many Thai construction companies, for the convenience of customers, can provide a translation in Russian, according to the nationality of the buyer.

 Upon cancellation of the signed contract, the previously paid deposit is not refundable.

 Subsequent payments are made according to the schedule of payments. Very often, the first payment represents 15-25% of the total value of the property. During the construction phase,  25-50% is payable. And the final payment represents between 25 to 60%. The different percentages are indicated in the contract.

 To receive more information about the schedule of payments, please contact us.

Possible additional costs in the primary market:

The sinking fund is a single payment of about 400-600 baht per sq.m. Payment must be made to get the keys of the apartment.

The payment of utility services must be made in advance, for 12 months. It represents about 30-40 baht per sq.m. per month. This price includes security, cleaning of common areas, pool cleaning, etc.

The tax for buyer can represent up to 7% of the total cost.

Is there any other cost, in addition to the agreed price ?

Yes, if the property is purchased on the secondary market. In this case, the Land Department produces additional charges, depending on the period of ownership by the seller and the appraised value of the property. In general, during a sale, all expenses are shared equally by both the seller and the buyer. Typically, the buyer pays between 2 and 4% of the project cost. If necessary, you can contact our consultants who will provide accurate information about the additional costs.

What should be in the document and how is registered the sale?

Only the Land Department of Thailand has the authority to issue the transaction of sale, at a legislative level. During the transaction, the foreigner receives an official document of ownership (Chanot). This document is legally binding and gives a guarantee of ownership. It provides information on the legal address of the building, the planning of apartments, and the previously conducted transactions (purchase and sale). The name of the owner, as well as the entire document, is written only in Thai.

Real Estate Guide

If you have a property in Thailand

For the Sellers

If you already own of a property in Thailand, you are already know the legal aspects of the ownership of condo, land or house.The only thing we advise to pay attention are taxes that must be paid at registration of title to the new owner. If you just assign your rights to a contract for an apartment which is still under construction (before transferring property rights in the Thai Land Department on your name), the procedure will not require a visit to the Land office and will not have to pay any government taxes, but will need to change your name in the contract with the seller (developer). But, it is possible that you will need to close some financial obligations to the developer, which is determined by the specific terms of the contract with the developer.Here are some recommendations from our side:

  • At First you have to select a professional real estate agency with good experience and knowledge of the local market (and a large database) on the secondary market with many potential buyers also registered with them. The main specialization of agencies in Pattaya are new development projects (not secondary market). Liberty Group Real Estate is one of the bigger and trusted real estate agency with huge experience and with a big database of resale properties.
  • The rule of the real estate market is very simple: the lower price relative to market average, the quicker you can find a buyer. However, please don’t think that the agent’s main goal is to push you to get minimum selling price. We recommend, at first, check market prices (via internet), at the second, to discuss with the property experts.
  • If you are working with two or three real estate agencies, make sure the price is the same. Internet is available not only to you but also to your customers, and they will be very surprised to see the different prices from different agencies for the same property. Such a variety of prices can cause suspicion that ‘something is wrong’, or the property is not quite ‘clean’ or property is not good and has been on the market for a long time. Remember that some unscrupulous real estate agencies can put their own price, so need to check the price for your property in all real estate agencies with whom you work.
  • 100% Any marketing specialist will tell you that “Packaging” is the basis of success in the market. If you want to sell a beautiful house or an condo, but buyer sees 3 low quality photos with a bad interior – what are the chances that this property will attract the attention of a potential buyer? At first your task is to prepare a full presentation of your condo or house (not need limited to three low quality photos). Your task is make a full picture portfolio, video, to make your property look as attractive. In this case, we recommend sellers to make small invest in ‘Advertising’ and get the best results. For a successful sale is best, when the photos correspond to the “Reality”, than vice versa! The situation when a buyer motivated by advertising will be disappointed after a live visit, is definitely better than not attracting potential buyers at all! We are happy to help you make the right portfolio created by our professional.
  • We strongly recommend that you respect the business ethics and immediately inform all agencies that you work with in case your property is no longer available for any reason.

If you decide to sell your property through our agency, just fill up online form or contact us so as we can begin working together towards a successful sale!

After we receiving your request:

  • We will send one of our specialists to inspect your property. We advise free photos (if you don’t have a professional photos) for publication on our website and others social network to give your property looks demand.
  • We will provide a free consultation about the Pattaya real estate market.
  • We will add you property to our database and then will publish to our website.
  • We will list all information about your property on other online and offline resources.
  • We will update our listings every 2 months to make sure the information is still relevant.

For landlords

If you want to receive income from rental of your property, we have several options for you.

  • Long-term lease.Very easy option. We find a tenants for a 1 year lease and you get monthly payments. General requirements for a property to be fully furnished with all appliances in good working condition (Refrigerator, microwave, dishes, air condition, etc.). All furnishing and appliances will prior recorded in lease agreement.
  • Short term lease.(from one month). Another option to rent your property, tenants change more often. The general requirements for your property are slightly higher, since the property must have a more extensive set of appliances and furnishing.
  • Daily rentals. This is the busiest option, but, at the same time can be the most profitable. First, in determining the value of property for rent, the total value of thirty days of such lease will always be higher than the average monthly cost. Second, if the house or apartment is located in the “Good” location, the booking rate is the highest. However, not every owner wants his property looks like a hotel. Of course, your property must be fully equipped, up to the toilet paper or dishwashing detergents. In addition, this type of rental should be exclusive to one real estate agency, otherwise it will be impossible to make online booking and check in check out procedures.

Our real estate agency is happy to cooperate with you on any option, just contact us.

I want to rent property

If you decide visit Thailand, or going to spend three and more month’s here together with your family, or maybe this is your first visit – then it will be a best choice is to rent a condo/house. As a rule, the cost of rented condo will be lower than the cost of accommodation in a hotel of the same class. We will be happy to help you with the choice and assist you in all. We have any kinds of rental condo/house for short term (from 1 week up to 1 Month), long term (from 1 month up to 1 year) and holiday rentals (with charge per night).

Rental from 1 month

Rental for staying of more than 1 months is the most economical way to accommodate for such period (if you dont want to buy your own property), because all hotels will charge you daily rental.

1) Just for start, look our website (or visit our offices, where you can communicate directly with a rental consultant), and pre-select a few options that you are interested in.

2) On the basis of your pre-selection, we will make arrangements to view the properties.

3) If you want immediate move in, you can booking a property by paying (or transferring) a security deposit. The deposit amount usually starts from 6,000 THB and will vary depending upon the property (total price, location, season, etc.). When you will make a deposit payment we give (or e-mail) confirming receipt of payment.

Deposit guarantee that the property will no be rented to other people for a stated period. If you decide that you don’t want rent this property, the deposit would usually be forfeit as the owner of the property would have turned down other potential clients whilst waiting for you. Generally if you rent a property, you will need to pay a 1 month security deposit and the 1st month rent in advance. Upon finished of your rental agreement, the security deposit will be refunded after payment of water and electric bills and repair of any damages you did if have during your stay.

4) Before you get the keys you sign a lease agreement, pay your stay a month in advance and security deposit (of course, the sum will includes the already paid amount of the booking). Security deposit is a necessary condition of the lease agreement and returned after the lease agreement finished. In case of loss or damage to property, the required amount will be deducted from the security deposit.

Attention! You will need to discuss about politics of staying. ( For example possibility of smoking in rented property and the right to keep pets. ) Most condominiums in Thailand pets are not allowed, while in rented private homes/villas such a restriction is not as common.

Short term lease up to 1 month and (Daily rental)

Renting for a short terms are exactly the same principles (select a property what you interested in, booking, deposit) that are applied for a rent from 1 month, but have only one big difference: you don’t need to lost a few days of your short-term vacation for personal inspection of all the options. You will make your choice remotely, and we give you such an opportunity. All you need is find a property from our website and send us online request for the property what you interesting in. After that we will check the availability of the property for your vacation dates and will contact you for any additional questions. You can make a booking in advance, using a most popular services like a (Direct card payment, PayPal, Western and Union).

I want to buy property

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.

Buying Procedure

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.