Real Estate in Thailand has taken off in the past decade with more foreigners’ wishing to retire in Thailand. Always make use of registered lawyers in Thailand and reputable estate agents when taking advice on real estate in Thailand. See the Thailand Real Estate Outlook, the glossary of Real Estate Terms and the Real Estate FAQ when you start your search for Real Estate in Thailand, be it in Bangkok, Pattaya or Hau Hin. Be aware that many of the problems that do arrise from the purchase of a condo in Thailand can be avoided early on in the property search. Do they allow animals in the condo? You need to read the Real Estate pitfalls in Thailand when going out on your search. Ask the right questions to avoid costly litigation.
STEP 2 : CONSULTING A LAWYER IN THAILAND
Buying any Real Estate in Thailand be it a house or a condo always requires the services of a reputable law firm. Once you have decided which real estate you are going to purchase, always consult a lawyer before signing any documents. The following would be checked amongst other property services. They would do a title search and check the contracts before signing.Also note the type of Title Deeds in Thailand. If you are buying a condo off plan, you would need legal advice as to buying in pre construction projects. There is also the cost of transfer for your condominium and Thailand property taxes. Use the property transfer calculator to check your fees payable. See the compressed version on buying real estate and the common property problems.
STEP 3 : MORTGAGE BONDS IN THAILAND FOR FOREIGNERS
Each year many people come here to enjoy their holidays in the
comfort of a second home, their most treasured property investment in Thailand. Many were
smart enough to have anticipated the immense benefits of property investments in Thailand
perhaps in their first or second visit in the country. See the excellent articles on Financing for Foreigners in Thailand. Obtaining a mortgage bond by a foreigner is possible in Thailand. There are currently two banking institutions which provide mortgage bonds to foreigners. They are Bangkok Bank and United Overseas Bank (UOB). These mortgage bonds are concluded at their Singapore branch. Â The home loans they provide to foreigners are based in foreign currencies. You home loan / mortgage bond would be provided in either Japanese Yen, Euro or Dollar based. The interest rates also vary with each currency. See the section on Mortgage Bond for Foreigners in Thailand by UOB and Home Loans for Foreigners by Bangkok Bank. Also check their conditions set for their loans.
CONDOMINIUMS IN THAILAND
PROPERTY RIGHTS IN THAILAND FOR FOREIGNERS
A recent Bangkok research conducted in the
first quarter of 2007 has shown that there are nearly 50,000 existing condominium units in Bangkok
alone and this number is continually growing with new developments sprouting all over the
country. Buying or renting a condominium comes with certain rights and privileges. Â When you own or rent a condo you are entitled to the use of the common areas of the condominium block. Common areas can be defined as areas of the condominium block used by everyone such as the reception, hallways and elevators. Beware of development companies who appoint their own managers as this might create problems later as everything might not be transparent. Also be aware of the Condominium Act in Thailand which sets down certain rules and regulations for condominiums. Buying a condominium makes you a co-owner of the apartment block. Ensure that you have invested in a properly managed condominium block. Check your rights in the Property Rights in Thailandsection of this website.
SELLING YOUR CONDOMINIUM
Buying your condominium can be for many reasons. If you wanted to invest in the condominium and are now selling the condo unit, this website will guide you through the processes of reselling your condominium. Â The problems faced are much like the sale of properties anywhere in the world but it may require a bit of drafting know-how to protect you from any potential financial damage, or in the least, any further disappointments. A number of things can go wrong in a sale of your condominium, the worst being the failure of your buyer to complete. See our section on selling your condo in Thailand. There is an easy 4 step plan listed to guide you through the steps on selling your condo, called Condo Resale. A number of things can go
wrong in a sale of your condominium, the worst being the failure of your buyer to complete. As a first step, you have to consider whether it is worthwhile for you to use a real estate
agent.
RENTING A CONDO IN THAILAND
Each year many people come here to enjoy their holidays in the
comfort of a second home, their most treasured property investment in Thailand. Many were
smart enough to have anticipated the immense benefits of property investments in Thailand
perhaps in their first or second visit in the country. Ensure that you know your condominium rights in Thailand. There are no tenant protection schemes in Thailand like they would have in the UK. Added to this is the fact that there are also no standard contracts for rental agreements in Thailand. It is possible to purchase a pro forma one page contract from the local stationery store but this is sometimes only available in Thai and it is, in many ways, quite inadequate. This is especially the case if you are renting to a foreign national who are expecting something a little more comprehensive, particularly if large sums of money is involved. Contact a lawyer to guide you through the process if you are renting a condominium in Thailand.
CONDOMINIUM E-BOOKS
Renting your Condominium in Thailand
As there are no standard contracts for renting your condominium in Thailand hence we have provided a checklist for what would be considered a Fair Rental Agreement. Unlike the West walking into a stationary store to buy a standard contract is simply not available in Thailand. Should be able to find a one page agreement it will more likely than not be in Thai and be inadequate for the purpose of renting your condominium. This is important as unlike your home country Thailand does not have a scheme for the protection of your deposit. They are only covered generally by the Civil and Commercial Code of Thailand. If you are looking at placing a substantial deposit for your condo, you would be best served by reading further.
Selling your Condominium in Thailand
With the more complex issue of purchasing a house in Thailand, most foreigners opt to buy a condominium. Buying and selling your condominium has many pitfalls and complications do occasionally occur especially when you decide to sell your condominium in Thailand. There is a complex calculation to consider for taxes which revolves around how long you have owned the property and consulting an attorney in Thailand would be your best option to get an optimal price. Drafting your sale agreement is also important as one of the many pitfalls is that at times buyers do not complete the transaction. Things to also consider are the viability of using an estate agent, the costs of a non performing buyer and any potential financial losses in a worst case scenario. See the online version here : Selling your Condominium
Your Condominium Rights in Thailand
Consider the following; 50,000 condominium units had been sold in Bangkok alone during the first quarter of 2007 according to the latest research. Condominium sales have increased each year as they are very popular especially amongst foreigners looking for a second home or looking at purchasing property for their retirement. Increases in condominium purchases have increased not only in Bangkok but also in such popular resort towns as Pattaya, Phuket and Hua Hin. In you are considering or have already purchased a condominium unit in Thailand, consider what rights you have and which laws are applicable to you. Know your condominium rights in Thailand. If you wish you can either download the publication or view it online. See the online version here : Property Rights in Thailand
Pre-Construction Purchase in Thailand
Buying off plane in Thailand is on the increase as can be seen from the sales figures of many large and well established developers. No matter what your reason is for the property purchase, be it for retirement, maybe a second home, as an investment or maybe you have married a Thai national and wish to live in Thailand. Many foreigners buy condominiums as it is easier to buy than a house and it also gives you the lock up and go option especially for those who live in Thailand for part of their year. There are many pitfalls when deciding to buy into a pre-construction project in Thailand and we wish to show you some of those in our publication. It is always best to contact a reputable attorney in Thailand when wanting to buy into a pre-construction project so that the attorneys can provide you with legal advice and direction as to the development. Download the publication or read it online. See the online version here : Buying Off plan in Thailand
Thailand Your Second Home
You've probably heard some fascinating stories about expats who came to Thailand and invested in property. Each year many people come here to enjoy their holidays in the comfort of a second home, their most treasured property investment in Thailand. Many were smart enough to have anticipated the immense benefits of property investments in Thailand perhaps in their first or second visit in the country. They have made sound investments in Thailand in the form of property i.e. land, condo, villa or apartments and quickly reap rewards. This kind of investment acquires property for the purpose of affording you and your dependants the same convenience that your first home provides but during a vacation or for retirement a home away from home. See the online version here : Second Home in Thailand
Mortgage Bonds in Thailand
Financing is an important issue for many foreign property buyers in Thailand. We are so used to having access to financing in our home country that we do not realize how difficult it may be to access a loan when purchasing in a foreign country. There is a lot of information out there in relation to financing for foreign buyers but essentially it comes down to three choices. Purchasing with cash outright, re-mortgaging a loan in your home country or obtaining a local loan from a bank with subsidiary networks in a regional country, namely, Singapore. There are other options for obtaining local financing from domestic banks in Thailand but they are not usually available to non-residents and therefore are often more difficult to obtain. See the online version here :Mortgage Bonds in Thailand
Becoming a Landlord in Thailand
The number of foreign nationals owning properties in Thailand is continually growing. The majority of these properties are being used as a primary residence by long-term residents but there is also a significant number of expats buying properties for rental income in Thailand. Thai property can potentially yield strong rental returns particularly in main cities such as Bangkok or Chiang Mai and in well developed tourist destinations such as Hua Hin, Phuket and Pattaya. Many property owners are turning to rent in these areas in order to maximize their property's true worth and also to take advantage of the rapidly developing rental markets. See the online version here : Being a Landlord in Thailand
Escrows in Thailand
The concept of putting money down on escrow before you receive title to your property is such a familiar occurrence in common law jurisdictions we don't often give it a second thought. In fact, in some states in the US such as California, to transfer a property is to 'close escrow'. In real estate terminology, an escrow can be defined as an impartial holding of documents or funds related to the sale and transfer of a property. An escrow is designed particularly with consumer protection in mind safeguarding your rights should anything go wrong before the transfer of the property. Nevertheless, an escrow system does offer equal protection to all parties involved including the seller, developer and agent. See the online version here : Escrow in Thailand
Under Declaring your Property in Thailand
You can almost see that finish line just a few yards away. All those hours of painstaking research in locating that perfect holiday home in the sun is about to come to an end. No more stressful negotiations, no more restless nights. Relief is on the way and all that remains is the official transfer of the property at the provincial Land Office. A day before the transaction with the seller, your estate agent gives you a call and tells you that the money for the stamp duties and registration, which you are paying in equal shares with the seller, are just one-tenth of what you thought they were. Things just can't seem to get any better. See the online version here : Under Declaring your Property