1. The Real Estate Industry is Unregulated

Thailand has no regulations governing the real estate industry.You have limited protection concerning real estate transactions.You could be charged unreasonably high fees and commissions. In the West, most agents provide full disclosure of fees and commissions.

 

2. Avoid the One Stop Service Center

This sort of handy service center offers easy service to acquire land. They do everything from offeringchoices of land, providing a lawyer, to registering your ownership. They usually try to sell the most expensive property possible for the highest possible commission. Also, a lawyer may act for the benefit of the seller, rather than yours. In the end, the lawyer may get paid twice, once for performing the legal work, and once for brokering the property

 

3. You don't need a lawyer, this is a standard contract

For your safeguard, have a specialized lawyer review thecontract for you. If you sign a document in Thai, it becomes a legally binding contract after you sign it.

 

4. Thailand issues FOUR types of land titles

There are 4 types of land title deed available in Thailand: Freehold land title (Chanote), Nor Sor Sam Kor, Nor Sor Sam, and Sor Kor Nueng(rights of the owner decreasewith each new option listed). The best way is to buy land using the first option stated here, known as Chanote.

See also:

Thai Title Deeds

Convert Rai to Square Meters

Convert Rai to Acre

 

5. Avoid making a deposit

Avoid making a deposit! Never make any deposit without an agreement, or a receipt, stating that such payment will be used for a reduction of the price. After a deposit payment is made to reserve the right to purchase land, it is possible that the deposit isnot recorded and the buyer receives no credit for it, and when this does happen, it is normally non-refundable.

 

6. Thai translations into English

The possibility exists when the owner/developer provides two contracts ;Thai and English, and contents of the two contracts are different:

 

7. CondoDevelopment over 49% foreign ownership

Thai law allows foreigners to own 49% of the total space of all units in that condominium project. Verify with a developer that your ownership in the project will not be over 49% total space of all the units of the project

See also:

FAQ on Buying Property in Thailand

4 Steps to a second hand Condo

Buying a Condo in Thailand

Selling your Condominium

8. Not dealing with the owner ot owner's authorized agent directly

Always verify the originality of land title Fake land titles have been reported. Also, there are those who try to sell land without having the legal right to do so.

 

9. Buying an incomplete condominium project

A buyer should be aware that there are a number of projects, which have never been completed for different reasons. Choose carefully  a project and a developer.  Due Diligence is very important in your buying process.

See also:

Pre Construction Investment

10. Responsible partly for fees an expenses at registration time

Verify who is responsible for fees payable at the time of registration.All fees are negotiable. A skill legal negotiator will help you greatly.