People always fall for Thailand real estate scams unknowingly. Some marketers claim to be genuine, and they find easy targets in the form of expats. Foreigners fail to do research and planning when they are entering the Thailand real estate market. There are certain pitfalls when you are buying a property in Thailand, especially when you are a foreigner.
There are several reasons why many foreigners come to Thailand in search of a dream property – for investment purpose, as a second home, or for their retirement. If you are the one having any of these wishes, you should know about the Thailand real estate market and the scams it has gotten people into.
Here are the tips to consider when looking to buy property in Thailand. This will help you evade all the scams that you will be surrounded with.
#1 Do not buy without a lawyer
Your first step when purchasing a property in Thailand should be hiring a lawyer. Buying a property in Thailand is a risky affair, as you probably don’t know its legal system and the language as well. The contracts do not always adhere to the international standards, and you may end up being on the wrong side of the track. You need to discuss the buying process with a lawyer who deals with foreign clients in most cases.
#2 Conduct due diligence on the real estate developer and agent
You need to research the profile and performance of the real estate company whose services you are availing. There are plenty of real estate developers in Thailand, some experienced while some rookies. You need someone who is experienced, as an experienced company will be able to provide you with the quality buying experience. They always complete the project in a given period, and the quality of the construction is always good. You also need to check about their previous clients, who they sold the property to and are they satisfied with their service. This will help you rule out any bad agent and developer.
#3 Check the title deed at the Land Department
A title search is essential when you are buying property in Thailand. This will help you determine whether the seller is the rightful owner of the property he/she selling to you. You should always verify that by visiting the land department. The Thailand Land Department will provide you with the identification of the property owner and the Chanote. A legitimate Thailand property owner will not have any issues in sharing a copy of the title deed with you.
#4 Never put the deposit too early
In case, if you are eager to buy a property in Thailand and have found a perfect condo for you to live in, you will be asked to pay a reservation fee. The reservation fee is usually 10-15% of the total price of the condo and will be deducted from the purchase price. At the time of depositing the amount, you would want your lawyer to be present to ensure that everything is carried out legally.