Being an expat in Thailand, the first thing that you should prioritize is having accommodation. When it comes to making a decision, there will be always two choices for you, between buying and rental. Although having accommodation in Thailand seems to be complexity, we could learn and understand the process of having a property in Thailand easily.
Rent a property
If you are a foreigner, visit the real estate agent is the best way that you can do. Many real estate agents have professional staff who could provide good advice in many languages. Also, they have a lot of property list to offer you and meet your preferences. All process of using a real estate agent to rent a house or condo is always free.
After choosing your favourite property, you can arrange the time and schedule with their sale staff to view your property. During the viewing, you also are able to inspect and check the furniture or stuff.
When you agree with everything, you will be required to sign the lease agreement and submit the necessary documents such as a copy of a passport, work permit, visa etc. Additionally, the due date of payment will be discussed between agent and tenant. The agent will take care of you throughout the period of contract.
Buy a property
Before we go further, we should observe the Thai law first. Certainly, foreigners are not allowed to own the land in Thailand and. If foreign wishes to buy a house or land, they are entitled to have just 30 years leasehold. However, foreigners are able to purchase the condo or apartment and that condo or apartment building must have 51% of the building that is owned by Thai.
How to purchase a condo apartment in Thailand:
Firstly, you should have the criteria for your desired property such as price, location, type of room, size etc.
Secondly, you may contact the nearest agent or visit Company Vauban to gain advice and receive their property presentation. Once you get the offered condominium, you will have a negotiation with an agent to get the good price.
Thirdly, purchase agreement. Up to this step, you will be required to sign the agreement with the real estate agent to buy a property. Also, down payment of THB100 00 to 25% of the buying price will be expected. You should consider that the amount of the deposit varies according to the duration between the payment and the transfer of ownership (10 to 14 days).
Fourthly, a bank account would be useful for the completion of all your financial transactions in the country: payments, collection of your rental incomes, and management of your expenses. Some agent can assist you in Bank account opening in Thailand.
Lastly, the transfer of the title deed. The process of transferring ownership takes place at the offices of the Land Department and usually takes from two to six hours. Usually, buyers give the power of attorney to their lawyers or agents to complete this procedure. Through this action, they change the name on the title deed of the condominium and pay the balance payment.