The modern world does not stand still and most purchases are now made online. Progress has not bypassed the real estate market. It is possible to buy an apartment or a house abroad without leaving home. To purchase real estate in Thailand, a minimum package of documents is required. Let's take a look at how to approach the purchase from the moment the idea arose.
Determine the purpose of the purchase
The first and most important point, which will become the foundation for all further actions. There are three main goals:
- Purchase for living and independent use. You can focus on your own preferences and choose a property “for yourself”. Feel free to implement design and architectural ideas.
- Purchase for the purpose of generating income. The choice of real estate should be based on the investment attractiveness of the object, profitability programs and the final profit. In this case, independent living comes down to a minimum and is limited to 14-30 days a year. Read more about how to choose such a property in our articles.
- Mixed type - the use of real estate for vacation and periodic rental. If you plan to come for a vacation several times a year, then the rest of the time it is possible to give the property to management. The income received allows you to pay for annual maintenance and your vacation in the Land of Smiles.
Get advice on the current market situation
Contact real estate market specialists in Thailand. They will talk about the features of the acquisition and the methods of registration, make an overview of the districts of the city and the most profitable and promising locations, provide access to a proven database of developers, check the contract and related documentation.
A good agent can sort the market through and you will understand the difference between buying a property and renting, which developers often try to sell under the guise of property. You will be able to understand the concepts of guaranteed rent and rental pool, and many more nuances of the market.
Consider a sample of projects
Having a goal and knowing the peculiarities of the market, you can proceed to the consideration of properties. The agent will make a selection of several projects on the island, no more than 3-4. For each you will receive a detailed presentation. You will be provided with photos, videos, price lists, profitability calculation, an example of payment for a specific apartment, a summary table with a breakdown of the pros and cons. If you are sent 10 projects or more, this is a reason to think about the competence of the agent, since this approach is just a shot in the dark - see for yourself, choose for yourself and do the work for me.
On your part, you will need to study all the information and give feedback. If the project does not suit you according to any criteria, you must definitely say so, indicating the reasons why. Well-coordinated work and communication agent-client - the key to a successful purchase.
Example 1:Given: The client really liked the project, but the cost of the apartment turned out to be higher than the expected budget and the client directly tells the agent about it.
Solution: The agent agrees on an additional discount and extends the payment term according to the schedule.
Conclusion: The client is satisfied, buys what he or she really likes on his own terms.
Example 2 :Given: The client made a request to purchase a property to generate income. The agent makes a selection of investment options that meet the request criteria. However, in the course of work, the client changed his mind and wants to buy property for himself, but does not inform the agent about it.
Let me remind you that investment property has restrictions on personal use. Accordingly, all the proposed options at the basic level will not suit the client.
Conclusion: The client did not receive the desired offer, and postponed the purchase for an indefinite period. Both sides wasted time.
Choose a specific apartment
After you have compared different projects and settled on one of them, you need to choose a specific apartment - building, floor, view, type, design method.
Agree on price and payment schedule
The agent is always aware of special offers and promotional options. Well, if you have chosen a good agent in addition to this, he will be able to offer you additional bonuses that you did not even think about. For example, a free furniture package worth 10-15 thousand dollars, or an additional installment plan, an individual payment schedule, or even get you an apartment that is not in the price list. The result of this stage is a generated offer for a specific apartment with a price and payment schedule that suits you.
Sign the reservation form
By email you receive a document from the developer, which fixes the key terms of the contract: owner, apartment number, price, payment schedule, discount amount, bonuses. You need to print and sign it, scan it and send it back by email. This agreement allows you to remove the object that you like from sale and fix the current value of the apartment. Along with the reservation form, you will receive an invoice - a payment request for the payment of the deposit.
Make a deposit
Based on the invoice, a deposit must be paid to the developer's bank account. Various payment methods are available: bank transfer, cryptocurrency. After the payment has been credited to the developer's account, you will receive a payment receipt and a bank statement. Next is the contract.
Sign contract
The contract is drawn up in two languages - Thai and English. Additionally, a translation into Russian can be attached. The preliminary signing of the contract takes place electronically. Further, all original documents signed by the developer are sent by courier mail to the address you specified. After receiving a package of documents, they must be signed and sent back to the developer.
Pay according to the payment schedule
Along with the contract, you receive an invoice for the next payment, it is also called a contract payment. It is made on the basis of a contract from your account from anywhere in the world according to the schedule. After each payment, you will receive a receipt (check for payment), a bank statement and a balance sheet for the apartment.
Get a construction report
Regularly you will receive information about updating the stages of construction on a convenient messenger. It is also possible to conduct a video call from the construction site of the facility.
Accept an apartment or villa
You will receive an e-mail notification about the completion of the project. You agree on a specific date for the acceptance of the object with the developer. If it is not possible to take the apartment in person, you can appoint a trusted person. The apartment is checked for defects and compliance with the specification.
Pay additional fees
In accordance with the contract, it is necessary to pay: annual maintenance of the apartment, depreciation fee for electricity and water meters, state duty for registering real estate as a property.
Get the key and documents
As a rule, buyers fly to Thailand to sign a power of attorney for a lawyer who registers the transaction on their behalf with the land committee. But it is possible to register remotely by providing powers of attorney in the form of the land committee, certified by a notary.
Sign a management contract
Depending on the chosen form of cooperation for the delivery of your apartments, a contract is signed with the management company of the complex or a third-party agency.
Enjoy living or get profit
In general, the process of buying in person and online is very similar in Thailand, since when choosing an object under construction, you can only see 3D renders and a layout. One of the frequent comments of my online clients is “we want to come to the place and see everything with our own eyes”, I share it 100% when it comes to buying for your own residence or vacation. If the goal is an investment, it is important not how much you like the property, but how much it meets the expectations of successful implementation and maximum profit.
