Purchasing real estate abroad is considered one of the popular investment methods. This type of income is the most stable and does not require significant expenses on the owner's part. Residential real estate abroad located in the resort area is in high demand. And here, the leading position among the countries where there is a possibility to buy flat in Thailand for foreigners.
Procedure for Registering a Purchase and Sale in Thailand
Reservation of Accommodation and Registration of a Deposit
After the client has decided on the object of purchase, a reservation agreement is concluded between the buyer and the seller, which records all relevant information: parties to the transaction, the property, cost, amount and timing of payments, and bank details of the parties.
At the time of signing such an agreement, the buyer is required to deposit the amount of 1% of the total price of the property. This ensures that the apartment is removed from sale. Prepayment secures the rights and obligations of the parties, and if the sale and purchase fails due to the buyer's fault, the deposit remains with the seller. And vice versa, when the seller terminates the transaction, the deposit is returned to the buyer.
Conclusion of an Agreement
After completing all procedures for reserving the property, the seller provides the buyer with a preliminary agreement for review and comments.
Such an agreement sets out all the essential conditions:
data about the object;
information about the parties to the contract;
deadlines for fulfilling obligations;
the amount of the deal;
purchase terms;
information about who bears the costs of registering a transaction;
fines for failure to comply with the terms of the agreement.
Attachments to the contract are considered documents that allow identification of the seller, buyer, and property.
Registration of Ownership
The Land Department is responsible for registering all contracts.
When purchasing real estate at the construction stage, the contract is registered with the department by the developer's attorney. When purchasing a secondary property, this is handled by a legal adviser. The Land Department issues the buyer the appropriate package of documents (purchase and sale agreement, land certificate, extract from the house register with real estate data).
Completing a transaction takes, on average, from a week to a year. The timing depends on the state of readiness of the property.
Mandatory Payments and Taxes in Thailand
There is no annual property tax payment in Thailand.
Instead, there are one-time fees during registration of rights with the committee, which amount to 2-3% of the cost of housing. Such fees are charged at the time of the transaction.
All owners are required to pay utility bills.
Other Expenses in Thailand
The process of registering a new owner of real estate involves paying a fee to register the transfer of ownership. Typically, such payments are paid by the buyer and seller in equal shares. For the buyer, this figure usually varies from 2 to 3% of the total cost of the property.
When the buyer turns to a lawyer for help, the latter's fee is about $300. Or the consultant assigns a percentage of the transaction amount, for example, 1%.
From all of the above, the following summary can be made: for the buyer, agent services in Thailand are free; purchasing housing in the Kingdom does not automatically imply obtaining citizenship or a residence permit; there is no single annual property tax; the transaction is paid by transferring money from the client's account opened in any country.
The Most Wonderful Places to Visit in Thailand
At almost every turn in Thailand, you will encounter amazing temples, majestic palaces, mesmerizing waterfalls, ancient monuments, and impenetrable jungles. To make it easier for you to understand all this tempting diversity, you can read about the best attractions in Thailand. This visit will give you a lot of unforgettable emotions and impressions.
Grand Royal Palace in Thailand. This majestic building is one of the most popular places in the capital. The Grand Royal Palace of Bangkok is a large-scale complex of ancient elegant buildings in which representatives of the royal family have lived for many centuries. Here, you will see not only the royal residence itself but also a lot of other colorful attractions:
several Buddhist temples;
a tomb with the ashes of former rulers;
ancient library;
labyrinths of halls with pompous decorations.
Big Buddha Hill in Pattaya. Big Buddha Hill is another one of the most famous attractions in Thailand, which is located in the city of Pattaya. The top of this hill reaches 140 meters. Moreover, a very elegant and luxurious staircase with gilded statues leads to it, the like of which you will not find anywhere else in Asia. At the very top, you will be greeted by a huge golden statue of Buddha, whose gaze is directed towards the city.
In addition, the top offers a charming view of the surrounding area—take your camera with you to take some colorful pictures. The only thing is that climbing here will require physical effort, so I recommend choosing cool weather—you risk getting tired quickly under the scorching sun.
Chiang Mai Province in Thailand. The spiritual city of Chiang Mai is a much calmer place and also has many unique shops and luxurious restaurants. This is the best place for an educational holiday, which was once beautifully called the capital of the rice kingdom. It is worth going to Chiang Mai province for several reasons:
pleasant climate – milder than in the southern part of Thailand; intelligent residents and high level of security;
developed infrastructure – many shops, cafes, and medical centers;
a large selection of housing for every taste;
good transport links with other cities of the country;
rich excursions and varied leisure activities.
In the province of Chiang Mai in Thailand, it is worth exploring the old city with temples and palaces. In the lap of picturesque nature, there is a national park with the Doi Suthep Temple, next to which there is a panoramic observation deck.
Property in Thailand
If you have questions or would like more information about real estate in Thailand, experienced specialists of Thailand-Real.Estate are always ready to help.
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