Thailand is a paradise; there is no doubt about that. The country is also moving away from being a backpacker’s haven to a more luxurious destination with 5 star resorts and all the treatments that go with them. This has led to large interest in the property sector in this wonderful country from people wishing to take advantage of the property and condos for sale and purchase a holiday home or even move there.
Thai property prices are much lower than that of the UK and so offer potential buyers the chance to not only live in a beautiful part of the world but also get excellent value for their money and a better quality of life. Property for sale in Pattaya offers much of the above as well as the chance to live with all the amenities of a city at hand and so is a great place for investment as well as a life.
With this in mind, there are still some things that need to be looked out for when purchasing property in the land of smiles.
Use a Reputable Real Estate Agent
When purchasing a property in the country offers are seldom made before you go through a number of legal loop holes. Consult a reputable real estate agent for details regarding any legal matters & they will be able to advise you correctly, often the legal formalities will be dealt with in-house.
Use your own Name
When this is all done you will need to get your name registered on the property. Do not use any other name then the one on your passport as this may cause issues in the long run. You are generally required to hand over around 10 per cent of the total property price as a deposit, this is refundable should the sale not go through and you are not the cause. You will be required to pay the full amount and all the taxes when the contract is signed. This means the deeds can be registered with the Thai Land Dept and makes the deal complete.
Thai Property Laws
There are a number of differences in Thai property law to that of UK law. Foreigners are not allowed to purchase land in for sale in Pattaya or anywhere Thailand, but are allowed property. This makes apartments and condos a more popular option than houses for buyers.It’s possible to purchase land by setting up a limited company. This means you can own up to 39 per cent of the land and the rest is owned by Thai nationals who sign over the rights to the property to you. This means you must pay associated costs to set up the company of around 30,000Baht initially and pay 20,000Baht each year in associated costs thereafter.
Other ways around Land Issues
You can also lease the land for 30 years with a right to automatic renewal and so can lease for up to 90 years. You may also own land if you are a foreign man and you marry a Thai woman. This gives you right to freehold land. However, this method does not work for a woman marrying a Thai national.These are many of the major things to look out for when purchasing a condo or property for sale in Pattaya or any other area in Thailand.
We hope you found our article useful. If you have any questions about buying your dream home in Pattaya, please get in touch with our team of experts who will be more than happy to help.