Buy Property In Thailand - the Process

In this post discussing how to buy property in Thailand, we are looking at the basic process. Don't forget that if you buy your Thai property through our site at http://www.bizwrite.co.uk/realestate/overseasproperty.html , we will help and advise you at every stage.

1. Appoint a lawyer who is fluent in English, or in your own language if it is not English. (If you use us, we can help you with this. Otherwise you can ask the nearest consulate of your own country, or other expatriates from your own country.)


2. The lawyer needs to make various checks: that the sellers have the correct title to the property; whether there are any charges or debts owed on the property; and that the contract is drawn up correctly.


3. The lawyer will then help you through the transfer of funds and ensure that the property is registered correctly in your name.


4. To buy property you have to transfer funds from a bank outside Thailand to a bank inside Thailand. You can use any Thai bank, but Bangkok Bank seems to have the most organized set-up for international transfers. Make sure the transfer document states clearly that the funds are for the purchase of property. Bangkok Bank has also recently opened a facility for offering mortgages for overseas buyers.


5. The Initial Purchase Agreement will set out price, settlement date etc. and a 10 percent deposit is required at this stage. The deposit is refundable if the purchase does not go through, as long as it is not your fault.


6. Fees and taxes for buying property will total about 2-3 percent of the purchase price. They include a stamp fee of 0.5% and a transfer fee of 2%.


7. At completion the property will be registered in your name.

You should not find it too diifficult to buy property in Thailand - most people find it reasonably stress-free compared with many other countries. If you have personal experience, let us know if you agree or disagree!