Many of you are considering an apartment or a house by the sea in Thailand. Now there are many objects for investment, and it becomes easier to buy real estate. You don’t even have to be in Thailand to buy flats for sale in Chonburi for expats. After the pandemic and closed borders, the online real estate sales scheme has been 100% worked out. The main thing is to choose a reliable realtor to transfer ownership with you from the consultation.
Choosing a realtor in Thailand
Choosing an agent should be taken very seriously. A professional realtor will help you choose the right property. This considers the location of the apartment or house, its price, equipment, and installment terms.
We do not recommend buying directly from developers. In this case, you must hire lawyers to check the company. There are construction companies in Thailand and Chonburi whose condominium completion is in doubt. The lawyer should check the company’s documents, co-founders, the history of ownership of the land, building permits, and other points.
The best assistant in the purchase is an independent agency that does not work for any developers. Such an agent is impartial and able to pick up what you need. Moreover, a professional realtor does not work with all developers. Only those who have passed a multi-stage check by independent lawyers have a solid list of finished and handed-over objects. A professional realtor knows all special offers, discounts, and bonuses for various objects.
Selecting a property
First, the agent calls you up and clarifies the purpose of buying property in Thailand. Several options are possible:
- Living in an apartment or house during holidays or permanently;
- Buying for the sake of saving funds in a stable currency;
- Investment for passive income through rental.
According to your goals and requests, the agent makes offers with a detailed description of the pros and cons. The most profitable properties to buy are usually under construction. All necessary information will be sent to you by email. They will also show a video or hold an online conference from the developer’s showroom and the construction site. You will know exactly at the construction stage what your future apartment or house looks like.
Having made your choice, the agent will generate a booking sheet for you. It will necessarily indicate all the agreements between the buyer and the developer:
- Type of ownership;
- Payment period;
- Discounts and bonuses;
- Complete set and furniture package.
When you have decided on a house or apartment to buy, the developer will email you an invoice for the deposit. It is needed to fix a certain object for the buyer and prevent double sales. The deposit is usually 100-150 thousand baht or about $3000-4300. With an invoice and a booking sheet, you go to the bank of your city and pay. Or you make a transfer in cryptocurrency, and many developers have a crypto wallet. Then the selected unit is removed from the sales system.
As soon as the deposit is credited to the developer’s account, he begins to prepare a contract of sale. First, the realtor receives the contract and checks it with an independent lawyer. This point is very important.
The lawyer does not work for the developer and represents the buyer’s interests. The developer in this transaction is the seller. He wants to sell his product on his terms. The task of a good realtor is to achieve the most favorable conditions for the buyer. Therefore, the contract is negotiated with the participation of a third party – an independent lawyer.
After agreeing on the contract, the original in two copies is sent to the buyer by DHL. The buyer pays the main payments for the apartment or house based on the original contract. There are some subtleties here.
Some banks require a notarized translation of the contract. It is easier, cheaper, and faster to do in your country. In Thailand, the contract can only be assured in Bangkok, which is long and expensive. Which bank is better to use for payment? The realtor will advise you and tell you how to officially pay in cryptocurrency.
For payment under the contract, having a dollar account is better. In this case, there will be no big losses on dollar-baht transactions. If you have an account in other currency, it is first converted into dollars, then baht. Or you can pay in bitcoin, which is now easier than swift transfers.
Acceptance of an apartment or house
When the object is ready, a crucial moment comes – accepting an apartment or house. If you are in Chonburi, it is better to come with a professional who has already taken over more than one apartment or house. The realtor will be able to highlight details you would not pay attention to. And it is important not to do this with a developer representative. If you cannot come to Chonburi during the object handover, your proxy agent can do the acceptance for you.
Construction progress tracking
Your realtor sends detailed reports on the progress of the construction. You can agree on the frequency and format – photo or video.
Transfer of ownership
Ideally, if you are in Phuket and are taking ownership of the property yourself. As practice has shown, there are different cases. If you cannot come to Thailand, an independent lawyer can take over the property by proxy from you.
Thailand-Real.Estate is an aggregator where you can find different kinds of property in Thailand. You have a chance to compare the prices and choose the most suitable place where you can buy a dream apartment of flat for your investment.