Thailand remained strong and even posted growth in property demand at the start of 2013. This is according to TheMoveChannel.com. The site even disclosed that Thailand is now in Top 10 of the list. With this growth along with the age of the internet, smart phones and tablets, more and more foreign individuals who are interested in purchasing properties in the Kingdom came to know the available properties online.
This also means they got to know more people in the business and many even chose to exchange details of their interests on social networking sites, blog and forum sites. Added with the fact that the property market in Thailand is not really well regulated, these foreigners are at risk of being deceived by fraudulent individuals, agents and even companies. Throughout these years, there have been a number of property scandals that rocked the property market in Thailand. Some lost their hard earned money to shadowy groups, individuals and companies through the deposit they made for the never been finished properties after several years of construction or even worst, such projects never even started at all.
Another problem with dealing online is that the seller always divulges the best there is and chooses not to include the negative realities in order to quickly close a sale. However, the buyer cannot or may find it very hard to confirm what the seller has told him by using online sources alone. Buying a property in Thailand can be a landmine and the language and cultural disparities in itself makes the process even more challenging that it already is. Always ensure that a due diligence report has been done on the property before you purchase the property.
However, you can take advantage of this growth in the property market in Thailand without being at risk of getting taken advantage by certain companies and individuals by using the property services of some firms in Thailand. Such firms can provide services on Taxes, Title Search, Preparation of the Sale and Purchase Agreement, Registration of Transfer, Registration of a Thai Company or even Obtaining a Bank Loan in Singapore.
A title search is among the best protection you have from misrepresentation as this involves a very meticulous approach in conducting a search on the title as well as other relevant documents about the land. Title search includes conducting checks whether the title document is in order or not. A confirmation whether the seller is the current owner of the land or not is also an essential element in the title search.
Additionally, not all areas in Thailand are available for development. Restrictions for development are present on some localities therefore; verification if such area is allowed for development is very helpful. All of these cannot be done by you using forum sites, blog and social networking sites as these must be done by actual basis at various government offices like the Land Department.
Prepare the Sale and Purchase Agreement
Before you sign anything, you and your lawyer should exercise due study on the contents of the sales agreement first, provide comments on certain clauses that may be non-beneficial to you and lastly, negotiate modifications when needed in order to protect your best interest.
Registration of Transfer
You will need a property expert-lawyer to prepare your application for registration and other supporting documents. They will also act as your representative and have your property registered on your behalf at the Land Department.
Registration of a Thai Company
Normally, a foreigner cannot own a piece of land but then there are other ways in which you can avail one like purchasing and registering the land through a Thai company. With the assistance of your lawyer, you must review and register the Objectives and the Articles of Association. Your lawyer can also help your company apply for a Tax Identification Number; obtain the Company Registration Certificate and Affidavit.
Obtaining a Bank Loan in Singapore
If you opt to purchase the property you want through an international bank loan, it is possible to do so under some limited conditions from offshore banks in Singapore.
If you need to ask more questions then speak to us online or simply send us an email for an answer. You can also visit any of our law offices in Thailand for immediate assistance. With an excellent reputation in Thailand and well known in the expatriate community, we can assure you of the best and most cost efficient service in Thailand.
Speak to us today!