How to Invest in Property in Thailand (2022 Update)
If you are looking forward to investing in Thailand properties, you must have conducted your research very well before taking such a smart business decision since Thailand is a unique country with a unique history. Strategically located in the middle of four other countries, it has served as a business hub for quite a several centuries. This is why it has cities such as Bangkok, brimming with expatriates from various countries. However, before you finalize your investment plan, consider the following:
1. Thailand’s Laws Regarding Foreigner Ownership 0f Properties
Before you go ahead with your investment plan, have you considered the laws about foreigners buying and owning properties in Thailand? Thailand is a little restrictive when it comes to foreigners owning properties. As such, foreigners are allowed to own only 49% of any company or property. If you are an American however, you are allowed to own 100% of any property or company thanks to the Thailand-US Amity Treaty. You should therefore find out more about laws guiding foreigners owning properties in Thailand.
2. Hire An Experienced Resident Native Property Agent
Having studied all the pros and cons of owning a property in Thailand, the next major step is to hire a professional property agent who should be a native of Thailand. Being a native of Thailand, the agent would be able to communicate smoothly in Thai. Being a resident, the agent would know all the properties available in that area and the price of each. This will help reduce the stress and resources it would have taken you to search for properties all by yourself.
3. Consult A Thailand Property Lawyer
Even if you may already have a legal team in your own country, hiring a property lawyer based in Thailand would be your best bet. This is because it is only such lawyers that would know and understand the intricacies of foreigners buying property in Thailand. In addition, such a lawyer would be able to take you through all the legal and proper processes without violating any law and without being cheated by sellers or real estate agents.
4. Verify Seller’s Ownership And Make A Deposit
The next step to take is to verify that the seller has every legal right to sell the chosen property. This can be done by simply going to Land Office and performing a title search to ascertain that the title deed of the seller is valid. Conducting a title search will also reveal if there is any current mortgage or loan attached to the land/property. When this has been verified, you may then proceed to place your initial deposit. Except otherwise stated in the contract, such a deposit is non-refundable. Hence, you should ensure you’re really satisfied with the property and its seller before paying.
5. Have The Seller Draft A Contract And Have Your Lawyer Review It
The seller will prepare a property contract stating the terms and conditions which will guide the total transfer of ownership from the seller to you. The contract would also contain the Purchase and Sales Agreement (PSA). Let your lawyer review the contract thoroughly to ensure that there is no hidden clause in the contract that could affect you negatively. Having completed all these, you can then own your Thailand property and begin to enjoy the ever-increasing ROI.