Sino ThaiIt is not always possible to drop everything and fly to Thailand to buy an apartment.
It is important to remember that the process of buying property abroad can be complex and you need to be prepared for possible difficulties. Therefore, it is recommended to seek the help of experienced professionals and carefully check all aspects before making a final decision.
As an example, we will describe the process of buying property in Phuket with our company.
To begin with, we form the criteria for selecting an object. If this is an investment object, then a one-bedroom apartment is ideal. We also recommend considering the option of two, three bedroom villas. Based on experience, these are the best options with a budget of 100-300 thousand dollars. If you are looking for a house to move, then we will recommend the most comfortable areas of the island for a long and comfortable stay.
Next, we will select several objects for comparison that fit your criteria and request additional information from developers: payment plan, layout, type of property, deadlines, etc. At this stage, we simply collect information and compare which of the objects is more interesting in terms of location, price and profitability.
After choosing two or three objects, work in the office ends for us and we choose a time convenient for you for a video conference. At the appointed time, our manager will call you via video link and show the project live, if possible, it will go to the sea and nearby infrastructure (restaurants, shops, travel agencies, etc.). On the same day, a viewing of the property itself will be scheduled. This stage can take a whole day, as the projects may be far from each other.
In parallel with the online viewing of real estate, the manager will advise you on the terms of purchase, payment terms. Perhaps the developer / seller offers some discounts at the moment. All this can be learned in real time.
Usually after watching a pause is taken for a day or two to make a decision.
After a decision is made, the terms of the purchase are discussed and the signing of a reservation contract so that the developer / seller can remove the property from sale. The buyer will need a copy of the passport, email, phone number and address of residence. Based on these data, the developer draws up a reservation agreement with all the details of the transaction: price, payment schedule, registration form, and sends it to your email. You sign and send the scanned copy back to the seller.
After signing the reservation contract, a reservation payment or deposit is made. The seller/developer will send you an invoice for the deposit. Usually it is 3,000 – 5,000 USD or 2-3% of the value of the object. You pay from anywhere in the world to the details of the developer in a Thai bank. Upon receipt of funds, the seller provides you with a receipt for payment.
Further, within 4-5 working days, the seller prepares a sales contract and sends it to the email for approval, adding his manager to the copy. Usually, no more than 30 days are allocated to agree on a contract. During this time, our lawyer studies all the clauses of the contract and answers all your questions, as they will definitely appear. After agreement, we confirm to the developer via email that we are ready to sign the contract. It is printed in two copies, signed, stamped and sent by registered mail to you. Upon receipt, you sign both copies, keep one for yourself, and send the second back to the developer. From this moment the contract comes into force and you adhere to its terms of payment, and the seller prepares for the transfer of ownership.
After some time, when the property is ready for occupancy and re-registration, acceptance will take place. If you are unable to accept an apartment or villa, then our manager will help you. He will check the property according to a pre-compiled check list and sign the acceptance certificate.
Well, the final stage is the registration of property in the land department. As a rule, many fly to the island for personal presence during re-registration, but sometimes they register remotely, providing powers of attorney in the form of a land committee, certified by a notary.
At the moment, the number of remote online transactions for our company is 50% of all sales. We managed to achieve such a high figure thanks to our experience in the field of real estate sales. Our entire team has been living and working in Phuket for at least 8 years, everyone has their own houses or apartments on the island, and we, like no one else, understand all the intricacies of buying real estate.