For foreigners, purchasing property in Thailand might be a challenging procedure; however, in general, the following stages will be necessary:
1. Check your eligibility: Foreigners are generally not allowed to own land in Thailand, but they can own condominium units or lease land for up to 30 years. Before you begin the process, make sure you are eligible to own the property you want to buy.
2. Find a property: Research properties in the area you are interested in and work with a reputable real estate agent to help you find a suitable property that fits your needs and budget.
3. Make sure the property is authentic, unencumbered, and in good condition by performing a full due diligence investigation once you have located one you are interested in. To assist you with this process, hire a lawyer or legal advisor.
4. Negotiate the purchase price and terms: Work with the seller and your legal representative to negotiate the purchase price and terms of the sale, including the payment schedule, deposit, and any contingencies.
Once the purchase price and terms have been agreed upon, you should sign a sale agreement outlining the terms of the transaction.
5. Pay taxes and fees: The buyer is responsible for paying all applicable taxes as well as the transfer fee, which is ordinarily 2% of the property’s appraised value.
6. Transferring ownership at the Land Department: Both the buyer and seller must go to the local Land Department office to complete the transfer. The vendor must provide the title deed, proof of identity, and any other necessary documentation. The buyer must produce their identification credentials, proof of payment of taxes and fees, and the selling agreement.
7. Register the transfer: The Land Department will record the new ownership and issue a new title deed in the buyer’s name following the completion of the transfer.
It is important to work with a reputable lawyer or legal representative who is familiar with Thai property laws and regulations to ensure that the purchase process is smooth and legal.