Buying Real Estate in Thailand as a Foreigner

Be sure these conditions are in writing in the terms of agreement and retain a receipt of the transaction. For those who are planning on buying property in Bangkok as part of their retirement, it is important to note that when it comes to leaving your Thai property to your children as part of their inheritance, things can be very complicated. The way to do this is to prepare a Last Will & Testament in both your home country and in Thailand that includes your Thai property. Although it is not a pleasant thought to think of your passing, your heirs must be able to prove to the government that they are qualified to own the property just as you did when you bought it.

Because of the restrictions on buying land in Thailand as a foreigner, many look to buying a condo or an apartment instead and unlike buying land, a foreigner can buy 100% of a condo or apartment outright. That means with any given condo building, 49% of the units are designated for sale to anyone, Thai and non-Thai. This is by far the most easy and uncomplicated path to owning property in Thailand. So it is possible for a non-Thai, non-resident foreigner to own 100% of a freehold condo in Thailand. The rule, according to the 1979 Thailand Condominium Act, is that foreigners can own 100% of a condo or apartment anywhere in Thailand just as long as the building housing the condo is 51% Thai owned.

With all that Bangkok – bangkok.thaibounty.com – has going for it, to the romantic, it may seem like the ideal place to buy property abroad. There are some unusual, strict, and distinctly Thai rules and regulations when it comes to purchasing real estate in Thailand, especially for foreigners. Here are seven of the most important things to consider before you decide to buy a condo, land, or any real estate in Bangkok. However, it is important to know all of the facts and separate the dream from the reality before seriously considering buying property in Bangkok. 1. Own Land in Thailand?

A qualified buyer’s agent will be able to take your present and future needs into account to find you the neighborhood and property that fits you best. According to 2011 statistics from the National Association of Realtors, 72 percent of homebuyers said they would definitely use the same real estate agent again. Finding the right real estate agent might seem like a tough task, but once you do, you’ll know you have a keeper. Now that we’ve looked into his past, let’s peer into the future to see how your potential agent will work with you. For instance, if you have children you’ll probably want to find a neighborhood with good schools.

According to the National Association of Realtors, the Internet is used to find a home 88 percent of the time. How soon and how many? After all this hard work marketing your home, what do you owe your agent? During this conversation, you should also find out whether the agent has plans to hold open houses. Web sites like Craigslist, Yahoo! Most realty companies even have their own Web sites where you can search their MLS listings.