The process of buying real estate
Get acquainted with the journey to your new second home in Thailand.
1. Initial Consultation
Your journey to finding the ideal property begins with an initial consultation, conducted in the format that suits you best. This meeting allows us to get to know you—your preferences, needs, and vision for your lifestyle. Our goal is to fully understand your idea of the perfect property and the lifestyle that comes with it. In Thailand's selected resort areas, everything will always be conveniently accessible, regardless of where you choose your property. However, it's essential to consider that each region may offer a different way of life.
We'll also discuss the primary purpose of your purchase: are you looking for a vacation property, an investment opportunity, a rental property, or a permanent residence? Naturally, we'll answer all your questions, providing the information needed for well-informed decisions—a significant benefit of our English/Czech/Thai-language support.
2. Property selection
Once we have a clear understanding of your requirements, we prepare a selection of properties that perfectly match your criteria. Each property is carefully chosen with your preferences and needs in mind. We'll send you the tailored list so you can review it at your convenience and see which properties catch your interest. For those that stand out, we'll arrange personal viewings. If you'd like to explore additional options, we'll seek more suitable properties based on your feedback. We're proud that our curated selections often align closely with clients' expectations, with many choosing their ideal property during the first round of viewings.
3. Property viewings
During each property visit, we provide essential information about the area, infrastructure, access to services, and other crucial factors specific to Thailand. We also offer our honest opinions to help you make informed decisions. It's important to us that you're open with us throughout this process—let us know what you like or don't like. This honesty allows us to streamline the process and better respond to your needs.
After the viewings, we'll review your impressions together and thoroughly assess which property could be the right fit. If you find the perfect one, we can move to the next steps. If not, we'll use your feedback to search for additional options or wait for new properties that meet your criteria to become available. Remember, we're here to help you find your ideal property, no matter how long it takes. We'll never pressure you into a decision—your comfort and satisfaction are our top priorities.
4. Negotiation
Once you've chosen a property that meets your expectations, it's time to make an offer.
This stage is flexible, allowing you to specify what should be included in the sale—such as furniture, appliances, or other fixtures—and to state any specific conditions you have in mind. Honesty is key: clearly communicate what you want. We'll represent your interests and present your offer to the seller to ensure your terms are considered. This is also an ideal time to discuss any requirements you have as a buyer, such as requests for repairs or property modifications. Remember, realistic and reasonable requests can lead to a smoother negotiation process, helping to reach an agreement that satisfies you.
5. Legal assistance
We ensure every legal detail is thoroughly reviewed and clear for you. We verify that the property is free of debts and that all necessary documents, such as licenses and registrations, are valid (this step occurs after signing the reservation agreement). Legal diligence is especially important for foreign buyers, as Thailand's legal system may differ from what you are accustomed to. Once you select your ideal property, we recommend an experienced lawyer from a reputable law firm to handle all legal matters, while we coordinate the process and provide full support.
After choosing a property, we advise granting power of attorney to your legal representative. This step is often necessary in Thailand and easier to arrange during your stay in the country. One of the first steps involves verifying your identity and the origin of funds. Your lawyer will also help you obtain a Thai tax identification number, which you'll need for legal transactions in Thailand. Additionally, they'll assist with opening a local bank account, necessary for managing payments related to your new property in Thailand
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6. Reservation agreement
Upon signing the reservation agreement, a reservation deposit of 5% of the property's price is paid.
This reserves the property for you, effectively "taking it off the market." Keep in mind that the deposit is not an additional fee; it's part of the purchase price and will be deducted from the total amount due at closing. This deposit also initiates the thorough legal review process, where your lawyer verifies that the property is debt-free and that all necessary documentation, such as licenses and registrations, is current and valid. It's important to note that if you, as the buyer, decide not to proceed after this point, the deposit is non-refundable. If the seller decides not to proceed, they are obligated to compensate you with double the deposit amount.
7. Title search
Before making any major purchase, it's essential to ensure you know exactly what you're buying. Before purchasing any type of property, whether it's land or a condominium, conducting a title search is highly recommended.
Our real estate lawyers in Thailand prepare documents and review the property's title deeds, verifying these details with the Land Office. If you require this service, we're here to arrange it for you, ensuring a secure and informed purchase.
8. Importance of a title search
A title search is an essential step in the property purchasing process in Thailand. Here's why conducting a title search is a "must":
- It verifies that the person selling you the property is the actual owner and has the legal right to sell it.
- It reveals if there are any registered encumbrances on the property, such as loans, liens, or mortgages.
- The title search traces the property ownership back to the original holder. In Thailand, all land originally belonged to the King, and tracking the ownership history ensures the property's legitimacy.
9. Deed signing
Signing the deed is the final step in the sale process, scheduled on a date agreed upon by both the buyer and seller.
Before the signing, a final inspection of the property is often conducted. This inspection usually involves agents, the buyer, and sometimes lawyers to ensure the property is in the agreed-upon condition and that no new issues have arisen. The deed signing itself takes place in front of a Thai notary and officially concludes the sale. The deed includes all property details: a complete description, agreed price, payment method, transfer date to the buyer, any maintenance questions, current property condition, and any situations where the seller may remain liable (e.g., hidden defects).
Once the deed is signed, you or your lawyer hand over the keys to the buyer in exchange for the remaining payment. From the moment of signing, the property officially becomes the new owner's asset. This process may differ slightly from procedures in the west, especially concerning legal and notarial formalities
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10. Title search - scope of service
Our professional team of experienced lawyers provides comprehensive support, covering the following services:
- Conducting title searches and reviewing other relevant property documents
- Verifying that the ownership certificate is valid and that the seller is the current legal owner of the property
- Confirming the property is free from mortgages or any other encumbrances
- Checking for any outstanding cases related to the property in local courts or the central bankruptcy court
- Reviewing the zoning area of the property location for any potential development restrictions
After the sale
After purchasing your property in Thailand, the post-sale process begins.
Your lawyer handles most of these tasks on your behalf. They will update your name on utility accounts, such as water, electricity, and other services, as the new property owner. They will also assist with the taxes and fees associated with the property transfer, including property transfer tax and fees for notary and land registry services. These fees cover the legal support provided during the purchase. At this stage, your lawyer can also assist you with opening a Thai bank account, if this was not already done during the purchase process. Finally, you'll settle any remaining fees with your lawyer for their support and services throughout the process. With this, the purchasing process is complete, allowing you to fully enjoy your new property.
If you're considering purchasing a property in Thailand, we'd be delighted to be your real estate partner. Feel free to contact us with any questions or concerns. We'll make sure the entire process is as smooth as possible for you.