Property Sale Process
Get acquainted with the process of selling a property in Thailand.
1. Choosing a real estate agency
At Thaireal.cz, we understand local market trends, pricing strategies, and buyer behavior, helping you set a competitive price for your property and attract serious buyers. We have the tools and networks for effective marketing, ensuring your property reaches the right audience. With our negotiation skills, we aim to secure the best possible price and terms for you. We focus on providing a personalized service, understanding your unique goals, and supporting you from the initial consultation through to the closing of the sale.
2. Sales agreement with the agency
Choosing the right sales agreement is an important decision for you as the seller.
An exclusive agreement grants selling rights to one agent/agency, simplifying the process by streamlining property viewings and ensuring a more focused effort, along with consistent communication and a unified marketing strategy.
You'll need to have key documents related to your property ready (and we can, of course, assist with this).
3. Property value and appraisal
Setting the right price for your property is essential for a successful sale. At Thaireal, we're here to guide you through this process.
The ideal price takes into account the property's location, size, condition, as well as current market trends and the prices of similar properties in your area. We have experience in assessing these factors to establish a competitive price that reflects the true value of your property. We continuously monitor the market and adjust the price as needed, ensuring your property is effectively positioned to attract buyers.
4. Preparing your property for sale
Selling a property involves more than just listing it on the market.
It requires careful preparation, including home staging, repairs, and improvements all of which play a significant role in the sales process. Home staging, which involves arranging furniture and decor, highlights the best features of your property. Addressing repairs and maintenance shows it is well-cared for. Enhancing curb appeal creates a strong first impression, and decluttering makes the space more inviting. Using professional photography ensures your property is presented in the best light, attracting more interest. Throughout the process, understanding potential buyers is key.
5. Marketing and advertising
Understanding who your target buyers are—whether local families, foreign investors, or those seeking vacation properties—is essential to tailoring your marketing strategy accordingly. High-quality photos, videos, and drone footage are vital for showcasing your property's best features, while virtual tours provide an engaging experience for buyers, whether they're local or from other parts of the world. We excel at creating personalized marketing plans that highlight the unique aspects of your property. By leveraging social media and online platforms, we effectively boost visibility and attract the right buyers.
6. Property viewings
After attracting potential buyers through our effective marketing tools, property viewings are the next step, allowing them to experience your property in person with our assistance.
Ensuring the property is perfectly prepared, clean, and aesthetically arranged is essential for creating a great and lasting impression. We gather feedback from each viewing, providing you with valuable insights and opinions from potential buyers. We also maintain ongoing contact with buyers and their agents to sustain interest and momentum in the sale process.
With us, you can be confident that property viewings are organized efficiently, enhancing the overall perception of your property and significantly increasing the chance of a successful sale. We keep you regularly informed and provide feedback after each viewing, allowing you to stay involved in the sale process to the extent you choose.
7. Receiving and negotiating offers
Receiving and negotiating offers is a critical part of the property sale process.
Once your property is on the market and potential buyers have viewed it, offers will start coming in. These offers can vary in price, terms, and the preferred closing date. It's important to carefully consider each offer—not only the price but also the buyer's financing readiness and any specific conditions, such as dependency on mortgage approval or inspection. In some cases, negotiation may be needed to adjust aspects like the price or closing date. If an offer aligns closely with your expectations but isn't quite ideal, you can submit a counteroffer with your desired changes.
When you receive an offer that fully meets your requirements, you can officially accept it. This is followed by signing the Reservation Agreement and a Preliminary Contract, initiating the closing process. Be cautious of low offers or buyers who haven't yet secured financing. Our team will assist in evaluating each offer and guide you through the negotiation process to ensure everything goes smoothly.
This phase requires a clear vision of your goals, a readiness to negotiate, and careful consideration of each offer. Our goal is to help you move confidently and calmly toward a successful sale.
8. Reservation agreement and legal due diligence
When signing the reservation agreement, a reservation deposit of 5% of the property price is required.
This reserves the property for you, effectively taking it "off the market." Keep in mind that this deposit is not an additional fee; it is part of the purchase price and will be deducted from the total amount payable upon closing. The deposit also initiates a thorough legal due diligence process, during which your lawyer verifies that the property is free of debts 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 beyond this point, the deposit is non-refundable. However, if the seller decides not to proceed, they are obligated to compensate you with double the deposit amount.
9. Deed of ownership
Signing the deed of ownership is the final step in the sales process, scheduled for a date agreed upon by both the buyer and seller.
A final property inspection is often conducted before the signing. This inspection typically involves agents, the buyer, and sometimes lawyers, ensuring that the property is in the agreed-upon condition and that no new issues have arisen. The deed signing itself takes place before a Thai notary, officially concluding the sale. The deed contains all details about the property: a full description, the agreed price, payment method, handover date, any maintenance questions, the property's current condition, and any situations where the seller may still be liable (e.g., hidden defects).
Once the deed is signed, you or your lawyer will hand over the keys to the buyer in exchange for the remaining payment for the property. From that moment, the property officially becomes the new owner's asset. This process differs slightly from that in the West, particularly in terms of legal and notarial formalities.
10. Title search – scope of service
Our professional team of experienced lawyers will assist you with the following services:
- Conduct title searches and gather additional relevant property documents
- Verify that the ownership documents are in order and that the seller is the current owner of the property
- Ensure the property is free from mortgages or other encumbrances.
- Check for any outstanding cases in local courts or the central bankruptcy court related to the property.
- Review the property's zoning area for any potential development restrictions.
After the sale
Following the sale of your property in Thailand, the post-sale process begins.
Most of this work will be handled by your lawyer. They will update your name on utility accounts such as water, electricity, and other services as the new property owner. They will also manage the taxes and fees associated with the property transfer, including transfer taxes and fees for the notary and land registry. These fees cover the legal services provided throughout the sale. Finally, you'll settle payment with your lawyer for their support and services throughout the process. With this, the purchase process concludes, allowing you to fully enjoy your new property.
