In the below video we have the pleasure of talking to K Jimmy, a real estate lawyer in Koh Samui, founder of Vize Counselor, who discusses the pitfalls and what to watch out for when purchasing real estate in Thailand.
He shares his experience in navigating the legalities of purchasing property in Thailand.
Things to take out of this video includes
1.) Always performing a due diligence.
Hiring a lawyer to do a due diligence ensures that you are able to check the background of the developer and property that you are looking for. This is a standard practice among the real estate industry worldwide and Thailand is no different. A due diligence will ensure that the developer has the proper permits as well as ensuring that the property is already under their company and ready for a legal sale.
2.) Understanding the type of property that you are purchasing.
There are many types of property that you can purchase in Thailand. From condos, villas, land to even commercial real estate such as shop houses and factories.
Depending on your purpose, it is incredibly crucial to understand the types of property that you are purchasing as they involve very different legal requirements.
For foreigners, a condominium is the only property in Thailand which you can own under your personal name hassle free. This has been in effect since 1995 in the Condominium Act and has been the easiest way for foreigners to own their own property in Thailand.
3.) Understanding the purpose of the property that you are purchasing.
Depending on your usage of the property, there are also many factors that you should consider. For example, for a holiday home/vacation rental property, you would like to ensure that your property is located centrally such that is would be easy for tourists to rent the property. Such type of property would have to be in a popular location where there is high demand and traffic. These locations would be busier than lets say that of a property which is perhaps purchased for retirement where you would prefer a quieter location.
Hiring a local lawyer to perform these checks and get their advise would be the most prudent way to ensure that you do not make common mistakes that perhaps many other people would find devastating.
In the below video, K Jimmy who has been a lawyer in Thailand for over 20 years and shares his insights as well as experience on the above and more for interested buyers or investors who are looking to invest in Thailand real estate.
He also gives insight as to how he was able to get investment of his clients back who have fallen victim to fraud or other misfortunes around the Thailand real estate market. It was certainly an interesting interview and we hope you get a lot of value from our conversation.
Can Foreigners Legally Purchase and Own Property In Thailand?
Under Thailand law, foreigners can only own 100% ownership of property in Thailand through the condominium act. This means that to own a property under their personal name, the property has to be registered as a condominium in Thailand. Owning Thailand real estate as a foreigner is a very easy process as the laws are very clear on ownership rules.
Everything You Need To Know About Thailand Condominium Ownership Laws
Here at Wing Samui Condominium, we will handle all the legal processes for you to ensure a hassle free condo purchasing experience. However, for those who are curious and would like to know more about condominium ownership here in Thailand. We have made a summary to...
How To Buy A Freehold Property in Koh Samui
Summary: 1.) Select a unit, for investment properties, the smaller the unit the better. 2.) Pay progressive payments based on construction phase. 3.) Rent the property to the 2,000,000 tourists who visit beautiful Koh Samui every yea 4.) Cash out and protect your...
Can Foreigners Legally Purchase and Own Property In Thailand?
Under Thailand law, foreigners can only own 100% ownership of property in Thailand through the condominium act. This means that to own a property under their personal name, the property has to be registered as a condominium in Thailand. Owning Thailand real estate as a foreigner is a very easy process as the laws are very clear on ownership rules.
Everything You Need To Know About Thailand Condominium Ownership Laws
Here at Wing Samui Condominium, we will handle all the legal processes for you to ensure a hassle free condo purchasing experience. However, for those who are curious and would like to know more about condominium ownership here in Thailand. We have made a summary to...
How To Buy A Freehold Property in Koh Samui
Summary: 1.) Select a unit, for investment properties, the smaller the unit the better. 2.) Pay progressive payments based on construction phase. 3.) Rent the property to the 2,000,000 tourists who visit beautiful Koh Samui every yea 4.) Cash out and protect your...
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