Phuket Gazette

PHUKET: Buying property in Thailand is not straight forward, so you will need sound, professional advice which acts in your best interest. It can be a confusing experience due to laws, regulations, the language barrier and the many choices.

Real estate brokers in Phuket have the largest selection of property, land and long-term rentals – they have sales teams that are both foreign and Thai and can speak a variety of languages.

With a vast array of properties available, it is important to short list to maximize the use of your time and avoid viewing unsuitable properties by narrowing down choices.

Brokers act as a liaison between the buyer and seller, and the good news is that the buyer pays no broker fee – it is paid by the seller in Thailand. Here’s how it works.

Research

Brokers will work closely with buyers to compile a focused and realistic brief, which takes into account a buyer’s requirements and preferences relating to the budget, style, condition, size and location of the property. They can advise on the different locations and options available.

Short List

A broker will preview and shortlist suitable properties – this saves a buyer valuable time as the broker will only show properties that he or she has first previewed and that meet the buyer's requirements.

Property Tour

Brokers accompany buyers on viewings to show the shortlisted properties. Once a suitable property has been identified, they provide an objective overview so that you are equipped with the knowledge to make an informed decision.

Negotiation

When the right property is found, the broker will assist both buyer and seller in negotiating a favorable price and terms.

Payment

A reservation agreement and nonrefundable reservation deposit of usually 2 per cent to 5 per cent is placed with the broker in the client’s account. This removes the property from the market, so no one else can buy it prior to the signing of the Sale & Purchase Agreement (SPA). Upon signing the SPA, 30-50 per cent of the price is usually required with the outstanding amount to be paid upon transfer of ownership.

The buyer should, at this time, ask how the seller wishes to receive payment – inside or outside of Thailand – to avoid bringing in funds when payment is required elsewhere. If funds are required in Thailand, a TT3 form must be completed for the amount required.

Conveyance

Once the price is agreed and the reservation deposit is put down, the broker will introduce you to a reputable lawyer who has experience in property conveyance. The lawyer will use that expertise to ensure that the process runs as smoothly and quickly as possible.

For more information about this article, contact Kevin Hodges, Siam Real Estate (SRE) – Tel: 076-324042; Email: [email protected]; Web: siamrealestate.com.


This article first appeared in the March 18-24 issue of the hard-copy Phuket Gazette newspaper.

Digital subscribers may download the full newspaper, this week and every week, by clicking here.

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— Kevin Hodges

1

'Only spend as much as you can afford to lose' is the first and major point of order in purchasing a property in Thailand. Secondly – don't trust anyone, especially your lawyer and your partner's lawyer and the seller's lawyer. Never trust the Chanote title or the land titles office or anyone in a government department. Don't expect the house to be standing or any of the fittings to work if it is purchased off plan.

Posted by Mike March 22, 2017 02:11:31PM

Reply

19    2

2

'Only spend as much as you can afford to lose' is the first and major point of order in purchasing a property in Thailand. Secondly – don't trust anyone, especially your lawyer and your partner's lawyer and the seller's lawyer. Never trust the Chanote title or the land titles office or anyone in a government department. Don't expect the house to be standing or any of the fittings to work if it is purchased off plan.

Posted by Mike

This whinge has got to be a joke. Why would you purchase off plan if any of the supercilious stuff in your first three sentences were sincere? If you don't like Thailand, just say so and bugger off, Wimp.

Posted by Maiwai Crybabies March 22, 2017 04:31:42PM

Reply

2    18

3

'Only spend as much as you can afford to lose' is the first and major point of order in purchasing a property in Thailand. Secondly – don't trust anyone, especially your lawyer and your partner's lawyer and the seller's lawyer. Never trust the Chanote title or the land titles office or anyone in a government department. Don't expect the house to be standing or any of the fittings to work if it is purchased off plan.

Posted by Mike

This whinge has got to be a joke. Why would you purchase off plan if any of the supercilious stuff in your first three sentences were sincere? If you don't like Thailand, just say so and bugger off, Wimp.

Posted by Maiwai Crybabies

Never buy any property because you will never actually own it.

Posted by Foot March 22, 2017 04:38:22PM

Reply

18    1

4

Buying property in Phuket is simply a bad financial decision. Phuket is in an enormous property bubble with huge numbers of properties about to hit the market. Buyers beware. Rent!

Posted by Pinot March 22, 2017 05:19:48PM

Reply

12    1

5

'Only spend as much as you can afford to lose' is the first and major point of order in purchasing a property in Thailand. Secondly – don't trust anyone, especially your lawyer and your partner's lawyer and the seller's lawyer. Never trust the Chanote title or the land titles office or anyone in a government department. Don't expect the house to be standing or any of the fittings to work if it is purchased off plan.

Posted by Mike

This whinge has got to be a joke. Why would you purchase off plan if any of the supercilious stuff in your first three sentences were sincere? If you don't like Thailand, just say so and bugger off, Wimp.

Posted by Maiwai Crybabies

Never buy any property because you will never actually own it.

Posted by Foot

Oh, okay. I feel better now. But I'm bothered by the photo in the story. Where is that lovely home? Is it in Patong? Or Phuket Town. It has a beautiful front lawn.

Posted by Maiwai Crybabies March 22, 2017 05:27:54PM

Reply

0    10

6

Buying property in Phuket is simply a bad financial decision. Phuket is in an enormous property bubble with huge numbers of properties about to hit the market. Buyers beware. Rent!

Posted by Pinot

How I wishhhhhhh Phuket was in an "enormous property bubble". But the truth is that it's at rock bottom. My land today is selling today at the same price I paid for it back in year 2000, after having doubled in value by 2007 when there may have been something like a bubble. Did you hear what happened in 2008? So now IS a good time to buy if you've got the money.

Posted by Gene Gallo March 22, 2017 05:34:25PM

Reply

10    1

6

Buying property in Phuket is simply a bad financial decision. Phuket is in an enormous property bubble with huge numbers of properties about to hit the market. Buyers beware. Rent!

Posted by Pinot

How I wishhhhhhh Phuket was in an "enormous property bubble". But the truth is that it's at rock bottom. My land today is selling today at the same price I paid for it back in year 2000, after having doubled in value by 2007 when there may have been something like a bubble. Did you hear what happened in 2008? So now IS a good time to buy if you've got the money.

Posted by Gene Gallo March 22, 2017 05:34:25PM

Reply

10    1

5

'Only spend as much as you can afford to lose' is the first and major point of order in purchasing a property in Thailand. Secondly – don't trust anyone, especially your lawyer and your partner's lawyer and the seller's lawyer. Never trust the Chanote title or the land titles office or anyone in a government department. Don't expect the house to be standing or any of the fittings to work if it is purchased off plan.

Posted by Mike

This whinge has got to be a joke. Why would you purchase off plan if any of the supercilious stuff in your first three sentences were sincere? If you don't like Thailand, just say so and bugger off, Wimp.

Posted by Maiwai Crybabies

Never buy any property because you will never actually own it.

Posted by Foot

Oh, okay. I feel better now. But I'm bothered by the photo in the story. Where is that lovely home? Is it in Patong? Or Phuket Town. It has a beautiful front lawn.

Posted by Maiwai Crybabies March 22, 2017 05:27:54PM

Reply

0    10

4

Buying property in Phuket is simply a bad financial decision. Phuket is in an enormous property bubble with huge numbers of properties about to hit the market. Buyers beware. Rent!

Posted by Pinot March 22, 2017 05:19:48PM

Reply

12    1

3

'Only spend as much as you can afford to lose' is the first and major point of order in purchasing a property in Thailand. Secondly – don't trust anyone, especially your lawyer and your partner's lawyer and the seller's lawyer. Never trust the Chanote title or the land titles office or anyone in a government department. Don't expect the house to be standing or any of the fittings to work if it is purchased off plan.

Posted by Mike

This whinge has got to be a joke. Why would you purchase off plan if any of the supercilious stuff in your first three sentences were sincere? If you don't like Thailand, just say so and bugger off, Wimp.

Posted by Maiwai Crybabies

Never buy any property because you will never actually own it.

Posted by Foot March 22, 2017 04:38:22PM

Reply

18    1

2

'Only spend as much as you can afford to lose' is the first and major point of order in purchasing a property in Thailand. Secondly – don't trust anyone, especially your lawyer and your partner's lawyer and the seller's lawyer. Never trust the Chanote title or the land titles office or anyone in a government department. Don't expect the house to be standing or any of the fittings to work if it is purchased off plan.

Posted by Mike

This whinge has got to be a joke. Why would you purchase off plan if any of the supercilious stuff in your first three sentences were sincere? If you don't like Thailand, just say so and bugger off, Wimp.

Posted by Maiwai Crybabies March 22, 2017 04:31:42PM

Reply

2    18

1

'Only spend as much as you can afford to lose' is the first and major point of order in purchasing a property in Thailand. Secondly – don't trust anyone, especially your lawyer and your partner's lawyer and the seller's lawyer. Never trust the Chanote title or the land titles office or anyone in a government department. Don't expect the house to be standing or any of the fittings to work if it is purchased off plan.

Posted by Mike March 22, 2017 02:11:31PM

Reply

19    2

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