Online purchase of real estate in Thailand

Online purchase of real estate in Thailand

Content:

The era of the Covid-19 pandemic is over, countries’ borders have opened up, and travelers can visit Thailand again without special permits and certificates. However, the pandemic has changed our lives forever. This unusual period has shown that many tasks can be comfortably solved online. After the normalization of the epidemiological situation, many people continue to work remotely, buy products online or order from a restaurant at home.

So why not consider buying property online? This can be convenient in many cases. If you buy a property remotely, you can arrive in the country and live in it without having to rent a house before the transaction is concluded. Or you can buy an apartment and start renting it out right away. In this case, you will not delay making a profit and there will be no need to come to Thailand in person.

When buying real estate in a regular way, you need to find a suitable property. Thailand-Real.Estate experts can help you with this. The aggregator's website contains the best offers on the real estate market in Thailand, and managers will be happy to help you make a choice and offer suitable options.

You can determine the main features of the property that you would like to purchase with regards to budget, type of real estate (apartment/villa), the location, the infrastructure you need near the house, and whether you will live there yourself or buy to rent it out, and so on. This will help both in independent preliminary searches and when requesting the help of a consultant. Thailand-Real.Estate has handy filters to find the perfect home for you.

When you select several suitable properties, it will be useful for you to visit these places and see everything in person. But it is also possible to do it online! "Virtual viewing" can be as good a solution as a personal presence at the property. With the development of technology, this has become a real feature in all properties in different regions of Thailand.

Online purchase of real estate in Thailand

What is virtual property viewing?

There are three basic types of virtual viewing. Some properties are uploaded to the site with online images from a 3D camera taken using programs such as Matterport or Vizoport, which allow potential buyers to make independent 3D tours of the property. It works like a "journey" on Google Earth. Using the computer mouse, you can move around the property and look at the house from different angles.

Another way is a pre-recorded video of the property, usually shot by an agent or owner. Often such a recording is made with audio comments explaining the pros and cons of each room. This is not a "live" viewing with the ability to stop, linger on a certain part of the property and ask questions.

The third option is live virtual viewing, which offers the most honest assessment, as you can see everything in the current time as if you were there in person. To do this, you need to choose a convenient time for you, the agent, and the homeowner. The agent will connect you via video during his visit to the property. The agent can discuss facts and figures live with the owner in your presence or introduce the developer/owner if necessary. You can ask for a closer view of certain places in the house or the view from the window, so you will not experience any unpleasant surprises when you arrive at your property after the purchase.

Complete the transaction remotely

Online purchase of real estate in Thailand

When you choose a home, you will need to make an offer and complete the deal. The process is similar to buying real estate in person. Although this stage usually scares online shoppers the most. You will receive a sales contract and other documents that you will need to sign and send back electronically.

Although real estate specialists will take care of everything themselves, the buyer needs to understand some features when buying a home in Thailand:

  • If you are buying a secondary property, you should check whether the seller has the right to the property and whether he is the sole homeowner.
  • In Thailand, foreigners can own only 49% of the property in condominiums. The developer controls this process, but the first owner may not know whether the quota will be exceeded if a foreigner buys his apartment.
  • In Thailand, foreigners can own private houses, but they can only take land for a long-term lease, which must also be documented.
  • The condominium must be registered under the Law on Condominiums in the city register, which must be verified by your lawyer.

By the time the agreement is signed, you will need to arrange with your bank to make a payment abroad. Make sure that international electronic transfers between banks are available to minimize any last-minute delays. When a property is bought by a foreigner, the money must be transferred to a Thai bank in a foreign currency and will be exchanged for Thai baht once in the country.

After confirming the payment, the lawyer can take care of all the formalities of transferring ownership on your behalf.

In addition to virtual viewing and housing selection, most of the process is similar to the usual purchase of the real estate. However, as you are abroad, you will rely more than ever on an agent to find a suitable property, conduct an inspection and perform many administrative tasks. It may also be useful to hire a lawyer to check all contracts and the state of the property.

After purchasing the property, you will need to issue several documents, such as a title deed. A Tabien Baan, or Thai house book, is an official document with the address of a house or apartment, it is issued in the Land Department of the province. A resident registration document must be obtained from the local municipality. Persons who have a legal right to live in a house or apartment will be registered in the house book.

A lawyer or agent who has received a power of attorney from you can perform these actions for you. Or you can collect the remaining documents in person when you arrive at your new home.

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