Ask yourself these questions

• How much would you like to spend on this property?
• Where do you want to live or where do you think you should invest?
• Would you like a garden and private swimming pool that could possibly be available with houses and land? Or would you prefer the convenient condominiums or apartments have to offer?
• When do you want to move into the property? This means when you are ready to pay the full amount to purchase this property. Some pre-built developments in Pattaya accept small installment payments (50%-20%) during the construction and the balance of 50-80% payment is payable on keys.

Making a list of property features you would like to have is a good way to find out whether house, condominium or an undeveloped land would suit your need better.

There are many ways of accessing information in the Pattaya property market or Thailand property market these days.

• Local Medias. Popular sources for gaining information to the Pattaya property market or the Thailand property market are, local newspapers, local real estate magazines, television ads, brochures and signboards, for example, Pattaya Mails newspaper, Pattaya Todays newspaper, Pattaya People newspaper, Pattaya Blatts Newspaper, Pattaya Condo Guide, Pattaya Trader, Pattaya Business Supply and Pattaya Homes & Condos.
• Online Searching. Online searching is one of the popular ways to find information these days. An online marketing has become a very useful and powerful tool in today’s world of technology including Thailand. Almost every websites set to be seen worldwide on search engines such as Google. You don’t have to be in the area to find the info of the properties.
• Using Real Estate Agent. Using real estate agents is an easiest ways of searching for your ideal properties in Pattaya and every other area in Thailand because real estate agents invest a lot of money in to their staff and websites in order to assist their potential customers with their property searches. Dealing with landlords or real estate developers can be difficult, especial with the fact that Thailand doesn’t have an escrow like the western countries. Many times in Pattaya real estate market history, the landlords and real estate developers could not deliver the properties and have ran away with the buyers money. Most of Pattaya real estate agents share a wealth of experience and knowledge of the market and history of developers. They can provide you information that would benefit you the most.

The buying process doesn’t end when you find verbal agreements. There are numbers of steps to be taken before you have the ownership of the property and think about putting them back into the market for sale or rent or even to start building your own home.

If you are buying a house and land you may need to register a limited Thai company.

The Purchase Agreement

The transfer process begins with examining the Purchase Agreement. Most of the purchase in most agreements are prepared by the seller or the seller’s representative. Whether it is a purchase of land and house, a plot of land or condominium, second hand/brand new or off plan, the Purchase Agreement should contain the following details.

• Copy of title deed/s
• Property address
• Seller’s full name/s
• Seller’s photocopy of ID card or passport
• Seller’s mailing address
• Seller’s phone number and email address
• Buyer’s full name/s
• Buyer’s photocopy of ID card or passport
• Buyer’s mailing address
• Buyer’s phone number and email address
• Property sales price
• Property detail such as land size, property interior size
• Property condition
• Furniture and fittings and electrical appliance
• The buyer’s next of kin
• Payments and handing over time frames
• The penalty

The Purchase Agreement written between the individual seller and the buyer is adjustable. And should be signed once all the inspections are satisfied and the holding/sales deposit has been paid. The purchase agreement written by housing project developers or condominium project developers, mostly are not adjustable in the way to favor the buyer.

Each party will be signing two copies of the Purchase Agreement which is duplicated, then each party keeps one copy. Once both parties have signed the Purchase Agreement, it cannot be altered or adjusted.
However, there may be minor mistakes on the purchase agreement that may require some changes after the purchase agreement has been signed by both parties and is fully effective, provided both parties agree, there should not be reasons why changes cannot then be made.

Finalize the Financing

If you are buying a condominium, you will need to provide the Land Department the Thor Tor 3, covering the full sales price of the condominium. Thor Tor3 is Foreign Currency Exchange Transaction Form. Please refer to clause 3 “What is THOR TOR 3 ?”.

Once you have found the ideal property, negotiation should take place right away. This part is as important as searching for property in the market, if not the most important step. It is the most difficult part in the process and is the tricky bit since both the sellers and the buyers are going to try and keep their own best interests.

Negotiating the deal should be completed before paying any holding deposit/sales deposit or signing any property agreement. You should as well check on the legal document such as title deed/s and Thai company limited registrations to ensure paying the holding deposit or the sales deposit to the land lords of the properties, not to anyone with fake documents which could cause legal issues.

If the offer is accepted, make a writing acknowledgement to the landlord confirming the agreement that has verbally made. The agreement should cover not only the sales price, it should cover other terms and conditions of the sold property such as the payment amounts and its time frames, other costs arising upon the property ownership transfer for example, the electricity meter ownership transfer fee (paid to electricity company, after the property ownership transfer is done), income tax, business tax, stamp duty, transfer fee and/or lawyer’s fee.

Upon signing a Purchase Agreement, you will be asked to pay a holding deposit/sales deposit which is 10% at the minimum up to 40% of the sales prices at the maximum in some cases.

Many people don’t like the idea of making real estate deals through the real estate agents. They may also think that direct negotiation between buyers and the sellers allows them to look after their own best interests, this is not always correct. Finding a real estate agent with years of experience is second to none.

Most real estate agents whom have long years of working experience in real estate business in Pattaya or in Thailand, have also worked as a real estate brokers overseas. They as well have good connections to local people and the government departments. This is handy when it comes to legal documentation.
If you are not ready to take an extra risk and headaches you definitely need a real estate agent to work for you!

Settlement is the completion of the property transaction. On settlement day, the balance of the purchase price is paid or to be paid to the seller. The title deeds (legal documents stating property ownership) are taken to the Land Department for registration of the transfer, as well as the keys to the property, and will be handed over to the buyer or the buyer’s representative.

The document and detail request on the settlement:

• The buyer’s passport or a photocopy of it in case of giving power of attorney the representative
• Buyer’s parents full names
• Date of birth of the buyer’s parents
• Place of birth of the buyer’s parents
• All names request its Thai writing because the title deed is written in Thai language only!

Most landlords accept “cashier cheque” payment, although some request payment in cash. Always ensure of how to settle the balance payment and the amount in writing and digits and names are correct in the case of paying with “cashier cheque” and that you have got enough cash to pay for arising cost at the Land Department.

CONGRATULATIONS!!!
The property is yours by the time the 5th step is taken.