Purchasing a condo in Pattaya is an excellent investment if you know the process and are ready to move in as soon as possible. Pattaya is a beautiful tropical island with numerous beaches and exciting things to do year-round. Here are some tips for buying a condo in Pattaya. Here is how to find a reliable real estate agent and property lawyer in Thailand.
Finding a Real Estate Agent in Thailand
Buying a property in Pattaya can be a tricky process. There are more than 100 new projects in the area, and it’s impossible to view them all on your own. Hiring a real estate agent can make the process much easier, since they know the area like the back of their hands. They can also warn you about potential pitfalls, and help you find the best properties for rental.
A professional agent will be unbiased and aware of market trends, allowing you to make an informed decision on whether or not to buy a particular property. They will also know the right price range, and will give you relevant information based on their knowledge of the area and current market. Professional agencies will compare information about multiple real estate companies, so that you don’t have to. If you are new to Thailand, a licensed agency will be able to give you the information you need to make the best decision.
Consulting a Property Lawyer in Thailand
Before buying a condo in Pattaya, it is important to consult a property lawyer in Thailand. There are several reasons why you should consult a lawyer. For one, lawyers are more familiar with Thai real estate laws and can provide valuable assistance. Additionally, lawyers can offer valuable insight to help you avoid common pitfalls. Listed below are some tips for consulting a lawyer before buying a condo in Pattaya.
Consult with a property lawyer before you buy. A Thai lawyer can draft a purchase contract and do a title deed check. They can also vet the seller’s legal and financial background. They can also review the seller’s standard sales contract and perform due diligence on them. In addition, a property lawyer can help you understand your rights and liabilities in the condo purchase.
Mortgages in Thailand for Foreigners
Foreigners can buy a condo in Thailand with a mortgage or lease option. Thai banks are generally willing to lend up to 80% of the appraised value of a property. If you have good credit, you may have a better chance of approval. You can also hire a lawyer to help you through the process. Make sure to have a lawyer provide you with all the necessary documents, such as a credit history, as well as any other necessary information.
Thai banks can approve loans for condominiums on the basis of fair market value, which is determined by a valuation process conducted by the bank. Besides paying monthly installments, foreigners need to provide proof of their permanent residence in Thailand or one year of work permit. Their proof of employment will include pay slips. In addition, the applicant’s age plus the tenor of the loan must not be more than 60 years old.
Transfer of Title Deed
When buying a condo in Pattaya, one of the most important aspects is the Transfer of Title Deed. While the transfer of ownership may seem complicated, it is in fact a fairly easy process. First, you will need to sign a contract outlining the agreed price and payment schedule. Then, you will have to sign the title deed. This document should contain specific details about your condo, including the type of ownership and the principle of paying transfer taxes. After all, this is the only way to transfer ownership.
Foreign Quota condominium units are purchased by non-Thai individuals and corporations. Foreign Quota condominium units sell quickly, which is why most foreigners in Pattaya opt to buy a condo in this category. Foreign Quota units are usually on higher floors with better vistas and command higher resale prices. Foreign-owned units in Pattaya are more valuable and more sought-after, making them more expensive to resell.
