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Here we present a brief outline of the procedure for buying land and
houses in Thailand. Please read the five steps listed below.
Step 1 Price
In
Thailand, we generally encourage our clients to negotiate together.
From a cultural standpoint, it is quite normal for buyers to try and 'knock
down' the asking price, and the seller will not be offended if you
table an offer that is lower than he can accept.
We would however, strongly suggest that you ask ourselves, your agents
at Chiangmailiving.com, for information and advice before
making an offer.
This is simply because each piece of real estate has it's own unique
characteristics and history.
Step 2 Making the offer
You
are free to make an offer in any way you choose. However, our advice
is to table your first offer through ourselves.
As agents we already have a working relationship with the owners, and
any potential cultural or language barriers are thus easily overcome.
Step 3 Reaching agreement.
As
negotiations proceed towards agreement on price, and you begin to have
a good idea of where each other stands, this is often a good time for
some face-to-face discussion between the buyer and seller.
As your agents, we can arrange the meetings, or you can do it
yourselves.
We can also provide simultaneous translation for English, Thai and
French.
Alternatively, you can just ask us to make the final offer for you.
Step 4
Securing the deal/making a deposit.
Once
agreement has been reached on price, you will want to make sure that
the real estate remains yours to buy.
The only real way to guarantee that the property does remain in your
hands is to put down a deposit.
The deposit is usually 3-5 % of the asking price, although there is
room for negotiation on this.
Once the amount is agreed upon by all parties, contracts are signed
that confirm the details for both the seller and the buyer.
The contract would thus include:
a. The deposit amount and mode of payment.
b. The agreed price of the real estate, agreed date and mode of
payment.
Both the seller and buyer are now contractually bound.
A representative from Chiang Mai Law and Accounting Office will be
present at all contract signings.
This is to protect both our own interests as well as those of the
buyer and seller.
Step 5
Transferring the title deeds.
All
real estate that changes hands in Chiang Mai must be approved by the
government land offices here in the city. Government legal
representatives, in the presence of both the buyer and seller, thus
conduct the land transfer process transparently. We will of course
offer to be present ourselves at the Land Offices, as most of our
clients prefer that we be there with them.
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We hope you found this brief outline
useful. Please do not hesitate to contact us by email or telephone
should you have any questions on this topic.
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