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How to buy a property in Phuket?

Phuket, Thailand
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Process of House Buying

Many people have thoughts about buying property in Phuket, but someone just needs to visit this resort once, and someone needs to live here for several years to make such a decision. Some people make a spontaneous decision to buy an apartment or house in Phuket just during vacation. It may happen that you liked the housing which you rented so much that you want to buy it. Other people plan to buy a property carefully and more than one year can pass from the moment of the idea to the time of purchase. But in all cases, the acquisition process begins with the search and selection of the object.

Object Search

Choosing the right option can take a lot of time. You need to get acquainted with the geography and infrastructure of the resort, examine what types of housing are offered, what are their pros and cons and the most difficult thing is to choose a reliable seller. It is always difficult for a foreigner to do this independently. You need to know the real estate market from the inside. Such knowledge is possessed by specialists in this field, they are called realtors. The specialist will offer you suitable options at the real estate market, but as you know, realtors may also have their own interest, to sell this or that apartment faster, hiding some nuances of this object. So we recommend you to contact independent experts officially registered in Thailand. One of them is the Real Estate Gallery in Phuket, where professionals have many years of experience in the field of real estate work for the benefit of customers.

First, the specialist should listen to your wishes, tell in detail about the situation on the real estate market and offer the objects most beneficial to you from all the variety. If you are in Phuket, you can organize a free tour of all the objects. If you are looking for established housing, you can rent the property you are interested in for a while, to live there and make sure of your desires. If you are not in Thailand, you can get a detailed online consultation with layouts and plans.

Reservation of an object

When you choose the ideal object, there is no guarantee that someone else will not like this apartment. In order for the seller to be sure that the transaction will take place, a deposit of about 5% is required. Making a deposit guarantees that the object will be immediately withdrawn from sale and assigned to you as the future owner. In addition, at this stage the transaction price will be fixed, and therefore you will be completely protected from increasing the value of real estate - revaluation will not affect you.

Conclusion of an agreement

It is impossible to pass this stage on your own without the help of professionals. Developers provide only a model contract in Thai without taking into account your wishes. In any case, the buyer cannot do without the help of a lawyer and a translator. It is better to ask for help specialists from official real estate agencies which are really interested in protecting the rights of the buyer. The contract will fully reflect your interests. You just have to agree on its text and put a signature. The agreement reflects the terms and conditions of payment, the terms of the transfer of the object and the form of ownership.

Object Reception

The final inspection of housing is the most important stage. In case you cannot be in Phuket at this time an assessment of the quality of purchased housing can also be entrusted to an authorized representative on the basis of a power of attorney. It is important to pay attention to all the little things and shortcomings which the seller must eliminate according to the contract.

Transfer of ownership

A document called Chanot confirms that you have become the new owner of this property. It is issued by the Land Department after submitting all the necessary documents from the seller and the buyer. A specialist of a real estate agency will be able to prepare them. In Chanot, the layout and details of the property, the history of all its sales are described. Certain difficulties are caused by the fact that the document is filled out in Thai and the name of the foreign owner is written in Thai letters. Chanot is equivalent to the land documents used in Europe. You will also be given a home book.

Each stage in the process of buying an apartment or house in Phuket is very important. We recommend you to get the support of professionals from the first step in order to save time and money. Phuket Gallery Estate has a team of real experts who have a lot of knowledge and experience in legal support of real estate purchase and sale transactions with foreigners in Thailand.

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