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Buying established real estate

Pattaya, Thailand

Buying real estate from a previous owner in Pattaya

Buying property in Pattaya is always an exciting and very pleasant process, because you will become a happy owner of a housing in one of the best resorts in the world. The real estate market in Thailand is actively developing and more and more developers are offering different projects. But some buyers do not want to wait for the completion of construction and dream of getting their own housing as soon as possible. In this case, options of the secondary housing market can be useful. In our article we will tell how a foreigner can buy an established property in Pattaya and the main nuances which are worth paying attention to.

The process of buying real estate from a previous owner

When you have made your choice and found an object that suits you, you have to go through several stages of processing the transaction. Each stage is accompanied by legal registration, so it is worth to consult with qualified specialists. You can contact the Real Estate Gallery to find a professional whom you can trust. The excellent reputation of the company was created over the years. Gallery staff will also help you to find the right accommodation based on your needs.

As the object is found, you should ask the seller for a copy of the certificate of registration of ownership (Chanot) and its passport data. All information about the owners of the property is entered in Chanot, and your seller must be indicated as the last and only owner. In Chanote, all legal obligations of the property owner are also indicated. It is worth checking whether the object is not pledged to a bank or for rent.

After you have checked all the information, the market price of the property is determined. All taxes and fees for re-registration will be calculated depending on this sum. Who pays taxes: the seller or the buyer is discussed individually, but all agreements must be indicated in the contract. You should have this sum in THB on your bank account at your local bank. Keep in mind that replenishment of the account, crediting of funds and their conversion in the bank may take 1 week. Upon completion of the transaction, the buyer should receive a certificate of admission to investment in the Thai economy.

The interests of the buyer can be represented by anyone: a realtor, friend or relative, then he will need a power of attorney certified by a notary. The presence of the buyer during the transaction is not obligatory, so many foreigners prefer to purchase property in Pattaya remotely.

After all the documents have been prepared and taxes paid, the final stage of the transaction begins - registration of ownership of the new owner in the Land Department. A new sale-purchase act is drawn up and the old one is canceled. The buyer receives Chanot and the house book with checks on the payment of all utilities and other fees. From that moment, the buyer becomes a full-fledged property owner in the Kingdom.

As you can see, buying a secondary real estate in Pattaya without knowledge of the local laws will not be easy. However, employees of the Real Estate Gallery will help you to solve any problem. You can book a free transfer to the Gallery right now and soon become an official owner of housing in Pattaya!