How to Avoid Risks when Buying Real Estate in Phuket?

Student created Native American dwellingAny type of investment is followed by certain risks. It would be irrational to argue over this fact. Warm weather all year round, clean spacious beaches with white sand, and diverse nature plus urban infrastructure: shopping centers, schools, hospitals, and an airport provoke foreigners to make emotional decisions and forget about the risks. Unscrupulous realtors. Realtors introduce themselves as anyone and make up unbelievable stories, just to close the deal. Thai real estate is not an exception. Of course, not all realtors are like this, but you should be careful about the person with whom you will work. Find out as much information as possible about the real estate agency you are going to work with. Such unexpected issues like changes in the general political situation, public protests, or territorial disputes are very unlikely to happen. The progressive laws of the government ensure the stability of domestic politics. Countries with a constitutional monarchy are politically more stable.

Even the change of government in 2014 had no effect on the real estate market and the economic situation in general: the exchange rate did not change and there were no military actions. Construction risks and delays. Bad weather conditions sometimes may influence meeting construction deadlines. Choose only the trusted. However, if the finishing of the construction is delayed, the developer will have to pay fines to the clients. Investing in off-plan apartments, select the object with the possibility to get income in the process of development. Popular developer with an extensive portfolio. Choose projects where a management contract is signed with a hotel operator. Be careful and responsible when checking the documents. Before signing a contract, the hotel operator carefully checks all the risks associated with the implementation of the project. Ask professional notaries, lawyers, and translators to make sure that the obligatory pack of documentation is present. Thailand-Real.The estate is a perfect tool to make the first step towards your dream of resort housing.

womanThailand remains one of the most popular locations for property investment as tourism grows each year. Residential condos are also built as apartment complexes, but condo units are wholly-owned, unlike apartments rented by their tenants. A condo, a word typically shortened from a condominium, is a form of real estate divided into multiple units, each of which is owned separately. The distinction between a condo. In addition, individual unit owners also generally own the common areas of the property, such as hallways, walkways, swimming pools, gyms, laundry rooms, etc., as well as common facilities and amenities, such as lifts. There will be condos in almost every city and town, but there are a few main areas in which most foreigners purchase. An apartment complex is strictly legal. The property purchased must be part of the project’s 49% surface that could be owned by foreigners. This can be easily verified at the developer’s office directly with the juristic responsible.

Section 19 of the condo act governs foreign ownership and this section restricts foreign ownership to 49% of the total floor area of all units together in a condo building.e. Without this paper, you won’t be able to register your name with the condo. 5. This contract deals with the needs of the seller. Buyer as a way of finishing them before closing the deal. The agreement drafted must be according to the law. Provide some protection to the buyer. In a private resale of a condo or a leasehold sale, the contracts are controlled by general contract law and the parties may agree on various conditions that may benefit one party more than the other. Lawyers can help clarify the legalities of purchasing a condo and can also review your sale and purchase agreement. You will also be required to pay the fee which may include transfer fees, duties, or revenue taxes. Seller or as per what has been agreed between the parties. The cost may be split between the buyer. The developer is only permitted to ask for up to half of the 2 percent ownership transfer registration fee from the buyer when purchasing from a developer under consumer protection rules, but not more, and all other expenses are for the developer.

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