Why Purchase a Villa in Phuket, Thailand

The Light - Condo in Phuket - FazWazIndeed, it is famous as a travel destination. Majority of the beaches are located on the west coast. The look without having to go through an actual ocular. Because of the attractiveness to purchase villas, construction is going on as you read this. It is convenience for the frequent island-goer. Phuket villa sale are made known online so you can check out the location. It’s like home away from home. Newlyweds or couples can have the perfect honeymoon complete with a soothing place to stay. Amenities are readily available so foreign pensioners, especially, have all the comforts they’ll ever need. But just a caveat: high and peak seasons mean competition, so better decide fast. Make your holidays in the island memorable. Convenient with a villa of your own. Phuket villas are definitely available to suit different people. Who knows, and forward-looking, your children and grandchildren might just end up enjoying the bounty of your purchase.

It pays for the upkeep of the condominium such as the swimming pool, gardens, reception area, security etc. as well as paying for electricity in common areas. The share paid is based on the size of the unit. That means paying a reservation deposit. When paying a deposit, you should make sure that your lawyer helps you, as it is imperative that your deposit be refundable should things not go according to plan. The first thing you’ll have to do when you have made the decision to buy is to secure the property of your choice. If both parties are willing to go through with the sale and purchase, there should be no hiccups, but the reservation agreement should clearly spell out the terms of the agreement between the two parties. Buyers should allow time for a lawyer to check over the agreement to ensure that the deposit is returned to them should anything be found to be wrong with the property after conducting the necessary due-diligence.

Phuket is a wonderful place to live, but if you choose to buy a property here, there are nuances which need to be understood in order to ensure that you get exactly the home you are looking for with a minimum of fuss. If you don’t have the right lawyer, you could waste your time viewing properties that don’t give you the legal ownership guarantees you are looking for. The most important, and oft-overlooked, measure you can take is a title search on the property, to ensure you know exactly what you are buying. A title search confirms the current legal owner, and even traces the land ownership the whole way back to the original owner. It is essential that your lawyer carries out the necessary due diligence on the property you are looking to buy. It is also able to determine whether there are any loans, mortgages or liens on the property.

Villa developers generally understand that it is in their best interests to offer strategies which assist the purchaser in extending the initial leasehold period. With this purchase option the leaseholder may, during the lease period, place the property in a spouse’s name. Where a landlord is an individual the lessee must exercise the purchase option within one year of the landlord’s death. It is also wise to ensure that the lease itself may be cancelled and renewed for a new 30 year period for any new buyers, otherwise the value of the property will decrease as the end of the lease period gets closer. There will be a fee for doing this, but this may be borne by both the owner and the new buyer. If that transpires, a relevant clause should be added to the lease contract to incorporate the changes if and when they happen. In this way, the leasehold buyer can then benefit from these changes should they occur.

Contact us to request our list of reputable lawyers for the area where you are looking to buy. Phuket literally has everything. And people also feel safe. And that’s without considering all the other wonderful tourist attractions and things to do on and around the island. Comfortable living amongst the local population. But each area has its own charms and attractions. The condominium title gives you a “fractional interest”, together with the other owners, in part of the building. This includes the common property of the condominium complex such as the gymnasium, swimming pool, gardens, car park and the reception area. The title of the condominium should state the floor space of the unit itself, but also the area of the common property and the percentage interest that the new owner holds. That fractional interest also represents the voting interest that the owner holds within the residents or owners association. The beauty of a freehold condominium for foreigners is that it can be fully and legally owned.

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