Thailand’s land laws are undeniably restrictive to foreign possession except for condominium properties. The condominium Act of Thailand permits foreigners to purchase a condo property with a prescribed boundaries. however while purchasing a condominium is the very best way for a foreigner to own a property in Thailand, if they’re not cautious, they may fall into traps which they don’t see as coming.
Listed below are some of the traps condo shoppers would possibly fall into unknowingly:
- Failure to take into account taxes due for the condo. once in a while, the excitement that is going with a condo purchase could make a purchaser forget about to check the taxes due. In a few cases, customers fail to include this amount of their budget. The condominium taxes are expected to be over 6% of the acquisition fee and this ought to be paid before as the property is transferred and the ownership is registered at the land office.
- Failing to take the cost of maintenance and allocate a sinking fund while determining the budget for the condo purchase.
- Failing to do due diligence on the condominium property to ensure that the seller has the right to sell the condo. A title search is an extremely vital task that every customer should do.
- Failing to make sure that all the desired permits and licenses are complied with in line with government guidelines. that is to keep away from any trouble in the long run and may result in delays, task cancellation or substandard work.
- Failing to negotiate with the seller approximately who will be liable for the taxes and ensure that such are manifested inside the contract or settlement. If the provisions of the sale agreement do not specify the duty of tax charge, it’s far likely that the consumer will need to shoulder the tax due for the condo.
- Failing to ensure that the sales settlement is properly vetted and reviewed via a certified legal professional in Thailand to ensure that your interests as a client are protected. through asking someone who’s knowledgeable on this form of transaction, you are giving your self the opportunity to be clear and specific at the terms you may compromise with the vendor like charge of the taxes.
- Failing to double take a look at the surrounding real estate lots. before signing the sale agreement, it’s far important that the customer double check the surrounding of the property to make sure that there aren’t any obstructed views, or there are no restrictions on the zoning specifications for the condo area.
Through keeping these pitfalls in mind, a buyer can be able to avoid falling into these traps.