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Tips To Avoid When Buying Properties

While there are a lot of condos for sale Pattaya, owning a condo as a foreigner is a challenge since there are rules about protecting Thai Land from being taken over by foreigners. One of the most important rules to learn about buying condos for sale Pattaya is that foreigners can’t own more than 49 percent of a property. This rule makes owning a house and a plot of land as a foreigner out of the question. This is why there are many foreigners that buy the many condos for sale Pattaya. Many foreigners will buy many of the condos for sale Pattaya when they are in the same building, and make sure that they leave 51 percent of the condos to be owned by Thai buyers. If you are looking to buy a condo in Pattaya, here are some common mistakes to avoid.

Freehold Vs Leasehold

When you are looking to purchase a newly constructed condos, make sure that you have both a verbal and written agreement that you are making a freehold purchase of the condo, under the condominium act. Make sure that the condo is not a leasehold purchase. You will not fully own the condo is you have a leasehold purchase. When you are checking over the papers, look over the condo unit title deed, and the previous land office agreement to make sure that the apartment does not has not have money owed, like taxes or mortgages that would come to you after you signed the agreements.

Foreign Currency to Baht

One of the most important things to do before you start looking for a condo to buy, is to transfer your foreign currency into the Thailand Baht. You will need to prove that you have the money to buy the condo you want in Baht. Doing this before you start looking can save you a lot of time and hassle when you finally find a condo to buy.

Always Get It In Writing

The biggest tip that all real estate agents give people about buying property is to make sure that you get everything in writing, and make sure you have a good lawyer. A good lawyer will go over the fine print of the sale agreements, and all the required terms and conditions. They can also make sure that you understand about the responsibilities of each party, so you do not make a mistake that you could cost you more money later on.