Using the 5D approach may save you a lot of headaches later
As a foreigner, buying property in Bangkok can be like a big maze. It can however be an enjoyable experience if you can find a good and highly recommended real estate agent. Develop a good working relationship with him or her, then you can always count on your agent to call you once a suitable property becomes available.
Once you fly into Bangkok, use the 5D approach to choosing the right property for you.
1d Developers’ Credentials
Check the history and credentials of the developer who constructed your condominium. If you have time, visit some earlier projects from the same developer.
2d Day and Night
Visit the property in the daytime and at night to ensure that the environment you saw during the daytime does not change to an unsuitable one at night. Since Thai zoning laws are not strict, you may find some inappropriate elements in the area at night.
3d Due Diligence
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Hire a good lawyer and make sure he/ she dots the “I” and crosses the “T”. Property transactions are generally big transactions so always make sure all documents are prepared in advance.
Buyer’s side
Bank draft or cashiers cheque for payment
Sale & purchase agreement
Proof of payment of deposit
Foreign exchange transaction certificate issued by beneficiary bank
Copy of passport
Copy of spouse’s passport (if applicable)
Seller’s Side
Original title deed
Appropriate ID
Certificate of No Pending Dues
House book (aka Blue Book)
Keys to the premises
Foreign quota or foreign strata title quota
Letter from spouse allowing for sale of property
4d Developer’s Terms & Conditions
Always read carefully developer’s terms and conditions about Delayed Delivery terms; furniture and fittings; monthly Strata Title fees, monthly juristic Management fees; monthly Maintenance fees; Sinking Fund Reserves and all the details included in the finer print which forms part of the Sale & Purchase Agreement.
5d Devisee
This is your exit plan. Always have a will prepared when buying a property in Thailand. Both wills should be prepared in your home country as well as formally arranged with a lawyer in Thailand. This way, your next of kin or beneficiary will be able to manage your estate easily in case you are have crossed to the other side.
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