There may come a moment when you decide to sell a home in Thailand, whether it’s to make money or just to move on. Here’s a look at what has to be done and some advice on how to speed up the procedure.
In Thailand, how can I sell my property?
One of the first steps you must do when trying to resell a property in Thailand is to market it for sale worldwide.
You can accomplish this in the same manner as in your country of origin:
- There are several English-language local newspapers that you may try posting in.
- You may also attempt internet advertising, and you’ll come across a number of forums and other online communities.
- You can employ a real estate agent’s services to have access to his network and market expertise.
- The most popular and maybe most successful choice is the most recent one. In order to successfully resell a house in Thailand, a real estate agent will already have sophisticated marketing strategies in place. In essence, they’ll undertake most of the laborious work while you wait for a buyer.
There are other actions you may do to ensure the selling process runs as smoothly as possible:
- Make an evaluation.
- Decide on a fair asking price.
- Before the property is exhibited, make any necessary repairs.
- Before showings, make sure the property is as nice and clean as possible.
- Have a sample sale and purchase contract on hand.
- Additionally, keep all other property-related paperwork close by for quick access.
What are the seller’s legal responsibilities in Thailand?
A purchase contract must be drafted and signed by all parties once the price and other terms have been agreed upon. The real estate agent will generally assist in organising this. Any furnishings and appliances that are included in the transaction should be included in the purchase contract. This is the time when a down payment for the property is often made.
Additionally, the selling agreement should state that the seller may withdraw if circumstances change. If the customer backs out, the vendor will be required to fully refund the deposit.
Taking on the mortgage
In some circumstances, the seller will provide the buyer with financing. A portion of the purchase price will be due at closing, with the remaining balance payable in instalments. This would be a confidential arrangement between the parties. Because it may be challenging for foreigners to obtain money, such as mortgages, it is occasionally done in Thailand when it comes to foreigners.
Essential Documents
When seeking to resell a property in Thailand, the specifications can determine which paperwork must be submitted.
Most likely, all of the following paperwork will be needed:
- Passport or an ID card.
- Similar title deeds.
- Contract for a purchase deal.
- a divorce decree or marriage licence.
- Document used to register a house.
- Suitable documents from the bank if the house still has a mortgage.
- If the property is a condo unit, a document declaring that foreign ownership of the units in the building is limited to no more than 49% is required.
- If necessary, a power of attorney form.
- There can be a requirement for a foreign exchange transfer if the property is a condo.
- a declaration that there are no unpaid maintenance payments.
- documentation pertaining to property taxes and warranties.
