3 Crucial Don’ts Every Foreigner Looking to Invest in Thailand Property Should Know

by Beth S. Freelance Writer

Real estate in Thailand can be a promising investment for foreigners. This is especially the case for those who find themselves coming back several times a year and perhaps even looking to retire in the country. However, owning a property in Thailand also has its share of horror stories.

With an investment as huge as a second home, you’d want to exercise necessary precautions. You’d want to minimise risks involved in the purchase. With that, here’s a list of crucial don’ts when investing in Thailand real estate.

1. Don’t trust a real estate agent right away.

This is not to say that you should not consider working with any real estate agent at all. If anything, a professional agent would be able to make your life a lot easier. You not only receive round the clock assistance as you look around for a desirable property, you also gain a new friend in the process. However, not all agents are the same. You’d want to ensure that the person you’re coordinating with puts your interest first above anything else. It’s not a secret that agents usually earn after closing the deal with you. If you feel that the agent is not concerned about any of your personal needs and requirements and is only after the sale, go the other way and find a replacement.

2. Don’t skip getting legal counsel when venturing into Thailand property market.

Before you even sign to any contract or enter a deal with any party, make sure that you have secured a legal counsel to discuss matters with. Find a property lawyer in Thailand who would guide you every step of the way. This person should be able to explain to you any document that you need to affix your signature into. Legal documents should always have an English version. Just in case, you might want to as well use the services of a professional translator in reviewing documents with your lawyer. The laws in Thailand may be different from where you came from so it’s crucial to fully understand what you’re getting into. Make sure as well that there is no conflict of interest. Lawyers should not be connected to any property developer. This will give you peace of mind that they would be able to provide you fair representation.

3. Don’t miss out on a comprehensive research about the property.

When buying property in Thailand, see to it that you have studied its background including that of the developer. It is not enough that you are presented a document stating that the seller has legal rights to the property. You’d want to verify authenticity of this document as well. Check as well the validity of the building permit. Just because someone holds a building permit does not mean they own the land in subject. You don’t want to experience any troubles getting caught between the developer and the local authorities.

Always be on your guard. Before saying yes to that ‘buy property Thailand foreigner’ sign, get professional help that you need first from the right people. Thailand people are generally warm and friendly. However, it isn't impossible to run into someone that takes advantage of foreigners like you. Be aware. Keep these tips above in mind.