Own housing by the sea, and even where the weather is always fine, is the dream of many foreigners. Thailand is the very country where this dream can come true. Moreover, to buy property in Pattaya for foreigners, it is unnecessary to be a millionaire – housing on the shores of the evergreen Gulf of Thailand is not more expensive (and often cheaper) than in many other cities. Buying an apartment in Pattaya is much easier than it might seem at first glance. We divided the procedure for buying an apartment in Thailand into several steps.
Step 1. Choosing an apartment
For those buying an apartment in Pattaya, this step is the most difficult. Because everything else is a matter of technology, especially since a realtor will be with you at all stages, the realtor will also help you choose a housing. But no one will make the final decision for you: this is your choice, your apartment, and your money. The choice of housing in Pattaya is quite large, and it is neither possible nor necessary to look through each of the thousands of options. Therefore, if you want to buy an apartment in Pattaya, at the first stage, you must decide:
- What will be the purchase budget?
- Why are you buying an apartment (for living or renting)?
- Which area do you prefer?
- What additional amenities do you need (pool, gym, etc.)?
- Should it be primary or secondary?
The answers to these questions will allow you to significantly narrow the search circle. Again, the realtor (as well as the Internet) will tell you the pros and cons of each option. After that, choosing and buying an apartment in Pattaya will become much easier. It remains to designate a list of several apartments that fit your needs and choose the one you like the most!
Step 2. Making a reservation deposit
So, you have made a choice and are ready to buy an apartment in Pattaya. But for starters, you need to book it. Further, it depends on what kind of real estate you purchase.
- If you want to buy an apartment in Pattaya on the secondary market between the seller and the buyer, an agreement is concluded, according to which you must pay the owner of the apartment part of the amount (usually 10% of the cost of housing). The contract is signed by the seller, the buyer, and witnesses (usually, they are realtors).
- If you want to buy an apartment in Pattaya from a developer and book an apartment you like, you must provide the realtor with the necessary information. For example, for the real estate agency, this is a copy of the international passport, the address of registration and residence, telephones, and e-mail. In response, you will be sent a confirmation of the reservation and billed for the reservation deposit payment (in dollars or euros). As a rule, three days are given for payment. Otherwise, the apartment is put up for sale again.
Step 3. Making the remaining part of the payment
When the developer (or apartment owner) receives a deposit, the buyer must transfer it to his bank account within the agreed time of the rest of the payment. It is paid only in Thai baht. If we are talking about secondary housing, then as a rule, the amount is paid in full. At the same time, you must receive a certificate from the bank that the money was received from abroad (there is nothing complicated here, but discuss this moment with the realtor in advance). When buying a primary property, an installment is possible, and the final payment is made only after the delivery of the object. The buyer transfers money only to the apartment owner or the developer. The realtor witnesses the transaction, and the buyer does not pay him anything. If a realtor tries to prove otherwise, then this raises serious suspicions.
Step 4. Obtaining a Chanot
Chanot is a certificate of ownership of an apartment in Thailand. To receive it, the buyer, realtor, and seller must appear at the land department on the appointed day. And after paying the state duty (for the secondary, it ranges from 5 to 6.3 percent, and for the primary – 1-2%) you receive the coveted document on a strange-colored paper, completely written in Thai.
You can use the aggregator website thailand-real.estate to search for property in Thailand: villas, apartments, houses or flats.