Important questions and answers about buying or renting a property in Pattaya or Thailand. Everything you need to know about real estate in Thailand to make your purchase of property in Pattaya smooth and stress-free.
If you can’t find the answer to your question about buying property in Pattaya on this page, please contact our specialist property consultancy team in Pattaya who will be happy to assist you with any questions you may have.
To transfer money into Thailand is quite simple and mostly done in the traditional way, via bank transfer. It will depend on which banks are being used to determine how many days it takes before the monies arrive. Please note that Thai banks do NOT have an IBAN code. Just only a swift code.
When you transfer foreign currency, make sure the conversion will take place in Thailand.
Do not transfer in Thai Baht as the exchange rates will be less favorable.
When you make a money transfer to buy a condo in Foreign Ownership:
Make sure to add a transfer description with a clear reason what to the purpose is of the transfer.
“To buy a condo in Pattaya in the foreign name”.
In all cases: Request the receiving bank here in Thailand to issue a FOREX document (Foreign exchange transaction form, locally called a TT3 or Thor. Tor.3 document).
The “Thor Tor 3”, is an official document issued (for international bank transfers) by the receiving Thai bank. It is issued for amounts exceeding USD $ 50,000 USD and states the details of your inward bank transfer such as the amount of foreign currency. It also shows the exchange rate, sender, and receiver information, and the most importantly the purpose of the transaction.
The FOREX document is needed as proof that your property investment money came from an overseas bank account in your name (needed for condo registrations in foreign ownership) and the FOREX form is also needed when you want to transfer money OUT of Thailand.
For example, if you sold your property here.
It does not matter to whom you make the transfer.
In the case of property investment, the transfer could be made out to the seller, developer, your lawyer, or your transited agency like Town & Country Property Pattaya.
Since the year 2003, as one of the longest-standing realtors in Pattaya, we have dealt with hundreds of overseas property transactions. If you have any further related questions, do not hesitate to contact us for further advice.
The choice is yours.
However, most of our clients prefer to deal with us – as we are known for our reputation and long-standing track record, of nearly twenty years, as an active real estate agency here in Pattaya.
Our accounts would keep track of all your (staged-) payments and assure timely transfers into the developer’s account.
Of course, you can also transfer directly to your developer if there is a trust relationship.
Most of the real estate developers are absolutely genuine and reliable.
Especially those with a vast reputation and many years of proven experience.
You can always discuss the best options with one of our professional real estate experts for further advice.
Overseas property investments are made daily.
However, our advice is to make the purchase decision when you are here in Thailand or otherwise only to decide if you are very familiar with the product and all parties involved. “Buying in the blind” (e.g., through the Internet) is not recommended, especially if you are not 100% convinced of who you are dealing with.
We understand that “timing is of the essence”, and we are familiar with the concept of “First Come – First served”.
Town & Country Property has built up a strong network of regular clients that deal with us.
We always go the extra mile if a good deal can be made.
No request is too much. We visit the property, carry out due diligence, and even make a live video report of the inspection on-site.
All required documentation can be signed and sealed abroad and/or assigned by a power of attorney. Remember that any property transfer, assigned by power of attorney, can only be handled by a Thai national. Always request copies of documents by post, email, or fax so you can monitor the progress.
Any property investment you make remotely is in good hands with us.
Our friendly team of property consultants can assist from A to Z to ensure smooth proceedings.
Yes, a foreigner can own properties in Thailand.
The Condominium Act (No. 3) B.E. 2542 (A.D. 1999) provides “freehold” registration of apartments or condos directly into the name of foreign nationals.
Any registered condominium development is allowed to allocate 49% of the total sellable area into foreign ownership. A foreign registered condo can always be sold and registered into another foreigner’s name. At the transfer of ownership, the buyer must always be able to show his “FOREX”. Land and house cannot be registered directly into foreign ownership, only in Thai juristic persons or Thai entity, such as a Thai Co., Ltd.
Foreigners are allowed to form a Thai registered company and become shareholders (maximum 49%) of this company together with 7 Thai nominees (holding a minimum of 51% shares).
Having formed a Thai registered company whereby your interests are protected by e.g., directorship holding binding signatory rights and, preferably, preferential shares (against ordinary shares); this company then could register any assets into the company. Assets held by the company automatically belong to the rightful shareholder/owner of this company. In this way, thousands and thousands of foreigners ‘own’ land and houses into their ‘own name’.
For more detailed information and registration of companies, we would like to refer you to professional law firms able to guide you through this process. It is quite easy and affordable to form a company and maintain it.
Selling your assets could simply be established by transferring the shares of the company to another person. Not having to transfer the assets of the company through the Land Office department saves a considerable amount of transfer taxes at the same time.
As times are changing, at this very moment active discussions enroll from the Thai government to ease 100% foreign ownership on property investments. The Thailand Development Research Institute is calling on the government to support foreign property investors, by allowing them to bid for residential units.
We at Town & Country Property – your real estate expert in Pattaya, are overly optimistic that Thailand’s government will execute favorable ways to attract more foreign property buyers to Thailand. This could result in ease on visa rules, work permit licenses as well as property ownership regulation for foreigners.
If you have any related questions, do not hesitate to reach out to us.
Let us find your dream property together!
Explain to our team what this “dream” exactly entails.
Tell us more about your lifestyle and interests.
As one of the leading local real estate experts (in business since 2003) we are familiar with the property scene of Pattaya city and beyond.
Closer to the beach, like Jomtien or Bang Saray, perhaps you enjoy the countryside a bit more like the villagelike Huay Yai area or East Pattaya with rural Mabprachan Lake?
Town & Country Property knows it all and has it all.
Many property investors simply fall in love with Thailand after a couple of holidays in this region of South-East Asia. How to familiarize yourself?
It is easier to select the property of your dreams if you would, first of all, qualify your inquiry: How many bedrooms do you need; what is your budget; what are the areas of interest (make sure you ‘know’ them all); when do you want to purchase (a booming property market changes rapidly, if not on a daily bases); do you prefer a house, condo or land parcel to build; are you looking for own use or investment? Etcetera, etcetera.
Consider ‘browse’ through the region and visit developments and areas that seem interesting. Probably faster and far more reliable is to engage the help of our team of professional real estate agents.
It is their expertise in the property market in general and areas in specific that make the difference.
Agents do not charge you any fee or commission and are very often able to find you those ‘hidden jewels’ that otherwise slip to your attention.
Selling of property needs professional assistance from a broker. Of course, you can overhear ‘success stories’ from those that sold their property within minutes enjoying a beer at the bar. Very often though these stories are fairytales and just happen once in a lifetime.
If you are looking for a win-win situation you ask for brokers’ assistance.
Selling your property in Thailand is easy. Agents only charge you their fee if they are successful in selling your property. The usual commission is 5% of the contracted sales price, payable at transfer. You may list your property amongst several agents if you want (“Open Listing”); there is no such thing as an exclusive realtor here in Thailand.
First come first served. You should instruct all of them however to list your property for the same sales price. (Some agents try to cheat you and muck up the price to gain a bigger commission. Beware.)
Dedicated agents will appoint you for an inspection of the property before they list it.
All relevant details of the property will be discussed, and you are able to ask for a ‘street-wise’ assessment at the same time.
Forget brokers that immediately ask you for your net-net price because chances are that they will play a game between you and a buyer’s bid.
Up-selling on their own-behalf is the end result. It is often up to the discretion of the agent to advertise your property or list it on their website (if they have one).
Only if your agent feels that your property is ‘hot’ (sellable) he will probably advertise it.
Do not forget that you do not pay your agent for his marketing efforts.
Any inspection with a prospective buyer should be announced by the agent so he is able to access your property in your presence.
If you are not available for inspections, you might consider allowing key access (we never heard of abuse having keys at any agency). If your broker assessed his client properly (qualified); chances are big that he will sell your property.
Uniquely, Town & Country Property offers so-called “premium listings” to its clients.
A premium listing will be 100% handled by the team of Town & Country.
From the intake to inspections and handover.
However, being the MAIN agent, we still SHARE your listing with near 1000 property professionals in the region.
Contact us if you want to learn more about this service.
Providing proper documentation (sales contract or agreement) to sell your property is the responsibility of your agent. Of course, you will need to have access to all paperwork relevant in this case (house registration book, company registration documents (DBD), land title deeds, annual maintenance fees, receipts, manuals, warranty documents, Free of Debt letter, copy of passport(s) etcetera).
Professional agents will conduct a legal evaluation of all documents avoiding that there is anything missing or corrupt that could obstruct a transfer without any problem. Experienced realtors are familiar with all rules and regulations of the Land Office Department which will become obvious if they would be handling your transfer.
As we are not selling cheese sandwiches, we always advise our clients (buyers and sellers) to engage the services of an experienced lawyer or legal advisor. Just to be sure.
Less experienced agents could cause serious problems if they do not know what they are doing. Please be reminded that you are still in Thailand.
For professional guidance contact Town & Country Property real estate professionals.
The safest way to protect your interests as a tenant is to deal with an agent that offers you a suitable rental property.
Town & Country Property Pattaya has almost 2 decades of experience in the rental market. Both residential as well as commercial. Both homes and condos for rent.
We mostly deal with residential properties for rent. Many of them suitable for corporate clients. All of them “long term” – min 6 months.
Why dealing with your preferred agent if you are looking for a rental?
Simple: Landlords that engage a professional agent to deal with their property for rent, are willing to enter a rental agreement on mutually beneficial terms.
That means that both of your interests are kind of protected.
The agent acts as a middleman and arbiter when issues between parties should arise.
In all cases, the terms in the agreement between parties will stipulate action to follow.
Normally, you can rent and enjoy your stay as long as agreed per your rental agreement. On rare occasions, the landlord breaches the contract by selling the property.
However, if the landlord considers selling his property while rented, in most cases there will be an escape clause mentioned in the agreement beforehand.
Thai law and legislation are not really firm in protecting tenants’ interests.
Long-term lets or leases can be officially registered at Land Office Department (3 plus 3 years only). For residential leases, this rarely happens.
A registered lease at the Land Office Department is pretty safe and solid.
This normally only applies to commercial leases.
Do you want to know more about safe rentals?
Would you like to see a template residential lease agreement?
Just ask one of our property consultants.
We are happy to help.
Whenever you hear the term key-money or actually when you NOT hear the term key-money: Please be aware.
Key-money is a sort of ‘Goodwill’. Key-money very often applies at commercial lets. Charging key money protects the landlord avoiding that the tenant vacates the property, just losing 2 months deposit, before the contract term expires.
When key money is being charged, the monthly rental fee is often relatively lowered than in cases where no key money is being charged. This protects the landlord mainly.
When enthusiastic “entrepreneurs” start a business, there is always a chance that the enterprise fails. To protect the landlord from their tenants not to disappear, you pay a large sum of money at the start of the contract. So far, so good.
It is strongly advised to make a firm understanding of what will happen AFTER the contract term.
Often tenants assume that nothing will happen and the rental contract will simply extend; unfortunately the landlord often only renews the contract only if another term of key money is being paid. This could seriously jeopardize the tenants’ cash-flow position and harm or even vanishes complete businesses.
If the tenant wishes to assign his contract to another tenant (basically when he sells his business), the landlord very often totally neglects the existing contract and will try to charge key money to the new tenant. Renting commercial property in Thailand really requires a specialist agent with expertise and strong negotiating skills to handle the deal for you.
Think of Town & Country Property if you consider starting a business.
The property market in Thailand is not very transparent.
In some other countries, for example like the USA, all property dealings are visible online. That is not the case in Thailand.
The value of a property is very often determined by your ‘neighbors’. If you are living in a development with similar types of properties, you could find some references on sold properties and or properties for sale in the same project.
SOLD properties will give you a good guideline of what ‘the market’ is prepared to pay for yours.
If you remodeled your property and spend quite a bit of money on it, obviously the market value could be higher; especially when the remodeling adapts to what the majority of buyers are interested to purchase.
Some property-owners spend fortunes on very specific renovations, not realizing that they are creating a product for a “niche market”. In those cases, your market value could even be lower.
Having a ‘unique’ property virtually allows you to ask ‘anything you want’ for your property.
Yet, be realistic as overpriced properties simply not sell.
In the case, you want to sell your property, but you do not know what the right asking price is: Talk to your preferred and trusted realtor.
We have the experience and insight into what market values are.
“Better save than sorry”; this applies to all contracting jobs you consider assign. Whether it is a building contract for your own private residence, a simple remodeling job, renovation, or interior decoration. There are many so-called contractors out there and not all of them are as good as they say.
It is good to check their portfolio with references they can show you of previous jobs with their involvement. It always helps if you find a contractor that communicates in English, so he understands what your intentions are. Credibility and reliability are crucial; if the contractor has been established in the region for many years, you might be better of than when he just started.
We have heard from cases whereby the contractor disappeared after the first contract payment was made. Asking and checking for his home- or office address and requesting a copy of the contractor’s ID card always helps.
Any job you need to have done should commence with proper and clear instructions or, even better, detailed plans. Material specifications or material allowances need to be sorted before any job starts; if the specs aren’t clear at the very beginning of any project, you might end up paying a considerably bigger amount of money than you anticipated. Contractors not able to present their quotation in a detailed BOQ format (Bill of Quantities) are often not that experienced.
Presenting a lump-sum quote allows for many loose-ends and questions to be answered; those questions often come up during the project, which is then too late. Keep your cool if things go wrong; Thais often feel offended if you lose your temper.
If you require arbitrage during the project you might as well consider changing contractors. Even if you introduce ‘experienced’ arbiters. If worse comes to worst you may find yourself in a lawsuit which is not pleasant and definitely not a fast experience here in Thailand.
Buying off-plan is not unusual: Most condo projects launch off-plan.
The early birds reap the benefits of pre-launch payment conditions and are able the cherry-pick the best available units in a project. All good.
It is advised, before you sign-up a contract at the pre-construction phase, to ask for a copy of the developer’s land title deed (Chanoot) whereby it clearly shows that the project’s land parcel is owned by the developer or one of his nominees.
It rarely happens that pre-sales started before the land purchase is completed by the developer: In such a case, you better turn around and walk away.
It is also good to ask for a copy of the building license; in theory, the construction may only start if the licenses are issued. If you sign a contract, please make sure that any deposits are fully refundable in case the project will be canceled or seriously delayed (starting date as well as completion dates).
To check the track record of a developer is also a must.
Town & Country Property Pattaya has earned its reputation not only as a real estate agent but also as a developer of 3 successful residential projects: The Meadows (East Pattaya), Whispering Palms (Mapbrachan Lake), and The Residence Condominium in Jomtien.
Buying property in Thailand is often a pleasant experience if you deal with professionals. Our team at Town & Country Property is able to advise you and to check contracts before you sign any.
Alternatively, you may engage a lawyer to do this on your behalf.
Not at all. Forming a Thai registered company can be established in the ‘blink of an eye’. Make sure that you use a capable solicitor or administration office with the knowledge of all procedures involved. It will become handy if the formation of your Thai company is done by a party that is also able to process the required annual audit report of your company.
Keep all of your company documents in a safe place within reach if you need them. If there are any properties owned by your company you might consider registering a separate company for each one of them.
In the event that you ever want to sell your property, you might as well transfer the shares of your holding company into the buyers’ name which saves you a reasonable amount of land transfer taxes.
Imagine that you find the property of your dreams and you are not able to make an immediate payment on it; do not think that the property is still there if you go to the bank within days to make a payment.
It happens ever so often that all of a sudden disappointment strikes when the property is no longer available because it is sold! If you are more or less sure that you want to buy or rent, you really should make a ‘security deposit’ to ensure that the offer will be taken off the market and not be sold or rented to another person.
Even when you are not able to complete the deal immediately or meet the datelines as stipulated by the seller or landlord (let’s say you want to start a rental period after 2 months.) you could still try to negotiate if the seller or landlord is willing to accept your terms rather than start looking for another proposition. Offering to pay a security deposit often helps the negotiations. In some cases the security deposit is refundable.
If you make a clear understanding regarding how and when you could claim your deposit, there is no risk that you lose it (e.g. when the seller or landlord cannot meet the terms.).
Town & Country Property Pattaya is known for its negotiation skills. Let us deal with your reservation – and we will make sure the property is YOURS.
If you have any other questions or concerns, please contact our office. You can call us at (66-38)-251481 or fax (66-38)-251482 or simply send a direct email with your inquiry ([email protected]).
Our team will be more than happy to assist you with any questions you might have.