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Buying Property or Real Estate in Pattaya

Aug 18

The tropical climate, warm sea, and affordable prices make Pattaya a desirable destination for home buyers. The city's economy is growing at a steady rate, and many foreigners are purchasing property in Thailand to have their own housing and be able to relax at any time. Real estate investors are also buying property in Pattaya, Thailand to resell it and make money. Housing prices increase by 3-12% annually.


Property Legal Services Thailand

Knowing what are the property legal services available for you is essential when buying a property in Thailand. A legal representative can help you navigate the legal process and keep your investment safe. These professionals will handle all the necessary paperwork and will keep a line of communication open between you and your lawyer. Property lawyers can explain the rules and regulations pertaining to the sale of property in Thailand. The benefits of having property legal services when purchasing a property in Pattaya are numerous.

A typical deposit when buying a Pattaya property is about 10% of the price of the unit. This amount may be negotiable, depending on the realtor. The deposit will be used to pay the balance of the purchase price within the contract term. The deposit will be forfeited if you purchase another property within the same timeframe. It is vital to have this deposit, as the legal representative will ensure that you don't lose it due to a change in your mind.


Doing Due Diligence in Pattaya

When buying property or real estate in Pattaya, you should always do your due diligence in Pattaya. Property due diligence report will help you to find out about the ownership history of the property and the current owner's position. Thailand has a high rate of land scams, so it's important to do your due diligence to protect yourself from being a victim of one.

It is important to hire a real estate attorney to assist you with the purchase. These professionals work on your behalf and can save you time and effort. They can ask questions, cut out the properties that don't fit your criteria or offer alternatives that are not listed. They can also negotiate for you and help you understand the local real estate market and how to negotiate with sellers. Real estate agents are worth their weight in silver and will ensure your purchase goes smoothly.


Drafting a Will and Testament

Whether you're a foreigner or not, you should always draft a Will and Testament when buying property or other real estates in Pattaya. A will is a legal document that details your assets in Thailand, as well as who will inherit them. This document can prevent quarrels and complications over the inheritance. A lawyer can make sure that you have drafted your Will in the correct language.

If you're a foreigner, it's important to draft a Thai Will. Thai laws govern how community property is distributed upon death. Thai citizens automatically receive half of their community property. After that, the remaining assets will go to their children or statutory heirs. These individuals must be legally married and have children. If there's no will, the assets will be distributed to the government or spouse.