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Buying a house / a plot of land

Checklist for investors buying a house

Here we have developed a list of checks that anyone, who wants to invest in a second home in Thailand, should undertake.

Once you have found your ideal home you can engage the services of an independent consultancy that shouldn’t have any connections with the builder, in order to have a good chance to recognize right from the start any “skeletons in the closet”. Usually the consultancy commissions an official examiner who will look into all aspects of the builder’s business.

The checking process consists of a legal and a financial examination. Looking at the financial side of things, it has to be established that the builder is running a sound business while one should also enquire about future developments in the property market, as these can greatly influence the value of a property at a later date.

As the word suggests, the legal examination is concerned with all legal aspects of an intended transaction. To show that everything is above board the builder should provide the following documents:

A detailed description of his company, its standing in the market, and a list of law firms and tax consultants it is dealing with.

  • Exact data regarding the object that is supposed to be invested in, i.e. who the architect, the agent and the bank is that extends the finances.
  • A correct description of the object’s location as well as a quality assessment of its soil.
  • Is there any security guarantee for payments made before the transfer of the property?
  • Any payments made in advance should ideally go into a trust account. Only after the transfer of ownership should those amounts be released to the builder.
  • Have all existing laws been complied with, especially the building and environmental regulations?
  • Is the object located in an area that is officially designated as a building and residential zone?
  • Are any guarantees given for the completion of the project, and are they backed by the architect and engineers associations?

As always, we cannot claim that this checklist is complete, but it should be of some help to potential investors.