The property real estate industry is unregulated here in Thailand, so the key question is what should you look out for when using an agent? I have had many potential property clients over the years asking me for recommendations, and to be honest I don’t really have any. I always tell clients to do their home work, and not to rush into using an agent without due care and attention. Most agents in Thailand have integrity, and are more than willing to assist buyers with their requirements, however for the few, there remains a question mark as to their practice, conduct, honesty, and above all giving clear and accurate advice which a client replies upon. Most agents will ask you to sign a reservation agreement and pay a small holding deposit as a sign of sincerity. I always recommend that you consult a lawyer first before you sign any paperwork. In most reservation agreements the holding fee is not refundable. Always instruct a lawyer to carry out a due diligence search first as a precaution. Many agents always seem to push potential buyers to sign the main Sale & Purchase Agreement quick, and to start paying the installments. It’s quite simple, just take a step back and think before you sign on the dotted line. Without a positive title deed check and due diligence search I would not even suggest that you sign anything.
The general idea is to consult a reputable law firm first, in most cases they will have local knowledge of the area, and particularly the development you are considering buying into. They might have already completed their due diligence investigations and might even be able to give you “off the record” advice which could save you a considerable amount of money in the long run. Overall, be vigilant, careful, receptive and most importantly try to understand that you are in an area where regulation is limited. Buying property in Thailand can (and in most cases) is a wonderful experience, however there are cases where things go badly wrong so please consult with a lawyer first before you consider committing to any purchase in Thailand.
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