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Are you planning to sell your property in Thailand soon? The laws related to property ownership in Thailand are pretty complicated. You will need the help of a local real estate lawyer to help you through the property selling process.
But at least selling a property in Thailand is much simpler compared to buying a property in Thailand. Follow this guide to selling property in Thailand in 2018 to know more.
Now, you can sell a property in Thailand without hiring an agent for the purpose, and this way you can save on fees. But this is not something experts recommend. For sure, you should not hire a local estate agent in Thailand as they have connections only with the local community and have little or no connections with overseas investors.
You are best advised to hire a UK estate agent specialising in the buying and selling of overseas properties for selling your house in Thailand. Such estate agents are more likely to be in touch with cash rich investors from China in particular, as well as with those from Germany, Ireland, Russia and Scandinavia, who are most likely to buy your property through an all-cash offer.
The overseas property specialist will market and promote your property extensively in online forums, property portals and in the social media. They will make use of pay per click advertising and YouTube marketing and spread the word through their agent network, which is spread across Europe and Asia. They also promote your property in various international property shows.
Next, once a buyer has been found for the property, the next thing to do is to negotiate as to what should be included in the sale and what shouldn’t be. It makes sense to sell a fully furnished house as that way you will be able to get the house off the market faster and get a higher price for it.
Once you have agreed to all the terms with the buyer, the next step is to draw up a purchase agreement which should be signed by both the buying and selling side. The copies of this agreement have to be attested by both the buyer and the seller to verify that these are true copies.
The purchase agreement will have a clause which states what would happen if buyer withdraws from their decision to buy the house. Generally, a fixed punitive penalty is imposed unless there are valid reasons for the same, such as the seller misrepresenting the property.
Once the sale is closed, the buyer and the seller have to be in the land registry office together where they will be expected to sign the final documents under the supervision of the concerned official.
As a seller, you will need to furnish the following documents to the Land Registry during the closing stage of the sales process: passport or any other government approved ID, Title deed, house registration documents, marriage certificate or divorce decree, property tax documents and purchase agreement.
If you cannot be physically present in the Land Registry, you will need to provide a power of attorney to a lawyer who can act on your behalf. So that’s how to sell your property in Thailand. Contact us to know more about the process.