While Thailand offers great real estate investment opportunities, scams remain a concern for a lot of people who might be interested in investing. However, while it does happen, it isn’t as prevalent as many think. And there are some steps that you can take to make sure that you aren’t dealing with a scammer as well. If you were thinking of investing in Thailand real estate, here are a few ways to avoid getting swindled.
Only Work with a Reputable Real Estate Agent or Developer
There’s a much greater chance of getting scammed when working with a private seller than if you invest with a well-known and reputable real estate agent or developer. If you’re going to buy apartment in Phuket, it would be wiser to go with a big developer whose information and credentials can be easily verified.
You’ll also get much more legal protections working with these types of developers as well. They have a reputation to preserve, and they will go the extra mile to make sure that you’re satisfied with your purchase and that the terms are very clear. You also won’t have to worry about buying a property whose title may be in question and the paperwork and transfer will be much easier as well.
Work with an Attorney
If you’re going to buy a property from a real estate agent or a private owner, then it’s very important that you have a lawyer look over the paperwork first. They will be able to tell you if the sale is actually valid. You’ll also be able to know whether the condominium’s juristic office, developer or real estate agent is withholding some important information.
Make sure that You Verify the Title Deed
It’s also essential that you check the title deed or Chanote with the land department. This will allow you to know if the seller is actually the owner of the property.
In order to verify the deed, you’ll need the property owner’s identification and a copy of the deed. If they say they can’t give you a copy, then it’s a definite red flag right there. You should also make sure that you are familiar with the country’s real estate laws before you make any transactions if you’re going to do it on your own. You can use this guide on Thailand’s real estate laws if you need more information.
Be Careful Where You Buy
You have much more chances of getting scammed for real estate when buying outside main destinations like Phuket, Bangkok, or Chiang Mai. This is why you should exercise extreme caution when buying prime property outside of major areas since transfers can be often be complicated there.
If you want to avoid getting scammed in Thailand, it really all boils down to doing your due diligence and making sure that you work with a reputable seller with a verifiable track record. It would also be wise to work with a legal professional first before you conclude any transaction.