Investing on Phuket Real Estate
Real estate properties within the island of Phuket are among the best deals that a tropical and paradise loving individual can get as it is host to the best scenic beaches with pristine waters.
The island is perfect for those who are looking forward to establish business ventures that will cater the needs of both locals and the hordes of tourists as well as those who are opting to retire or relocate in a locality that clearly defines what a tropical area is about. That is because, Phuket is a perfect mixture of urban and rural, modern and more laid-back living as well as it also have the best hospitals in the whole Thailand so getting sick won’t be much of a problem when in the island paradise.
Yet, living and investing in the island is not problem-free. Expats from all around the world may encounter the same difficulties when dealing with the laws and processes of the country or with the Phuket locality.
Investing on real estate within a country that expatriates are not that familiar with is indeed a great risk for them. But, foreigners are willing to take the possible risks because they are enticed by the natural beauty of Phuket.
Then upon doing the necessary steps in real estate investment, expatriates will eventually find the truth about them being restricted from purchasing and registering a piece of land under their own name.
It can be dumbfounding for them but a foreigner owning and directly register a piece of land on freehold in Phuket or in Thailand as a whole is against the law. Although there are other venues in securing a plot for his use but direct freehold ownership is not allowed.
The government of Thailand officially uses the Thai language therefore its official documentation and communication are presented in Thai. However, some of these documents may be attached with translations.
Also, private individuals or real estate corporations may also hold documents that bear the Thai language with no translation or that these entities that a real estate investor will interact with do not know how to communicate using other languages except Thai and this can be a major cause of an expat real estate buyer’s headache.
If a query is posted online, a lot of suggestions on where to have these documents translated can flood an expat’s post. Also, many may even offer their translation services.
But, the expat should be careful in dealing with these individuals as he has no idea on who these people really are.
A Phuket real estate-enterprising expatriate should check the background of any property. He should not be satisfied with the documents presented to him by a seller or lessor alone. He should be more prudent by checking these documents, the property owner and the property itself by doing due diligence and title search.
These options can uncover hidden facts behind the property, its documents and of course, the owner who may have intentionally kept them from full view in order to gain profit.
Drafting of the Agreements
It is important for a foreigner to refrain from signing any agreement or contract with anyone unless an independent lawyer has viewed, reviewed and confirmed all provisions in the document to be in favor with him.
It may sound a greedy act but this act of prudence is also a step in protecting himself and his investment in Phuket real estate.
These issues seem to be a lot for someone who is stranger to the whole of Phuket. But these are real issues that a foreign-real estate investor must consider and address with carefully with the help of a single entity in the person of a reputable real estate lawyer or an equally reputable law firm specializing in real estate.
His lawyer or law firm has the expertise in securing the land (if the property also involves a land) for you without circumventing any Thai laws.
Also, he is in the position to do the translations, due diligence, title search and in the drafting of the contracts for the foreigner’s benefit and security.
These things are a lot for him but approaching one reputable lawyer or law firm can simplify and secure his property purchase in Phuket.