Welcome to Thailand, where thrilling adventures and breathtaking scenery await you. As you start this exciting journey, keeping your belongings safe is a top priority. Whether you're a new resident or a traveler, one question lingers. How can you protect your valuable items in this amazing place? No need to worry – we've got the answers.
In this guide, we'll explore personal possessions insurance for foreigners in Thailand. Your adventure deserves total peace of mind.
What is Personal Possessions Insurance?
Personal Possessions Insurance
Personal Possessions Insurance protects your possessions from loss or damage. Items protected include mobile phones, handbags, and jewelry. This helps protect your possessions from loss or damage, inside and outside your home. This is very helpful for those who travel to different countries a lot.
Let's say your house gets burgled or damaged, you will get covered for item loss or furniture damage.
You can include Personal Possessions Insurance in your Home Insurance. It's easy and helps protect your things better.
What's Covered under Personal Possessions Insurance
The following are the items covered:
Mobile Phones.
Watches.
Jewelry.
Laptops.
Bicycles.
Money.
Sports equipment.
Wallets, Purses, and Handbags.
What's NOT Covered under Personal Possessions Insurance
The following are cases which may not get covered. Note that every insurer covers different things:
Camping equipment when in use and in the open.
Credit cards.
Theft from a vehicle.
Damage to sports equipment when in use.
Business equipment like mobile phones or tools.
Theft from cars if the item was visible from outside (like items on the dashboard) and the car was left unmanned.
If your home was left unoccupied for over 60 days.
Abroad Coverage of Possessions
Abroad Coverage of Possessions
Some companies will cover your personal items when you're not home. But, you will have a certain number of days of coverage in most cases. The coverage lasts 30-60 days in most cases.
If you know you won't be home for an extended period of time, consider travel insurance. You could also look into specific coverage for jewelry or gadgets.
Filing a Personal Possession Insurance Claim
To file a claim, consult your insurer to explain the situation. Provide them as much information and gather as much evidence as you can. Evidences may include item receipts or images of the damage. You will also need your policy number.
Rest Easy!
As your Thai journey unfolds, note that your belongings hold memories close to your heart. With Personal Possessions Insurance, you're not only securing items. You're safeguarding the moments they represent. Whether you're settling in as an expat or exploring as a traveler, the choice is clear. Be sure to protect what matters most. Now, go forth with confidence and let the 'Land of Smiles' fill your journey with joy. Your valuables deserve this extra layer of care, so you can focus on what matters. It's all about making your Thailand experience unforgettable.
Looking to relocate to Thailand? Let us help you find your temporary rental or a new place to call home altogether. Don't hesitate to speak up!
Making the decision to buy property in another country is intimidating. Picking the right location is even more intimidating. Thailand is full of amazing locations. So how do you pick the best place for you?
Phuket is renowned for its beauty, great weather, and sandy beaches. It is one of the prime property locations in Thailand. So how do you move to Phuket? Our Phuket buyers guide will help you pick the property of your dreams.
Buying property anywhere can be difficult. It is even more difficult to buy property in another country. Then you have to think about location on top of these complex challenges. So how do you pick the best possible place for you?
Hua Hin is a laid back city on the shores of the Gulf of Thailand. It has all the amenities and convenience of Bangkok, but with more space and some great beaches. Some of the Asia’s best golf courses are in the Hua Hin area. So if you love Golf, Hua Hin could be the place for you.
But how do you move to Hua Hin? Our Hua Hin buyers guide will tell you everything you need to know about moving to one of Thailand’s best cities.
Why Hua Hin? - Thailand's Laidback City by the Sea
Step into a world where luxury living meets smart spending! If you've ever dreamt of living in the heart of vibrant Sukhumvit, Bangkok, you're in luck. Get ready for an exciting blog post revealing the top 5 Sukhumvit condos you can rent for 20,000 Baht. Let's dive in and discover the affordable luxury waiting for you.
Nusasiri Grand Condo
The Nusasiri Grand Condo comes from Nusasiri Co., Ltd. This project includes two buildings. Building A stands 28 stories tall, while Building B stands 22 stories tall. There are a total of 303 units you can choose from, ranging from 1 to 3-bedrooms and even penthouses. The facilities include a lobby, a swimming pool, a fitness area, and a garden. You'll find this place over at Sukhumvit 42, not too far, about 50km, from the BTS Ekkamai station.
Introducing The Lofts Ekkamai, brought to you by Raimon Land. This project boasts a 28-story high-rise building housing a total of 263 units. You can pick from different types of units here, like studios, 1 or 2-bedroom units, and Loft Suite units. The facilities include an Infinity Edge Pool with a jacuzzi, a gym, a garden, and even a co-working space. Plus, it's super convenient as it's only 150m away from the BTS Ekkamai station. This means you'll have access to the Sukhumvit road and loads of amenities all around.
Supalai Place Sukhumvit 39 hails from Supalai and is in Sukhumvit 39. The project features two 23-storey buildings and a total of 500 units available. Facilities include a gym, swimming pool, and CCTV with 24-hour security. The project is only 1.5km away from the BTS Phrom Phong station, allowing access to the Sukhumvit Road.
Hyde Sukhumvit 13 is a high-rise condo project with a 40-storey building and 454 units total. The project has a skyline connected to the BTS Nana station. Types of units range from 1 to 3-bedrooms, a 3-bedroom Duplex unit, and a penthouse unit. Facilities include not only familiar faces, like the pool or gym. They also include unique ones such as the barbecue area, library, and the sky lounge.
Last but not least is Edge Sukhumvit 23, created by popular real estate developer, Sansiri. There are two tall buildings in this project, and you'll find a total of 443 units up for grabs. You can choose between two types of units: 1-bedroom and 2-bedroom options. And guess what? Even if you don't use a car, you're covered! This project sits between the BTS Asok and MRT Sukhumvit stations, making it super easy to get around.
In the world of Sukhumvit's condos, you can enjoy a good life without spending a ton. Luxury isn't about money – it's about having a comfy, stylish, and convenient home. Whether you're a student or an employee, these condos can upgrade your lifestyle. Soak in Sukhumvit's charm and treasure every moment in your new, affordable place!
Ready to turn your next move? Your dream Sukhumvit condo is just a click away – let's make it happen together!
Many home sellers often wonder if they can sell a house that still has an unfinished mortgage. They're unsure if it's possible to sell a property with unfinished mortgage payments. This uncertainty might stem from not knowing the steps involved in such a situation.
If you own a home and are considering selling it, you might have concerns. You might be making mortgage payments to the bank, or you've used the house as collateral for a loan. But don't stress too much. The situation isn't as limiting as you may believe. In this article, we'll delve into how you can sell a house that still has an unfinished mortgage. This way, you'll get a better idea of what to expect.
Types of Homes with Unfinished Mortgage Payments
As a homeowner, it's important to grasp the obligations tied to your house. These fall into two main categories. Homes with bank mortgage and homes used as collateral for loans.
Homes with bank mortgage
Homes with bank mortgages are between payment and aren't transferred to new owners. This category also includes homes used as collateral for loans. Properties pledged for mortgage agreements or loans backed by the property itself. This means using the property as security to get loans from banks. All this is overseen and regulated by the Bank of Thailand.
Homes Used as collateral for loans
Homes under collateral are much like mortgages from banks. This includes using the property and land as security for loans. It can involve individuals, companies, or investors. Unlike banks, these people or groups aren't institutions under the Bank of Thailand.
The Steps in Selling a house with Unfinished Mortgage Payments
Once you see the types of homes that are between payment, you'll see that people can sell these properties. Yet, the payments should connect to financial institutions. Also, homeowners must pay any debts still owed must before the ownership transfer. When you've understood, let's now see the steps needed when selling a house with a mortgage payment.
The Sales and Purchase Agreement
When selling a house with an ongoing mortgage, the process of making an agreement is like a regular sale. This means putting down a deposit and reserving the property. The last step is finalizing the agreement between the buyer and the seller. They also have to talk about sharing different costs. It's crucial to tell the buyer that the house still has an unpaid mortgage or collateral attached to it. But don't worry, you can sort out these obligations on the day the ownership transfer date.
Prepare Documents and Arrange for property appraisal
The next step is for buyers who are purchasing the property without cash. The homeowner must provide a copy of the land title deed along with mortgage documents to the buyer. It is mandatory for the buyer to apply for a loan from a bank. Additionally, the homeowner needs to allow the bank to appraise the property's value.
Schedule Ownership Transfer Date
This is when the buyer is ready to pay or has received approval for a home loan. The next step is setting a date for transferring property ownership. This arrangement happens between the buyer, homeowner, or bank. They arrange a specific date and time, which impacts the interest rate on the remaining debt.
Contacting the Financial Institution
Once the date is set, contact the financial institution linked to the property. This is to inform them about the upcoming sale and request debt closure. They also provide the bank with the transfer date. If the date remains the same, the bank will give details on closing the account balance until that date.
Payment Division
The homeowner must clarify the payment division to settle the debt with the buyer's bank. This involves specifying the amount for the mortgage and the sum for the homeowner. If the price is lower than the remaining debt, the homeowner needs to have extra money for the mortgage.
Contact the Land Office
The last step is transferring ownership at the Land Office. This includes the seller, the seller's bank, the buyer, and the buyer's bank. They must all go through financial documents and paperwork. The seller's bank clears the mortgage and then transfers ownership to the buyer. The buyer's bank registers the mortgage for the buyer. This marks the successful completion of selling the house with unfinished payments.
What to be aware of in selling a property with unfinished mortgage payment
Pre-transferred expenses
Besides transfer fees, the seller needs to tell the buyer to prepare a cashier's check. The buyer needs to address the check to a separate bank account of the seller. They also need to mention the recipient's name. The check should have crossing marks to ensure that the money goes only to the specified account. Before the ownership transfer date, the seller should ask for a copy of the check.
List of Transfer expenses
Transfer Fee- 2% of the appraised value, divided at 1% each for the buyer and the seller.
Specific Business Tax- 3.3% of the sales price.
Stamp Duty- 0.5% of the sales price.
Mortgage Registration Fee- 1% of the total loan amount.
Debt is higher than the Sales Price
The homeowner should ensure that the sales price covers their debt. If the debt is higher than the sales price, the seller needs extra money to pay off the debt during transfer. If not, the bank can't clear the mortgage, causing problems for the buyer.
Buyers not understanding the buying process
Sellers knowing how to sell a house with a bank mortgage is one thing. Yet, many keen buyers don't understand the process for a mortgaged house. Their hesitation is when they realize the collateralized house is what they're buying. Hence, sellers must make it clear that a house with a bank mortgage is still purchasable. They should also assist buyers by guiding them through the essential steps.
Getting approved for a mortgage in Thailand is not outright impossible for foreigners but still difficult. Each lending institution will have their varying degrees of requirements or terms and conditions.
Most lending institutions will need at least a one-year work permit and an employer's letter regarding your salary and length of service to the company in Thailand. UOB offers international property loans to various countries as do some other Thai banks. Other Thai banks also offer mortgages to foreigners married to a Thai spouse. Do bear in mind, though, that you will not have full property ownership rights due to the property being bought under the name of your Thai spouse.
You also have the option of MBK Guarantee, though this will require prior ownership of a Thai property to finance another property. Fortunately, MBK Guarantee does not have restrictions on nationality, nor do they require a work permit or Thai spouse marriage.
The main point of this article is about selling a house with a mortgage still needs payment – a house with a bank loan. Homeowners who owe money on their houses might worry they can't sell them yet. But actually, selling such a house is quite simple. Most banks allow homeowners to sell a house with a mortgage. This is as long as they use the buyer's money to pay off the debt before transferring ownership.
Selling a house with an mortgage is possible if the homeowner uses the sale money to clear the mortgage. Once that's done, the ownership can transfer to the buyer. This completes the selling process.
Looking to sell a house with an unfinished mortgage? Feel free to get in touch with us. Our property consultant team will be very happy to help answer your questions
Welcome to the exciting journey of finding your dream home! Whether it's your first home or an upgrade, one thing remains constant. And that is the negotiating process. Get ready to discover the strategies that will help you secure not only a deal, but the perfect price. With a little luck and confidence, you'll be well on your way to negotiating your property deals!
The Do's in Negotiating Property Deals
Do your Research
Before negotiating, be sure to gather information about the housing market in the area. This means doing your homework to learn about recent house sales and their prices. By understanding how much similar homes go for, you'll have a clearer picture of what's a fair price.
Establish your Budget and Priorities
Before you jump into negotiating prices, there's an important prep step. It's time to set up your house budget and figure out your housing must-haves. Whether you're eyeing a detached house or a luxury home, take your time to plan your budget and stick to it. Outline your housing priorities, focusing on what's essential for you and your family.
Reason and Patience is Key in Negotiating
When negotiating the house price, two key ingredients are a must: reason and patience. Think of it like finding common ground with a friend. Start by presenting an offer that's fair and backed by research. Going in with a competitive but reasonable offer shows the seller that you're serious and ready to work together. Avoid lowballing, as it might put them off the negotiating process.
Now, let's talk patience. Negotiating is like building a puzzle – it takes time to piece everything together. Expect a back-and-forth dance with the seller as you both fine-tune the details. Be ready for counteroffers and resist the urge to rush the process. By staying calm and collected, you create a positive atmosphere that can lead to a win-win outcome. Remember, patience isn't just a virtue here; it's a negotiating tactic that can pay off in the long run.
Build a Positive Relationship with the Seller
When negotiating a house price, building a good connection with the seller is like making a new friend. Being friendly and respectful in your interactions creates a positive atmosphere. Showing understanding can also help both sides find common ground. This can lead to smoother discussions and a better chance of reaching a deal that makes everyone happy.
The Don'ts in Negotiating Property Deals
Avoid making unrealistic, unreasonable offers
When negotiating a house price, avoid making offers that don't match the real value of the home. Making offers too low or far from the actual value can make the negotiating process difficult. Think of it like shopping – you wouldn't offer way less than its actual price because that might not lead to a fair deal. Instead, aim for an offer that's reasonable and respects the home's value, so both you and the seller can have a productive experience.
Don't let your emotions get the best of you
When you're talking about the price of a house, it's important not to let your feelings take over. Imagine you're playing a game – you wouldn't want to get too angry or too excited, right? Avoid using harsh words or acting tough, because that can make things tense. Instead, keep things friendly and respectful to make sure both sides are comfortable. Also, try not to show too much excitement or desperation, as that might not help you get the best deal. Keeping your emotions under control can help foster a confident negotiating experience.
Stay Mindful!
Remember that negotiating is your gateway to finding the right price that suits your budget. Don't rush – take your time to research, plan your budget, and build a good relationship with the seller. When you talk about the price, use both logic and patience. This is your chance to get a great deal. Your dream home and the right price are close, waiting for your skillful touch. Happy negotiating!
Are you on the hunt for the ultimate value for your future home? Let your worries fade away because PropertyScout is your partner in turning your dream home into an unforgettable reality!
In this modern era of urban living, both condominiums and houses are overseen by legal entities to ensure shared properties remain in optimal condition and operational. To uphold the collective advantages enjoyed by all owners, there are costs linked to the maintenance of these shared assets. These encompass security fees, water and electricity charges, the upkeeping of common areas, tending to gardens, access to clubhouses, use of pool facilities, waste management, administrative fees, and all indispensable costs tied to communal spaces.
Every resident bears the responsibility of contributing to these expenditures monthly, often assessed annually based on the proportions of their individual living spaces. Shifting our focus to the term 'debt-free certificate,' it's conceivable that many individuals might not yet be acquainted with this concept or grasp its significance. What precisely is a debt-free certificate? What sort of information does it encompass? Let's embark on an exploration to uncover the core of this document, as it bears immense relevance for both property vendors and purchasers within the realm of residential real estate.
What is a Debt-Free Certificate? Are they necessary for house and condo sales?
A Debt-Free Certificate is a paper that states the fees for shared common spaces where we live in condos or housing communities. If you don't have this paper, you can't switch property ownership at the Land Department. In simpler words, it's important when you want to change property ownership.
For houses in communities without a legal group and no shared costs, this paper might not be needed. But people buying or selling homes should check before they go to the Land Department, so they don't waste time on ownership appointments. But remember, for all condo projects, you always need a Debt-Free Certificate.
Debt-Free Certificate Example
Who should request for a debt-free certificate?
The seller must request for a debt-free certificate document at the juristic office to pay for relevant fees. The seller can have someone else request for the certificate in their place, but they will need a power of attorney letter and a copy of their ID card.
Required Documents in requesting for a Debt-Free Certificate
Seller and buyer's copy of house registration booklet.
Seller and buyer's copy of ID card.
Copy of title deed (front and back).
Sales contract.
Proof of name/surname change (if applicable).
Power of Attorney document (in case of not requesting personally).
Authorized person's copy of ID card (in case of not requesting personally).
How long does it take to request for a Debt-Free Certificate?
After the request, the juristic office will take 7-15 business days to process (depends on juristic office's regulations). Sellers need to be aware of these timelines and plan ahead.
The debt-free certificate is important for transactions and is valid for no less than 7-15 days (depends on juristic office's regulations) from the date on the document. Without this document, property rights transfer cannot proceed at the Land Department.
What makes a Debt-Free Certificate Important?
It's important to know that if someone doesn't pay their common area fees, there will be fines set by the condominium committee. This means there are cases where people might avoid paying. Without rules in place, even if they announce they'll charge interest, those who don't want to pay might still not do so. Each housing project might find ways to manage this, like not allowing parking stickers or access for these individuals, but these measures can be tough to enforce.
That's why the debt-free certificate is important, as it reminds everyone of their duty to pay these fees. If you neglect these payments, it can make selling our property difficult. In the worst case, you might not be able to transfer ownership.
Additionally, if you keep missing these fees, besides facing extra charges, it could result in legal trouble. When you want to sell, the juristic office might refuse to issue a debt-free certificate, and Land Department officials can prevent property transfer due to these unpaid fees.
Fines and penalties for missing common area fees
Condos
12-20% fine plus interest rate.
No voting rights in meetings.
Inability to transfer ownership.
Subject to legal action for debt collection.
Houses
10-15% fine plus interest rate.
Possibly revoked of common area and shared facility access.
May face restrictions on property rights registration or transactions related to the project, including sales.
May be sued for debt collection.
Stay Informed!
If you're thinking about buying a used home, it's important to have a look at the debt-free certificate. This paper helps you check if the home's owner paid all their bills and debts. If you already paid or reserved the home, you need to make sure you can get the home without any problems because of unpaid bills. If you don't check this, things could get complicated. So, it's a smart idea to look into everything well before you decide to buy a home.
Interested in buying beautiful homes or condos with PropertyScout, complete with debt-free certificates? Click the links below and put your worries to rest!
Investing in real estate is often seen as a safe way to invest your money. Property prices usually go up over time, especially in places like Bangkok city, suburbs, and growing provinces. Because of this, more people are moving in, especially to 'condominiums' placed conveniently near public transportation. These places also have nice shared areas that fit different lifestyles. So, these properties are really wanted by buyers and are easier to rent out than before.
The Two types of Condo Rentals
First thing you need to know are the two types of condo rentals, short and long-term rentals.
Monthly Rentals
Renting for 30 days or more, such as monthly condo rentals, is usually worry-free. Condo regulations and hotel laws state that monthly service charges enable legal, hassle-free leasing.
Daily Rentals
For short-term rentals, such as daily or weekly stays, commonly arranged through major international platforms, it's important to note that this practice might actually be against the law. Engaging in such rentals could result in penalties, fines, or even legal actions against both room owners and property developers.
What makes Short-term Rentals Illegal?
Condominiums are for people to live in, not for renting out as a business like hotels. The Hotel Act of 2004 says a 'hotel' is a place meant to offer temporary stays to travelers or others for money.
So, renting condos like hotels is against the law. This can lead to punishments, such as up to 1 year in jail, fines up to 20,000 Baht, or both. Also, if you keep not following the condo rules, you might get a daily fine of 10,000 Baht. Not following the rules can bring big problems.
What to do if you wish to rent out as a Daily rental?
While daily rentals is a huge risk, that doesn't necessarily mean daily rentals aren't always illegal. The following are the terms and conditions for daily rentals.
Daily rentals terms and conditions
If in a single building or unit there are not more than 4 rooms or a total of 20 residents, and the project owner has informed the local authority about the intention to generate extra income, then it's possible to rent out. According to the Ministry of Interior regulations for hotel business types and criteria, it's stated that places with not more than four rooms in the same or different buildings, and accommodating a total of not more than twenty people, can provide temporary lodging services for travelers or individuals in exchange for compensation.
This means that if the project notifies the local authority about generating extra income and informs residents that it's allowed, then within one building, up to four rooms can be rented out, accommodating up to twenty people. Also, if you own a house or townhouse, you can also rent it out daily. This is like using platforms such as Airbnb as long as the rentals do not exceed four rooms and do not host more than twenty people. As long as these limits are followed, the extra income gained from these rentals is considered legal.
Renting out to Foreigners
Here's something else that landlords might not know: they should inform the authorities about foreign tenants using the 'TM.30' report. If landlords have foreign tenants staying in Thailand for a short time, they should tell the Immigration Bureau or the local police station within a day. This helps them follow the law and also ensures that condo tenants are kept in check, ensuring safety for everyone's lives and property.
We hope this article will be helpful to many who are considering renting out condos. Many new investors might be unsure if they can do it, if it's legal, or how to handle it. To sum it up simply: If you're renting out condos for 30 days or more, it's doable. But if it's short-term rentals, follow condo regulations and remember to notify the authorities about tenants. This ensures peace of mind and safety for both yourself and your renters.
List your property for free without any hassles with PropertyScout, don't hesitate to speak up if you have any further questions!
'Tabien Baan' stands as another residential documentation. It is well-recognized by many due to personal and legal matters. Possessing a 'Tabien Baan' booklet is a must for homeowners, whether they own a house or a condo unit. Today, PropertyScout will be exploring the intricate details of Tabien Baan. These include required documents, fees, and the digital method for those unavailable.
What is Tabien Baan?
In Article 4 of the Population Registration Act B.E. 1991, Tabien Baan shows who lives in a particular house. This includes the house's ID number, the residents' names, and their personal details.
This involves the person's first and last names, ID number, gender, birthdate, and death date (if any). The registration also covers nationality, religion, where they live, parents' names, and more.
Tabien Baan Details
The following are the two parts of details in a house registration booklet
Details about the house
The 11-digit house identification code holds significant information, particularly digits 1 to 4. They denote the registration office based on Thailand's province and district codes. Assigned digits 5-10 by the authorities are houses within that registration office. The 11th digit confirms the accuracy of the entire house identification number.
The registration office specifies the local name. This corresponds with the first 4 digits of the house identification code.
The address details such as the official representation of a house's location. These include including house number, village, street, sub-district, district, and province. In most cases, these details help fill out address information on various documents.
Village name (housing project or village name).
House name (housing project or village name).
Type of house or condo.
Characteristics of house or condo.
Date of house number assignment.
Details about the residents
There are personal details about each resident in the Tabien Baan. These include name and surname, parents' names, ID number, birthdate. Also included are historical address movement and more. Note that the names listed within the house registration include two statuses. These statuses are "householder" and "resident."
Householder
"Householder" refers to who owns the house as a whole. As per the Population Registration Act B.E. 1991, the householder has to report to the registrar if needed. They can also assign this task to others:
Birth Certificate for when a child is born and their name. The householder must add the child's name must to the household registration. The householder must notify the local registrar within 15 days (from the date of birth).
Death Certificate for a resident's death. The householder must notify the local registrar within 24 hours ( from the time of death). The householder must also report within 24 hours of discovery of the death.
House transfer notification for when individuals move in or out. The householder must to inform the local registrar within 15 days (from the day of moving in or out of the house).
House Number Request for New Construction Notification. This is for a demolition of the existing house and construction for a new one. The householder must inform the local registrar within 15 days of house completion. Then, the householder can request for a house number.
Residents
Residents are individuals listed in the house registration. Regardless of which specific house they, it is their mhouseence. Each person can get registered in only one house, even if there amanyple houses or condos. Also, not every house needs to have registered residents (for those with many houses or condos).
The Required Documents in Requesting for a Tabien Baan
"House Information Notification Form," known as Tor Ror.9 form. The local administrative unit, Village Head or Sub-district Chief, gives out the form.
Building permit or construction certificate, which relates to construction rules. A property purchase agreement could be necessary.
Land title deed or ownership document indicating land possession.
ID card of the house owner, applicant, or authorized representative.
Power of attorney, if the house owner cannot apply for house registration and needs someone else to do so. They will need an ID card, a copy owner's Tabien Baan, and signed copies in each important document set. The power of attorney document should have two witnesses who sign their acknowledgment.
Photographs of the completed construction from four sides. These include the front, back, left, and right of the structure.
How to request for a Tabien Baan
In-Person Application
Submit the required documents at the registration office. In Bangkok, you can submit at the district office's registration division. In other provinces, submit at the registration section under the district office.
Following the submission, the registrar verifies the provided documentation. Once done, you get the house number and the Tabien Baan along with its copy.
The issued documents are then delivered to the applicant.
The process also involves registering individuals who are moving into the house.
*In case of loss or damage to existing Tabien Baan, a fee of 20 baht is applicable for reissuing the registration. For more information, contact the Department of Provincial Administration's registration management office. You can also call 1548.
Online Application
For convenience, you can also do Tabien Baan registration online.
Download the DOPA application via the App Store for iOS and the Play Store for Android.
Bring your ID card to submit in person. Submit at local registrar's office, or as specified by the central registrar director. This is to verify your identity through fingerprint and facial recognition. This is also to receive a Password (PIN) for app usage.
The registering officer will verify documents and information before checking the app and selecting services.
Is the Owner's Name Necessary in the Tabien Baan?
For condominium units, it is optional to include the owner's name. But, having the owner's name on the Tabien Baan is easier for government agency transactions. Also, it benefits those who intend to sell the property. They can get exempted from specific business tax by 3.3% of the assessed value. This is as long as the owner's name has been on the Tabien Baan for over a year.
Is Condominium Registration Different from General Tabien Baan?
There is no difference between the two. Only difference the is details of the condominium registration. There is a specification of the residential address type. The classification is 'Condominium building.'
What to do in case of a house registration loss?
If you lose the Tabien Baan, you can request with the necessary documents:
The Required Documents
Homeowner's ID Card.
If you assign someone else on your behalf, you need the ID cards of the delegator and delegate. You also need a letter of authorization. The renewal fee for issuing a new copy is 20 Baht per copy.
Closing Comments
We hope that this article has provided value to all readers, regardless of the extent. Tabien Baan demands careful preservation for our security and well-being. For those uncertain, having this information ready will prepare you for registration. Furthermore, for added convenience, online platforms are accessible for service usage. Stay connected, as our team plans to share more helpful insights in the times ahead. Keep watch for upcoming updates!
For an excellent selection of houses or condos available both for sale and rent, along with amazing customer service as well as tips and suggestions, click the links below to get in touch with us today!
When it comes to fulfilling the dream of owning a home, purchasing a second-hand house has become a popular choice. Whether it's for personal residence, investment purposes, or potential profit through resale or renting, many people consider second-hand properties as an attractive option. However, amidst the excitement of finding the perfect house, the crucial question remains: "What is the best approach to buying a second-hand home to avoid future complications?" Should you directly negotiate with homeowners, explore government property auctions, or consider bank-owned properties? In this article, we will explore the advantages and disadvantages of each avenue, helping you make an informed decision for a smooth and hassle-free house-hunting journey.
Buying from the previous owner directly
Directly buying a second-hand house or condo from the previous owner is one of the most common methods of securing a second-hand property both for residential AND investment purposes.
Benefits
Save on costs compared to buying through an agent as there are no agent fees involved.
Direct negotiation is possible since the seller has full decision-making authority as the homeowner.
Agreement on transfer expenses is negotiable. Buyers can directly discuss responsibilities for fees incurred during the transfer.
Joint responsibility for transfer fees can be split equally or assigned to the buyer or seller, based on mutual agreement, making negotiations straightforward and swift.
Purchasing directly from the homeowner ensures the seller's willingness to sell, avoiding the lengthy process of dealing with reluctant sellers and potential legal disputes.
The process is less complicated, dependent on the agreement between the buyer and seller, involving fewer intermediaries, resulting in a smoother transaction.
Drawbacks
Sometimes, house prices may be higher due to added value from renovations, beautiful decorations, or being ready to move in.
Issues may arise when both parties have their own contract preferences, leading to discrepancies that may delay negotiations, as each side aims for maximum benefits.
Selecting a house without thoroughly reviewing the contract can lead to problems during the property transfer process.
Bidding a House from the Department of Legal Execution
"Auctioning Houses from the Department of Legal Execution", commonly known as "Distressed Property Sales", refers to homes used as collateral for bank loans, but when the borrowers fail to repay, the bank files for legal execution. The court then orders the house to be auctioned through the Department of Legal Execution, allowing interested parties to bid on the property. The proceeds from the auction are used to repay the outstanding debt to the bank.
If you are interested in purchasing such second-hand homes, you need to deposit a guarantee amount based on the appraised value and have a specified timeframe for payment. Once you win the auction, you must settle the payment within 15 days. However, if you are in the process of gathering funds or applying for a loan, you can request an extension for the payment period. Failure to pay the remaining amount within the specified time will result in the forfeiture of your deposit.
Benefits
The price is lower than the market value because the seller wants to settle the debt quickly. Generally, the price is approximately 30%-50% lower than the market value, depending on various factors such as the condition of the house and its location.
Numerous locations to choose from, some better than others or rarer than others.
Drawbacks
There might be turmoil involved, as the previous owner may still be unwilling to move out due to various reasons, such as not having an alternative place to go. This may lead to eviction proceedings being carried out, and at this point, the house remains under the ownership of the previous owner. Any interference with the property during this time would be considered trespassing and illegal.
Sometimes, the property may end up being more expensive than initially intended. This situation often occurs when bidding against the bank in an auction, as they tend to set high starting prices. If you know you are competing with the bank, it's better to stop bidding to avoid unnecessary expenses.
If you withdraw your bid and the auction concludes, you will leave empty-handed. You may consider participating in another auction or exploring other property listings instead.
Non-Performing Assets (NPA)
NPA stands for "Non-Performing Assets," which refers to properties that banks repurchase through auction from assets taken by the Department of Legal Execution for distressed property sales.
Benefits
NPA properties are often located in densely populated areas, making them suitable for investment or residential purposes. They are close to various amenities and conveniences. Alternatively, those seeking to buy in more remote areas away from the city center can also consider NPA properties.
The price of NPA properties is favorable because, in the present, central city locations have considerably higher land and property prices, making them difficult to afford. However, NPA properties are typically 10-15% cheaper than regular properties in the market. Moreover, they come with clear ownership rights, making them an attractive option for buyers.
Safe and worry-free! No need to fear fraud, as these properties come with legitimate and clear ownership titles, ensuring their safety and authenticity.
Highly worthwhile for investment, whether it's for renovating and reselling the property or starting a business in the same area, it is well-suited for both purposes.
Drawbacks
It is essential to thoroughly study the loan conditions because some banks may have terms stating that they will not refund the bidding deposit or earnest money if the loan application is not approved.
Buying through an Agent
When buying a house, it may be worth considering professional real estate agents. Sometimes, we refer to them as "agents." Each agent has similar core responsibilities, but the level of service may vary. A good agent acts as a coordinator, easing the complexities of negotiations between the seller and the buyer.
Benefits
Guidance and support throughout the entire process.
Increases the chances of finding a home that matches your preferences.
Enhances opportunities to purchase a house at a favorable price.
Facilitates a smoother buying experience.
Saves time as you won't have to search for houses on your own.
Eliminates the need to pay agent fees until a purchase agreement is reached.
Drawbacks
It is essential to verify that the agent you are using for the service is trustworthy.
Some agents may add a premium to the market price. Therefore, it's essential to verify the market price to ensure clarity.
Second hand house selection tips
Inspect the house before making your decision
In today's era, finding a second-hand house that suits your preferences has become more convenient. Buyers can explore online channels, such as various property listing websites, instead of physically searching for houses in the desired location. However, even with detailed house descriptions and clear images available on these websites, it is crucial to visit and inspect the property and its surroundings before making a decision.
This step of physically visiting the property is indispensable when purchasing a second-hand house. It helps us understand if the house is currently occupied or if there are any potential trespassers or tenants. Sometimes, the seller might claim that the house is unoccupied and ready for immediate transfer, but upon inspection, one might discover otherwise – finding tenants or squatters.
If such a situation arises, it is essential to seek clarification from the seller or owner regarding the status of the trespassers or tenants and when their contracts will end. This ensures that there won't be any issues when moving into the house after the property is transferred.
Therefore, the step of visiting and inspecting the property before finalizing the purchase is crucial and should not be overlooked. Additionally, conducting a thorough structural inspection is equally significant in the process of buying a second-hand house. It helps ensure that the house is in good condition and free from any potential problems.
Verify the Title Deed's Validity
Another crucial step in buying a second-hand house is verifying the validity of the title deed, which buyers should not overlook. The title deed provided by the seller may contain inaccurate or forged information, such as being free of encumbrances despite being mortgaged by the bank, being a fake deed, or being under seizure.
Moreover, checking the title deed helps us understand the details of the property's rightful owner. This ensures that the seller is the true owner and not posing as one, as sometimes the seller may not be the actual owner or falsely claim to be, leading to potential damages for the buyer, such as losing the deposit money due to fraud.
Therefore, in the process of buying a second-hand house, verifying the authenticity of the title deed is crucial. This can be done by taking the deed to the land office or through a simple method of getting a property valuation.
This method not only ensures the validity of the title deed but also provides valuable information on the property's market value. It can be used as a reference for negotiating the price with the seller if the selling price exceeds the assessed value.
Finalize the fees and expenses
When buying a house, whether it's a first-hand or second-hand property, there will be various expenses involved, which are crucial final steps in the process, especially for purchasing a second-hand house that often incurs higher costs than a new one.
These expenses include income tax withholding, transfer fees, specific business tax, stamp duty, and other related charges, which when combined, can amount to a significant sum. If the buyer and seller don't have a clear agreement, misunderstandings may arise. For instance, the seller may push the burden of all expenses onto the buyer without them realizing it, or the buyer might assume that the seller will cover all the costs.
Such misunderstandings can lead to disputes and conflicts later on. Therefore, once the decision to buy the second-hand house is made, it is essential to have a clear understanding and agreement on the various expenses. This includes who will be responsible for paying what, whether they will share the costs equally, and the conditions for deposit payments. It's crucial to document all these agreements in writing within the purchase and sale contract.
So.... Is buying a second-hand house ideal?
Each source of second-hand house sales has its unique advantages and points of concern. PropertyScout recommends that as a buyer, you should utilize the best decision-making power to avoid regrets later on. What matters most is to compare the selling prices within the same location to find a second-hand house that suits both your preferences and budget.
Moreover, it's essential to prepare at least 20% of the house price as savings for the down payment and to carefully compare interest rates for housing loans offered by different banks before making a decision.
Regarding the various purchasing options suggested in this article, it ultimately depends on each individual's discretion. These are mere recommendations to help everyone make informed decisions. You can weigh the pros and cons of each approach to find the most suitable one for you.
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