Welcome to the land of pristine beaches, street markets, and delicious food - Thailand! As you embark on your journey, one aspect you'll want to master is transferring money in and out of the country. Fear not, because in this blog post, we're going to break it down for you in simple terms that you can understand. Get ready to make banking in paradise a breeze!

Understanding Transferring Money in and out of Thailand

Bringing money into Thailand is simple provided you have the right documentation. You will need proof of inbound fund transfer from the issuing bank with the specific purpose. Examples of the purpose include funds for long term stay or buying property. You will then receive an FET (Foreign Exchange Transaction) form as a supporting document from the bank.

Read More:

As for transferring money overseas, you will need the following:

• Recipient's account name and number.
• Recipient's bank name and address.
• Currency and amount of money.

If you are a foreigner sending money into your home country, you may need extra paperwork. These include an employer's proof of income letter or a document explaining the source of your funds.

Exchange Control Regulations

Rules and Regulations

The exchange control in Thailand comes from Exchange Control Act (B.E. 2485) Ministerial Regulation No. 13 (B.E. 2497) issued under the Exchange Control Act. These regulations establish the principles of controls. They serve as the foundation for notifications by the Ministry of Finance and directives from Competent Officers.

Administration

The Bank of Thailand (BOT) administers foreign exchange. The governor of the Bank of Thailand must appoint the BOT's officials as the competent officials as per Exchange Control Act (B.E. 2485).

Individuals must conduct all foreign exchange transactions via commercial banks and authorized non-banks. Authorized non-banks must have foreign exchange licenses from the Minister of Finance. These include authorized money changers, transfer agents, and companies. Transactions not conducted through the aforementioned licensees need approval from the Competent Officer on a case-by-case basis.

Currency Regulations

Foreign Currency

You can transfer foreign currencies into Thailand as much as you would like.

Individuals who receive foreign currency from abroad have an important obligation. They must return these funds to Thailand. They can sell the foreign currency to or depositing it into a foreign currency account at an authorized bank. It's crucial to complete this process within 360 days from when they first received the money. Note that this rule doesn't apply to everyone.

Exemptions include the following:

• Foreigners who are temporarily staying in Thailand for three months or less.
• Foreign embassies.
• International Organizations (and their staff with diplomatic privileges and immunities).
• Thai emigrants with permanent residency or overseas employment.

Any individual bringing up to 20,000 USD (or its equivalent) in or out of Thailand must report to a customs officer.

Local Currency

You can bring Thai baht banknotes into the country without any limitations. When traveling to Thailand's neighbors, such as Vietnam, you're permitted to carry up to THB 500,000. For other countries, you can take up to THB 50,000 without needing special authorization.

Thai banks in which you can do International Fund Transfer

• Siam Commercial Bank (SCB)
• Bangkok Bank
• Kasikorn Bank (K Bank)
• Krungsri Bank
• Krungthai Bank (KTB)

Fees vary from bank to bank depending on the following factors:

• Destination country.
• Your type of account (personal banking or business banking).

For More Information

Swift Codes for Thai Banks

For transferring money of Thailand, you will need a SWIFT code if you're doing so via Thai banking apps. SWIFT codes are 8-digit codes for the recipient's bank which ties in with the sort code and account number.

The following are SWIFT codes associated with notable Thai banks:

• Krungthai Bank: KRTHTHBKXXX
• Bangkok Bank: BKKBTHBKXXX
• Siam Commercial Bank (SCB): SICOTHBKXXX
• TMB-Thanachart Bank (TTB): TMBKTHBKXXX
• Kasikorn Bank (KBank): KASITHBKXXX
• United Overseas Bank (UOB): UOVBTHBKXXX
• Krungsri Bank: AYUDTHBKXXX

How to get your THB Transfer marked as International Transfer by the Recipient Bank

Assume the recipient bank is Kasikorn or Bangkok Bank:

1. Set the currency and transfer amount to THB.
2. Fill in the Recipient Details.
3. Choose Kasikorn or Bangkok Bank as the recipient bank.
4. Fill in the account number.
5. When you get to the transfer purpose, select Funds for long-term stay in Thailand or Purchase of Property.
6. Review the transfer details and confirm the transfer.
7. Select the pay-in method and pay the transfer.

Transferring money into Thailand through WISE

To transfer money into Thailand through Wise, here's what you will need:

1. Sign up online via the Wise app for free using a Facebook or Google account, or an email address.
2. Once you pick how much money you would like to transfer, you will then get a display of upfront fees and the estimated money arrival timeframe.
3. Next up, fill in the details of your recipient's bank account.
4. For certain currencies or large transfers, there may be an extra step involving identity confirmation. In that case, you will need a photo of your ID.
5. Send the money through a bank transfer, or a credit/debit card, and you're done!

Once you transfer the money, the recipient will get notifications on the estimated money arrival date. You will also be able to track the progress through your account.

For More Information:

Bottom Line

Whether you're a traveler or you're managing cross-border finances, the takeaways are clear. Understand the rules, work with authorized banks, and stay informed. With these insights, banking in paradise becomes a breeze. So, go ahead and embark on your financial journey with confidence. Let your money flow in this enchanting corner of the world. Cheers to hassle-free international banking in Thailand!

Welcome, expats and abroad students alike! Click the links below to make your next move with us today!

In Thailand's real estate market, a revolution goes by the name of "Proptech." Picture a world where technology merges with the world of property. This makes buying, selling, and managing real estate as easy as a few taps on your smartphone. In this blog post, we'll explore how Proptech reshaping the way people find, own, and enjoy their homes. So, get ready to dive into the future of real estate, where innovation meets convenience!

What is Proptech?

Proptech is a portmanteau of Property and Technology. This involves using data and technology to make real estate work better. It helps with keeping track of customers, managing leads, and handling property listings. The use of technology also made the real estate business easier and faster.

But it's not only for real estate brokers or companies. Sellers, agents, and property managers can also use proptech. It helps them access and take care of their properties with greater efficiency.

For instance, there are apps and tools that help manage customers. They let you see what customers want and share that information with your team or manage it yourself. This helps you respond to customers in time and increases your chances of making sales.

Innovative Examples in Proptech

Big Data

Big data is changing the real estate world. It collects information from different places and uses it. This helps businesses plan to give customers what they want. Assume there are people searching for houses on a website. You can see who they are, what they like, and which pages they visit the most. You can use this info to update and improve the website over time.

IoT

The Internet of Things (IoT) links everything to the internet. It lets us manage and check devices from anywhere, at any time. For instance, you can use a phone app to switch your air conditioner on or off or keep an eye on your home appliances. Today, lots of companies create apps adding convenience to customers. Such convenience offered from these apps include door locking and light switching. Another example is the option for customers to communicate with caretakers 24/7.

Machine Learning

Machine learning is where AI learns and looks at types of data. There are systems from Meta (Facebook), that can look for people, animals, or items in pictures. This tech can see if there's furniture, appliances, or other stuff in property photos. It makes it faster for real estate agents to list what's in a house or condo they want to sell.

Blockchain

Blockchain isn't only about cryptocurrencies, it takes real estate to a new level. With smart contracts, agreements buying, selling, or renting become quick, safe, and easy. This lowers the chances of fraud or mistakes when dealing with contracts.

How is Proptech Beneficial in Real Estate?

Data for Informed Decision-Making

Proptech help agents, brokers, firms, and property companies in gathering and analyzing data. This allows users to study market trends, understand buyers, and analyze competitor strategies. All the collected data saves users the time and effort of manual data search and collection.

Accessible Data

Cloud databases help real estate professionals like agents, brokers, and property companies. They can save customer data for later analysis and creating new services. They can also keep documents on cloud servers accessible from anywhere online. This makes it easy to check transactions for accuracy and status. Plus, it cuts document storage costs while making work flexible and convenient.

Higher Chances of Closing Sales

Many real estate businesses now embrace proptech by developing websites and apps. They post online, making it easier for customers to find properties they love. Some also offer 3D virtual tours using VR technology. This allows customers to explore properties in detail without actually being present. This provides an impressive experience and boosts the chances of closing sales.

Effective Customer Communication

Proptech makes communication with customers fast and smooth throughout the process. Real estate agents or staff will know when customers reach out through apps and chatbots. Customers receive initial explanations about their questions. Should there be specific inquiries, this is where the related staff comes in.

Bottom Line

With Proptech, the real estate market becomes more accessible and efficient than ever. From helping buyers to agents, Proptech is the key to the future for all players in the real estate game. As Thailand embraces the digital revolution, it's an exciting time to be part of this industry.

Your next move lies in your fingertips, feel free to put your hand up if you have any inquiries! Our property consultant team will be very happy to assist you.

In real estate, besides knowing projects, there's more – land and title deeds. It's not only what's written inside, but also the colors used that matter. You might wonder: Why do the Garuda emblems come in different colors?

Well, today, PropertyScout is going to help you color-code these documents. What's in it? Let's dive in and find out!

The Biggest Questions

Before we explore the colors on land title deeds, let's understand what they are all about. Find out what this is, how important it is when buying or selling property today, and how having one can be helpful. Let's begin!

What they are

A land title deed is an official paper that proves you own a piece of land. The government gives it out, and it has a special symbol on it. This paper follows today's land laws and might show a map, special notes, and approvals for using the land. Even if the paper follows old laws, the owner still owns the land.

When you have full ownership, you can control the land, sell it, or stop unauthorized usage.

Characteristics

When we want to figure out which paper is a land title, it's not only about written content and usage. Its basic characteristics matter too. So, let's see what every land title paper should have.

• Size: 24 X 36 cm.
• The paper is yellowish in color and has a unique pattern.
• There's a signature and an official stamp from an officer.
• The backside has the land ownership history & an official's signature.
• When you shine a light on the title, you'll see the official emblem surrounded by a circle. It says "Department of Land, Ministry of Thailand."

Why this Matters

The next question is why the Land Title Deed Matters. This paper helps us keep our benefits and rights to the land we own safe. It also tells us who the real owner is. Knowing the owner is super useful, especially when you're buying or selling. It's not about the land; it's also about any buildings or stuff on it.

The Benefits

• Shows proof of legal land ownership along with proof of identity verification.
• Solidified proof of ownership for landowners.
• Used as evidence to establish rights, both for government and private purposes.
• Provides location details, boundaries, and individual plot sizes.
• Prevents issues of unauthorized land expansion (reserved zones, conservation areas, and public lands in particular).
• Used as evidence to resolve disputes, disagreements, or claims over land rights.
• Serves as proof of assets or collateral for loan applications.
• Serves as collateral for guaranteeing loans.
• Provides a stable economic foundation, leading to reduced production costs.
• Fosters a sense of attachment and concern for one's land, motivating improvement and development efforts for maximum benefits.
• Checking land papers for land with title deeds is quick and helpful for selling, transferring, or paying for land, except inheritance.
• Doing legal stuff with land that has title deeds or use certificates.
• For legalities like buying, swapping, mortgaging, or selling with special conditions, you need the deed to register with the land office where the land is.
• For legal things with land that has use certificates (like Nor. Sor. 3, Nor. Sor. 3 Gor, Nor. Sor. 3 Kor), you need to register at the district land office where the land is. This follows the law, unless the district officer's power for registration and legal stuff gets canceled. Then, you must register at the land office where the land is.

What to be Aware of

While these important documents help show land ownership and protect benefits, rules exist. If you keep a land title for over 10 years, or a use certificate for 5 years, the land might become government property. If someone uses your land without an agreement for over 10 years, they could gain rights to it too.

Types of Land Title Deeds

Now, let's talk about the different kinds of land titles. It's not only one or two types, but a bunch of them. There are different types and even colors for distinction. Here's how we can break them down:

Red Garuda Deeds

Red Garuda Deeds, or Nor. Sor. 4 (นส.4 ), are all about direct owner sales. They have a clear photo of the land from the sky. With this title, owners can do things on their own, like buying, selling, transferring, and more. It's super valuable because of the rights it offers.

We can tell its age by the last letter in its code. If it's "ก" (ghor), it's the oldest. The new one ends with "จ" (jhor), like "น.ส.4 จ." (Nor. Sor. 4. Jhor.).

For this title, if you do a transaction, you need to register it at the local land office. If not, the deal doesn't count.

Age of Title: 10 years

Nature of Ownership: Buying, selling, transferring at ease.

Caution: If someone occupies the land for 10+ years, without concealment, they might gain rights to the land after a 10-year period.

Green Garuda Deeds

Green Garuda Deeds, also known as Nor. Sor. 3 Gor (น.ส.3 ก), are certificates of use. They signify that this document demonstrates the ownership rights over the land for beneficial purposes. It includes a clear aerial photograph, similar to Nor. Sor. 4 or Red Title Deeds. The main difference between the red and green versions is that while the red title allows leaving the land vacant, the green title requires using the land for beneficial purposes.

With Nor. Sor. 3 Gor, you can buy, sell, transfer, and mortgage, including with banks. Once the land gets surveyed, owners can request this title without waiting for the 30-day public announcement. It certifies ownership rights but not full ownership.

The transfer document comes in three forms: Nor. Sor. 3 (น.ส. 3), Nor. Sor. 3 Gor (น.ส. 3 ก), and Form No. 3 (which is no longer issued).

These types of titles are not actual land titles until you submit them to the land office.

Age of Title: Unspecified

Nature of Ownership: Can possess for beneficial use without full ownership rights and you can buy, sell, and mortgage without requiring public announcement.

Caution: May get claimed by others if possessed for over 1 year.

Notes

Property owners can ask to switch their rights document to a Nor. Sor. 4 title. This involves submitting a request at the local land office, and it won't cost anything. Once the boundaries are verified, you can get the title without waiting for 30 days. Later on, Red and Green Title Deeds will be given out, and the Green ones will be canceled.

Black Garuda Deeds

Black Garuda Deeds, also known as Nor. Sor. 3 or Nor. Sor. 3 Kor (น.ส. 3/น.ส. 3 ข), are quite like Dark Red Title Deeds or Nor. Sor. 3 Kor. But, the main difference is that these titles don't include clear aerial photos. Instead, they only provide a basic outline of the land's shape, size, and boundaries. The map they include might not be very accurate due to the materials available in that area.

Like the other types, you can use Black Garuda Deeds to apply for a land title. But here's the catch: you'll need land surveyors to assess the land and put up notices about it for 30 days. If nobody contests your ownership at that time, you can move ahead with the application. Once you get the title, you can use it for buying, selling, and even mortgaging the land.

These types of titles are not actual land titles until you submit them to the land office.

Age of Title: Unspecified

Nature of Ownership: Owning without ownership rights. You can buy, sell, and mortgage without the need for public announcement.

Caution: May get claimed by others if possessed for over 1 year.

Differences between Nor Sor 3 Gor (Green Garuda) and Nor Sor 3 (Black Garuda):

Blue/Red Garuda Deeds

Blue-Red Garuda Title Deeds, also called Nor. Sor. Kor 4-01 (ส.ป.ก.4-01), are papers that let people farm in a specific area. But, only farmers can have this title. People with this title can't say they own the land, can't get land papers, and can't buy or sell land. They can't let other people have the rights. This is unless they want to pass it down to their family when they're not around anymore. And that family can only use it for farming.

These papers are from the Land Reform for Agriculture Office (LRAO). This is to help people do farming in that area only.

*State-owned land titles that grant rights to the public for agricultural activities.

Age of Title: Unspecified due to inability to contest ownership.

Nature of Ownership: Granted rights include leasing, lease-purchasing, long-term renting, and agricultural use. Owners can transfer, divide, and pass down these rights as inheritance. Forbidden are selling, mortgaging, and utilizing the land for purposes other than agriculture.

Caution: Be sure to distinguish between the Blue-Red Garuda Title Deeds (Nor. Sor. Kor 4-01) and Nor. Sor. 4 title documents.

Differences between Blue-Red Garuda Title Deeds (Nor. Sor. Kor 4-01) and Nor. Sor. 4 title documents

Differences between the four types of Title Deeds

Closing Comments

Land titles are not only for ownership but also exist in different types. These include emblem colors and names. From Red Garuda for public use to Blue Garuda for agriculture, each type has unique features. The distinctions go further, varying in how to request and their purpose.

Before buying land, think about its type, purpose, and protections against conflicts. Also consider legal matters, and finances. It ensures proper property transactions. We hope this post helped. More articles to come. If you find interesting topics, PropertyScout will provide information. Goodbye and see you next time!

You may also be interested in....

Looking to rent, buy, sell, or invest in real estate? Get in touch with us!

Step into the world of Thailand’s history, where each plot of land tells a story that spans centuries. From Rai to Ngan and Wa, units of area measurement have seen the nation’s evolution. Join us as we uncover the units’ origins, its role in shaping Thailand, and its cultural importance. This blog post takes you to the heart of Thailand’s heritage. Let’s discover the history that shaped Thailand’s area measurement.

History of Thailand's Area Measurement

Thailand adopted the metric system on December 17th, 1923. A metric system is a measurement system that replaces the decimal system based on the meter.

Before metrication, Thailand used anthropic units for their traditional measurement system. Some of these are still in use. But, they follow the International System of Units (SI, Système International)/metric measurements. When the Royal Thai Survey Department conducted a cadastral survey in 1896, Director R.W. Giblin F.R.G.S. had this to say:

“”It so happens that 40 meters or 4,000 centimeters are equal to one sen,”.

Thus, surveyors plotted, drew, and printed all cadastral plans in a 1:4000 scale.

Rai, Square Wa, and Ngan are the three primary measurement units for area and space used in Thailand.

Rai

Rai (ไร่, pronounced [râi]) is a unit of area measurement in Thailand. 1 Rai is equal to 1,600 square meters in metric measurement. The current size derives from the meter unit, but isn’t part of nor recognized by the modern metric system , the International System (SI). Rai is 1 square sen (40m X 40m). Rai can also divide into four ngan or 400 square wa.

1 Rai = 4 ngan = 400 square wa = 1,600 square meters.

The word Rai in general also means farms.

Ngan

Ngan (งาน, pronounced [ŋāːn]) is a unit of area measurement in Thailand. 1 Ngan is equal to 400 square meters. The size derives from the meter unit, but isn’t part of nor recognized by the modern metric system , the International System (SI). Ngan is 1/4 rai, or 100 square wa, which is nearly 1/10 of an acre.

Ngan is also spelled as Ngaan due to different romanization of the Thai Language.

The word Ngan in general also means work.

Wa

Wa (วา, pronounced  [wāː]) is a unit of area measurement in Thailand. 1 Wa is equal to 4 square meters. The 1833 Siamese-American Treaty stated:

“The Siamese fathom…being computed to contain 78 English or American inches, corresponding to 96 Siamese inches.”

Back then, the equivalent to wa would be a modern 1.981 meters. Following the 1923 metric system conversion, wa derived from two meters. But, the unit isn’t part of nor recognized by the modern metric system , the International System (SI).

Wa is also a colloquialism for Square Wa, the latter of which abbreviates as “ตร.ว.”. Wa abbreviates in Thai as “ว.”

Wa, due to different romanization of the Thai Language, is also spelled as Wah or Waa.

Wa, as a verb, is the act of outstretching one’s arms to both sides.

1 Rai is equal to 4 Ngan. 1 Ngan is 100 Square Wa. That means 1 Rai is equal to 400 Square Wa.

Basic Rai Equivalents to Common Western Measurement Units

1 Rai is equal to 1,600 square meters.

1 Rai is equal to 0.395369 Acres.

1 Rai is equal to 1913.5840740817 Yards.

Example Conversion: Rai to Square Wa

Let's say a plot of land measures 2 rai in size.

Multiply 2 by 400, which results in 800.

2 X 400 = 800 Square Wa

This means 2 rai is equal to 800 Square Wa.

*To convert 800 square wa to square meters, multiply 800 by 4 to get the square meter equivalent.

800 X 4 = 3,200 square meters

So, 800 square wa is equal to 3,200 square meters.

Example Conversion: Square Wa to Rai

Let's say you see a plot of land that measures 700 square wa in size.

In this case, do the reverse. Divide 700 by 400, which results in 1.75.

700 ÷ 400 = 1.75 rai

This means 700 square wa is equal to 1.75 rai.

*To convert 1.75 rai to square meters, multiply 1.75 by 1,600 to get the square meter equivalent.

1.75 X 1,600 = 2,800 square meters

So, 1.75 rai is equal to 2,800 square meters.

Example Conversion: Rai to Ngan

Let's say a plot of land measures 4 rai in size. 1 rai is equal to 4 ngan.

Multiply 4 by 4, which equals 16.

4 X 4 = 16 Ngan

This means 4 rai is equal to 4 ngan.

*To convert 4 ngan to square meters, multiply 4 by 400 to get the square meter equivalent.

4 X 400 = 1,600 square meters

So, 4 ngan is equal to 1,600 square meters.

Example Conversion: Ngan to Rai

Let's say you see a plot of land that measures 48 Ngan in size.

Do the reverse by dividing 48 by 4, which results in 12.

48 ÷ 4 = 12 Rai

This means 48 Ngan is equal to 12 Rai.

*To convert 12 rai to square meters, multiply 12 by 1,600 to get the square meter equivalent.

12 X 1,600 = 19,200 square meters

So, 12 rai is equal to 19,200 square meters.

The Formulas

Squares and Rectangles

The easiest way of calculating the area of a quadrilateral is when it's square or a rectangle with 90 degree angles. You can get the area using these two formulas.

Square area = Side X Side or Side Squared

Example

Assuming the land has a length of 20 'wa,' you would get 20 x 20 = 400 square 'wa.' The area of a rectangle = width x length.

Rectangle area = Width X Length

Example

Suppose the land has a width of 15 'wa' and a length of 20 'wa.' Then, you would get 15 x 20 = 300 square 'wa.'

Other Quadrilaterals

In reality, the shape of the area might not always make right angles at every corner. Sometimes it leans left, right, broader at the bottom, or tapers at the top. These variations can result in various types of quadrilaterals. So, you need to use formulas that involve the diagonals and both sides, as follows.

The area of any quadrilateral type 1 = 1/2 x (diagonal x sum of the branches)

Example

Assuming the land has a diagonal of 10 'wa' and each branch has a length of 4.8 'wa'. You would indeed get 1/2 x (10 x (4.8 + 4.8)) = 48 square 'wa.' This results in a rectangular area with a width of 6 'wa' and a length of 8 'wa,' which also equals 48 square 'wa.'

The 'branches' are the lines drawn from the corners to form right angles (90 degrees) with the diagonal. Split the quadrilateral into two triangles and calculate their combined area. But, in cases where there are all four sides of the quadrilateral, you'd need a more complex formula.

Triangles

To calculate the area of a triangle, you need to know the length of the base and the height from the base to the apex. Then, use this formula.

The area of any triangle = 1/2 x base x height

Example

Assuming the land has a base length of 16 'wa' and a height of 12 'wa,' you would indeed get 1/2 x (16 x 12) = 96 square 'wa.

Recommended Apps for Calculation and Conversions

For those wishing not to go through the calculation on their own, there are mobile applications to help you.

Ling

This app makes land measurement a breeze. It comes with the option of pinpointing survey markers on satellite maps within the app. It also provides GPS coordinates for each marker and easy data sharing with others.

Available on:

Land Survey Calculator

This app calculates area based on the selected shape of the land. It also allows you to convert the result into other units within the same app. But, the conversion is available only for international units.

Available on:

Rai Thai Area

This application calculates areas using numerical inputs and converts them into Thai units. It also features a unified measurement unit conversion system. This eliminates the need to specify the source and target units for conversion.

Available on:

Area Measurement Units Demystified!

Today, as we navigate landscapes and transactions, these units’ heritage remains intact. As we close the book on this exploration, remember that rai, ngan, and wa are more than a unit of measurement. It’s a story passed down through the generations.

If you’re looking to invest in or buy land, then you’re in the right place. Check out the links below or get in touch with us today!

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 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

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.

Why Phuket? - Thailand's Tropical Paradise

Overview of the Phuket property market

Essential Knowledge - Decoding Phuket Property Jargon

Types of properties available in Phuket: condos, villas, townhouses, etc.

The difference between freehold and leasehold properties

What is Rai, Ngan and Wa? Thailand's Units of Area Measurement

Phuket Legal - Laws You Need To Know About

The 49% rule for condominiums - Thailand's Foreign Quota

Home Renovation Laws in Thailand

Money, Money, Money - Costs, Financing Options and Currency Considerations

Cost breakdown: purchase price, taxes, and other fees

Financing options in Thailand: local bank mortgages and developer financing

Currency exchange and transfer considerations

Picking the Perfect Phuket Property - Finding Your Dream Home

Working with real estate agents: benefits and things to watch out for

Opening & Closing Deals: Your Phuket Property Journey

Negotiating the price

Owning and Managing A Property in Phuket - Embracing the Phuket Experience

Dealing with homeowner associations and building management

Renting out your property: laws and best practices

Selling Up - The Anatomy of a successful Sale

Preparing your property for sale

Tax implications of selling

Thai Home Toolbox - Additional Resources

Real Estate Dictionary

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

Overview of the Hua Hin property market

Hua Hin Knowledge - Decoding Puzzling Property Terms

Types of properties available in Hua Hin: condos, villas, townhouses, etc.

The difference between freehold and leasehold properties

What is Rai, Ngan and Wa? Thailand's Units of Area Measurement

Hua Hin Legal - Property Laws & Legalities You Need To Know About

The 49% rule for condominiums - Thailand's Foreign Quota

Home Renovation Laws in Thailand

Cash Considerations - Costs, Financing Options and Currency

Cost breakdown: purchase price, taxes, and other fees

Financing options in Thailand: local bank mortgages and developer financing

Currency exchange and transfer considerations

Picking the Perfect Hua Hin Property - Find Your Perfect Property

Working with real estate agents: benefits and things to watch out for

Beaches in Hua Hin- Where to live if you want a sea view

Seal the Deal: Your Hua Hin Property Journey

Negotiating the price

Owning and Managing A Property in Hua Hin - Advice & Help

Dealing with homeowner associations and building management

Renting out your property: laws and best practices

Selling Up - The Anatomy of a successful Sale

Preparing your property for sale

Tax implications of selling

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.

Our Listing:

Check out our review video for more information

The Lofts Ekkamai

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.

Our Listing:

Check out our review video for more information

Supalai Place Sukhumvit 39

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.

Our Listing:

Check out our review video for more information

[embed]https://youtu.be/uq8xt-LK_5w?feature=shared[/embed]

Hyde Sukhumvit 13

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.

Our Listing:

Check out our review video for more information

[embed]https://www.youtube.com/watch?v=iAQIPdGpsY4[/embed]

Edge Sukhumvit 23

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.

Our Listing:

Check out our review video for more information

[embed]https://www.youtube.com/watch?v=G9ddZ_gQUmI[/embed]

Make your next move!

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.

Read More:

Getting a Mortgage in Thailand as a Foreigner

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.

For more information, read these articles:

Closing Comments

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

Buyers, interested in properties for rent or for sale? Check out the links below!

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!