Purchasing Real Estate in Koh Samui: A Comprehensive Guide

Coming to rest on Koh Samui, you should pay attention to the choice of accommodation. Thailand provides many hotels and apartments, but this is not always a good option. Those who have arrived at the resort for a long time will spend considerable money renting a hotel room for a month or two. Selling a house in Koh Samui is one of the most common housing offers.

Thailand provides a huge selection of houses and apartments in a new buildings, but as for their cost, you need to have big finances here. Another thing is secondary real estate with fairly reasonable prices.

To buy houses in Ko Samui for investment is a good and smart decision with which you can get a lot of income, and it is also a huge plus to have your house abroad. After all, at any time of the year, you can go there and not have to spend time and money looking for housing. Plus, it’s perfect for those who work remotely. We will tell you what you need to focus on and how to rent a house step by step in this article.

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How to buy a house on Samui

Buying a house in Koh Samui requires attention and a willingness to face the little hurdles that may come with the whole process, but with this article, you can figure it all out easily.

We note a few nuances when you want to buy a home in Thailand.

Receiving Chanot

A feature of the purchase of real estate by foreigners in Thailand is the receipt of Chanot. Chanot – a document confirming the ownership of the apartment. This is a kind of evidence where the history of previous owners is written, various information about the house (layout, address). The document guarantees real estate ownership, sale, and inheritance.

Who owns the house?

In addition, it is necessary to check who owns the house: Thai or foreign. We recommend making a deal if it is in Thai ownership, as prices will be much lower, and the registration procedure will be simpler. With all this, buying real estate, fixed in the name of a Thai company, is equal to buying a property. A private person will be the owner of the variant in the name of foreign property. In the case of Thai ownership, the owner is a company controlled entirely by a foreign buyer (with proper registration).

Money transfer

You should not miss such an important item as the transfer of money. The requirement states that to fully obtain real estate ownership, it is necessary to transfer funds in foreign currency to purchase a house from abroad and register with a Thai bank. When transferring funds to your name, you must also indicate: “For the purchase of real estate.” Thanks to this, the foreign buyer will receive a house in full ownership.

Foreigners’ restrictions on Thai house ownership

According to the laws of Thailand, there are restrictions on the ownership of Thai housing and land by foreigners. As such, there is no strict ban because, for twenty years, real estate has been purchased in Koh Samui according to a special proven scheme with the help of specialists. The scheme is very simple: since foreigners are not allowed to directly buy and own an apartment, he finds (the company mustn’t have any debts) or opens a Thai company and makes an acquisition in its name. Thus, it turns out the company owns and you own the property.

Procedure for purchasing a housing

The procedure for buying and registering a home is quite simple if you work with competent specialists.

  • The foreign buyer and the seller go to the legal office to sign a contract for the sale of real estate based on mutual consent and common decisions. The seller is obliged to provide originals or copies of the chanot itself, the house book, which indicates information about the apartment and the passport of the apartment. All this is necessary to convince the authenticity of documents.
  • After careful consideration by lawyers, the foreign buyer makes a security deposit and provides a check to the seller. Due to this, the property is considered reserved, which gives the foreign buyer enough time to make the transfer of payment for the house.
  • When the seller confirms the arrival of money from abroad in his account, the foreigner must send a check for the full amount of the property to the law office for completion. Only after that do the lawyers ask the seller for the originals of all documents for the house to re-register the property rights in the Land Department (Land Office).
  • The result of this re-registration is the receipt by the foreign buyer of all documents for housing confirming his property right, namely: a chanot, where the name of the house’s current owner is written. Chanot is a document of Thailand, so it is filled in Thai.

Property in Thailand

On Thailand-Real.Estate website you can find any property in Thailand, compare the prices and choose the houses or apartments that you need.