You have a property in Thailand and you want to sell it.
You’re probably looking for the best way to proceed.
This guide will help you understand the selling process better and we have added some tips to make sure you have a great selling experience.
Listing is the real first step to selling.
You cannot sell anything if nobody knows it is for sale.
So, you have to get your property out there.
It has to be seen.
The more potential buyers see your property, the more chances of it generating interest.
Your goal is to let it get as much interest as possible.
Now, how do you list a property?
1st Step: Listing your Property
What you would want to do first is to find potential buyers, the best way to do this is by creating a Property Listing.
A Property Listing is a record that contains all information about the property you want to sell.
It will then be presented to potential buyers.
Remember that it is very important that all the information about the property is accurate, as any inaccuracy can give the buyer reason to doubt.
It’s always best to have all your property documents with you when creating a Property Listing.
When listing the property, remember that presentation is key.
Make sure your property looks good in person and in pictures.
Use bright & clear property photos.
They will be more visible and attract more attention.
Pictures are the key to grabbing a potential buyer’s attention.
Now that you have the attention of a potential buyer, you want to keep it.
Remember that if ever they decide to view the property and it is not presentable in person, you could risk losing the buyer’s interest.
Always keep your property clean and well-maintained at all times.
2nd Step: Pricing your Property
This is probably the most important factor when it comes to selling property.
Having your property valuated is a good starting point for this step, but we also advise sellers to do an independent evaluation of market prices.
It isn’t a secret that the lower the price relative to the average market value the faster the property will sell.
This is mainly because all buyers are looking for a deal.
Make sure you price your property right, so that potential buyers can easily see the value of your property.
Now that you have set your price, be sure to keep it consistent especially when presenting your property to buyers or other agents.
This is very important because if a buyer sees your property presented at different prices it will immediately raise suspicion and this certainly does not help in selling your property.
3rd Step: Property Access Availability
Now that your property has been listed and attracting interest from buyers, you will have to make sure that your property can be presented when an interest buyer comes knocking.
Again, always keep your property clean & well-maintained as you never really know when a viewing will be schedule but like they say when an opportunity comes knocking you want to be ready.
Coordinate key access to your property with either your representative, agent or even the building receptionist.
The last thing you want is to have an interested buyer ready to view your property and all of a sudden it cannot be accessed.
This is a massive turn off not only to the buyer but also for the agent as well. No one wants to work with timewasters, this is just common courtesy.
Okay, so you have a buyer that finally wants to buy your property.
What should you do now?
Here are the selling procedure steps.
They will serve as a guideline to help keep you ready throughout your selling experience.
1st Step: Booking Reservation
Collect a booking reservation payment.
This amount is considered as an advanced payment and will be included as payment towards the agreed total purchase price.
You will have to issue a receipt and agree on a Contract Signing date and Ownership Transfer Date.
This payment shows the buyer’s intent to buy your property.
In response, you will have to remove your Property Listing from the market.
At this point, you should contact all the agents which you work with to inform them that your property is being withdrawn from the market.
Remember to do this whether your property has been sold or even just booked.
When buyers see a property still in the market that they have already booked, this is a definite red flag and puts the sale at risk.
Anyway, if the sale doesn’t go through you can always put your Property Listing back on the market.
It is just best to keep things secure and respect all parties during a sale.
2nd Step: Prepare the Sales Documents
A Sales and Purchase Agreement Contract will have to be prepared.
We recommend having your lawyer or agent handle this as they will know from experience what would be the best way to ensure you a safe and secure transaction.
You will be asked to prepare supporting documents for the contract.
This may include copies of the Property Title Deed & House Book, Owner’s Identification (Passport or Thai National ID Card), etc...
3rd Step: Contract Signing
After providing all the supporting documents, a Sales & Purchase Agreement Contract will be prepared.
The Sales & Purchase Agreement Contract should be stipulated: the exact property details, the agreed purchase price, the payment schedule, the ownership transfer date, the fees & taxes arising from the ownership transfer registration and any guarantees or warranties.
Verify all of these details are as agreed before you sign.
There will be two (2) copies of Sales & Purchase Agreement Contract.
One will be given to the Buyer and the other you will keep, each for your own reference.
Next, you will have to prepare all documents required for the ownership transfer.
Probably best to have your lawyer or agent assist you with this process.
4th Step: Ownership Transfer & Settlement
The ownership transfer & settlement occurs simultaneously, you will have to hand over the Property Title Deed and the House Book, upon receiving the final payment amount.
Then, the ownership of the property will be transferred in accordance to the contract.
The registration of property rights will be done in the Land Department, you will have to sign the sale of your property to the new buyer.
This can be done in person or you can issue a notarized power of attorney document for your legal representative to execute the sale if you are not in Thailand during the Ownership Transfer Date.