Having come to terms with the fact that they have to adapt to the new normal in light of the COVID-19 pandemic, many foreign investors have been relying on technology to carry out property transactions online. In fact, many of our clients at PropertyinPhuket have been buying their dream homes and ideal investment properties from the comfort of their homes in the last year.
“Is it safe?”, you may wonder. At PropertyinPhuket, we go to great lengths to safeguard your confidential information and exercise transparency so you are well-informed and involved in each and every process.
If you are eager to know how the online property investment process in PropertyinPhuket works, here is a detailed step-by-step guide:
Looking to remotely invest in a property in Phuket? If you would like to invest in one through Blue Horizon Developments, one of Thailand’s most decorated property developers, the first thing you will need to do is to get in touch.
Once we receive your query, one of our highly-qualified, multi-lingual agents, who will be your personal assistant from beginning to end, will schedule a call with you, learn about your needs, wants, and preferences, and devise an investment strategy.
Your agent will shortlist properties around the island that best suit your investment strategy and give you a live tour of the properties using a video call service—such as Zoom or Skype—where they will explain in real-time all the features of the property being viewed and answer any questions you have. Alternatively, your agent may also pre-record property tours and share the video files with you to avoid connectivity issues and poor video call quality. After viewing the videos, you can note down any points you would like to clarify and get on a call with your agent.
If you have your heart set on a property after going on virtual property tours and acquiring all the information you need, inform your agent that you wish to proceed with the property transaction
If and when you’ve settled on a property, the next step is negotiation. We will schedule a video call with you in our office so you can seek clarifications and we can come to an agreement on the best terms and conditions. Topics of discussion will include the unit size, view, price, furniture package, payment schedule, etc…
After negotiation, we will proceed with a Reservation Agreement. The Reservation Agreement is a structure of the Main Agreement and all the terms that were agreed upon will be reflected in it accordingly. From your side, we will need information such a scanned copy of your passport, address, email address, and telephone number. After you receive the Reservation Agreement by email, you will need to sign it and email the scanned copy back to us.
Once the Reservation Agreement is signed by both parties, you will need to proceed with the Reservation Payment which goes directly into the bank account of the developer. You can transfer the money in any foreign currency, which will be automatically converted to Thai Baht by the receiving bank. Once the payment is received by the developer, you will get a receipt as a confirmation.
As a next step, you will receive the Main Contract via email to review. After receiving confirmation that no further changes need to be made, we will send you 3 copies of the Main Contract via courier. You will need to sign the agreements, keep one copy, and send back the rest of the documents via courier.
After signing the contract, you need to start making payments as agreed upon and stated in the payment schedule.
If you choose an off-plan project, you will have a great opportunity to observe the construction progress at any time as each of our construction site is equipped with cameras. You will receive an official construction report on mothly basis by email.
Once the project is complete, you will be invited to inspect your unit. This process will allow you to check every detail before the transfer of ownership. In case any changes need to be made, the developer has 14 days to fix them all. The inspection can be carried out by a third party with your authorization.
The receiving of the Unit Deed is the final step of a property investment. This procees is quite easy in Thailand and can be done even if you are overseas by sending all related documents that need to be signed by the owner via courier or by providing a power of attorney from your side to the third party in Thailand.
That’s all! Once you complete all ten steps, you’ll be the gleaming owner of a stunning condominium or villa in Phuket.
Like to discuss further? Get in touch with us today.