Avoiding Real Estate Scammers in Thailand

Thailand real estate frauds are common, as many people have experienced it over the years, especially the expatriates. This is because they engage in behaviors they would never in their home country. The nation runs on laws, money, loyalty, prestige, and relationships, which often makes Thailand real estate scams successful.

Most people looking for Thailand real estate for sale don’t understand that Thailand real estate sector is unregulated as there are no strict regulations administering this sector. As a result, investors and property buyers have restricted protection regarding the majority of real estate transactions.

So, as an investor, you have to be careful with whom you are contacting and making business relations with. Here are the tips for avoiding real estate scammers in Thailand.

#1 Determine whether they simply claim to be an agent or work for a real estate agency

You are always advised to work with a real estate agency because the odds of getting scammed by direct owners are higher. Every professional agency has an internet presence, and email address. If not, it is a red flag. Reputed real estate agencies have a good amount of inventory – Thailand condos. Call the agency and ensure that the agent work for them. Research about the agent and agency is essential.

You can visit ThailandFlat if you are looking for Thailand property for rent or sale. The platform acts as a bridge between investors and authentic agents/agencies. They will not market properties whose ownership is in question.     

#2 Hire a Lawyer

You are highly recommended to hire a lawyer when you are looking for Thailand real estate for sale. It will be your responsibility to do the due diligence if you are considering not to hire a lawyer when buying Thailand apartment. Hiring a lawyer will help you determine whether the developer, property owner or the juristic office of the condo is giving you all the vital information or not.  

#3 Never pay upfront without physically viewing the real estate for rent

You should view the rental property before paying any kind of deposit upfront. It doesn’t matter if you are booking a short-term rental or a long one. Unless you are availing the services of a reputed agency, you need to view the rental property physically. Property owners may not give back your deposit if you confront them complaining about the poor condition of the apartment or condo later.

#4 Avoid investing in a mismanaged project

Seeing Thailand real estate industry taking a leap, many new property developers have arrived on the scene. They see property development as a lucrative business opportunity; however, they lack experience. They do not have the expertise to manage real estate projects, so, you may encounter fundamental problems like delays. You never know – today, their business is up and running; tomorrow, they may shut down and disappear. So you have to be careful.    

#5 Language Translations

The developer or property owner may provide you with two contracts – one in Thai and other in English. The possibility of the contents of the two contracts being different is high. You are advised to review both the contracts in front of your lawyer so that he/she can rule out any possibilities of fraud if any.