11 useful tips how to buy condo in Phuket
This article has been written for those who are planning to buy condo in Phuket. It is devoted to a very widespread and burning question. How to avoid the major risks while buying new off plan flats on the island?
1. Before deciding to sign a contract of sale or equity agreement with the developer, collect as much information about the company-builder as it is possible. Visit the official site of company, go and take a look at the construction site if you have such opportunities. Talk to workers to find out whether wages are paid in time, if they are on schedule and what kinds of services this firm is engaged at the same time. It is sometimes difficult to get such kind of information, moreover keep in mind that the possibility is great you will need some Thai assistant because we feel pretty sure staffs there do not speak English. Anyway if you are lucky enough to clear these questions, you will avoid huge problems further.
2. Analyze prices. Strongly underestimated price of apartments could say about the company is unreliable, as a reliable and successful company will not sell property for next to nothing.
3. Learn constituent documents of a construction company. Check the company's authorized representative documents, clarify who has rights to negotiate and conclude contracts on behalf of the head of the firm.
4. Ask for certificates evidencing admission to investment works, which give the permit to build up the land. Pay attention to period of validity, as well as to an indication of admission to construct respective selling adjustment facilities.
5. Trustworthy developers always have always building permission. It is important to draw attention to terms of resolution.
6. After that, ask your lawyer to review the design documentation. Also, floor plans must be put on the official website of the company.
7. Then proceed to examine terms and conditions of purchase agreement. It is desirable to look through all the papers at home, so that no one can distract you. It’s perfect to consult with an experienced real estate jurist, because people inexperienced in this field can easily miss most important clauses, which define the entire scope of rights and obligations of the builder.
8. Thus, taking part in the shared construction, it is necessary to check admission to construct the land, and pay attention to the intended purpose, i.e. in the appropriate column should be specified as "to build a residential house at… (location details)".
9. Make sure there is legality of obtaining ownership of the land by the developer or rent in papers. The fact of participation in tenders must be specified in the certificates.
10. If constructions are carried out with the participation of governments, it is a public investment project. Ensure developers have agreements with the authorities.
11. Check warrant of a person who participates on behalf of the company in negotiations with buyers, puts his signature on contracts.
We hope this list of essential points will help you to buy condo in Phuket in an easy and safe way.
Good luck!
