+66 88 661 5115
  1. Home
  2. How to Purchase a Condominium
Your search results

How to Purchase a Condominium

Posted by Hyun Cao on February 9, 2024
Uncategorized
0

Purchasing a condominium in Thailand involves several steps, especially for foreign buyers. Here is a general guide to help you through the process:

1. Understand the Legal Framework

  • Foreign Ownership: Foreigners can own up to 49% of the total unit space of a condominium building in Thailand.
  • Funds Transfer: The money used for the purchase must be transferred from abroad in foreign currency.

2. Research and Select the Property

  • Location: Consider factors like proximity to amenities, transport links, and future development plans.
  • Budget: Set a budget, including additional costs such as taxes, legal fees, and maintenance fees.
  • Developer Reputation: Check the reputation of the developer and the quality of their previous projects.

3. Engage a Real Estate Agent

  • Local Expertise: An experienced real estate agent can help you find properties that meet your criteria and guide you through the process.
  • Negotiation: They can assist in negotiating the best price and terms.

4. Legal and Financial Preparation

  • Hire a Lawyer: Engage a Thai lawyer who specializes in real estate to review the contract and ensure everything is in order.
  • Due Diligence: The lawyer will conduct due diligence on the property, including title search and verifying that the property is free of encumbrances.
  • Financing: Arrange your financing. Note that getting a mortgage as a foreigner can be challenging in Thailand.

5. Purchase Agreement and Deposit

  • Reservation Agreement: Sign a reservation agreement and pay a deposit (usually around 10% of the purchase price).
  • Sale and Purchase Agreement: Sign the sale and purchase agreement, which should outline all terms, payment schedules, and responsibilities.

6. Fund Transfer

  • Foreign Exchange Transaction Form (FET Form): Transfer the funds from abroad and ensure you receive a Foreign Exchange Transaction Form from the receiving bank in Thailand for amounts over USD 50,000.

7. Final Payment and Transfer of Ownership

  • Final Payment: Pay the remaining balance according to the agreed schedule.
  • Ownership Transfer: Transfer the ownership at the Land Office. Both the buyer and the seller (or their representatives) must be present. The ownership transfer fee and taxes are paid at this stage.

8. Registration and Maintenance

  • Registration: Register your name as the owner with the condominium’s juristic person.
  • Maintenance Fees: Be aware of ongoing maintenance fees for the building’s upkeep.

Tips

  • Exchange Rates: Monitor exchange rates to get the best deal when transferring funds.
  • Inspection: Inspect the property thoroughly before making the final payment.
  • Insurance: Consider getting property insurance for additional protection.

Common Documents Needed

  • Passport (for foreigners)
  • Purchase agreement
  • Proof of funds (Foreign Exchange Transaction Form)
  • Personal Identification and House Registration (for Thai nationals)

Compare Listings