Purchasing a condo in Thailand is popular among foreigners because it is the only property they can register to their name. But the process of purchasing a condo is not so simple and easy. For this, you need expertise of experienced attorneys who will make sure that every legal requirement if followed.
Find the type of property you want to buy. Its price, location and the reason for purchasing it should be determined as well.
Once the property is chosen it is crucial to run a title deed search. As then the collaterals of the unit and whether the condo is part of a foreign or Thai quota will be ensured.
Property’s price, the terms of payment, the date of title deed transfer and the distribution of taxes and fees between the parties will be negotiated.
The purchase agreement is written considering the title deed, mention of collateral, the letter from a juristic person that certifies that the seller pays the common expense and the inventory of the furniture or equipment.
After the seller and the buyer agree on the terms and conditions of the contract, the agreement is signed. A down payment of at least 25% of the purchase price is expected to be given by the buyer. However, the deposit varies.
To have the freehold ownership, one must;
The best way to get guidance on your specific legal issue is to contact a lawyer.