Condominium Purchase
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.
Laws For Foreigners When Buying A Condominium In Thailand
- Money to purchase a condo must be sent from a foreign country in the actual currency. A foreigner needs to show this without which a foreigner cannot register the condo in his name.
- 49% of rooms can be owned by a foreign national.
- The building should be governed by the condominium act.
How To Buy A Condominium In Thailand
1. Research
Find the type of property you want to buy. Its price, location and the reason for purchasing it should be determined as well.
2. Checks
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.
3. Negotiation
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.
4. Buying Agreement
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.
5. Signing the Contract
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.
6. Transfer of the money
To have the freehold ownership, one must;
- Transfer the due amount in foreign currency completely
- Money must come from another country
- Purpose of transfer must be mentioned
- Get a Foreign Exchange Transaction form for transfer
Why work with Us?
- 1. Quick documentation
- 2. English speaking professionals
- 3. Cost-effective services
- 4. All Services under same roof
- 5. Good rapport with the Thai government
Contact Us
+66 84 844 0008
127/79 Pisitkoranee road Patong, Phuket 83150
info@ppplawprop.com
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