Checklist before Buying Condominium in Thailand

Prior to buying a condo in Thailand, you must ensure these;

• 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.

Once you are sure about the aforesaid, to buy a condo you must follow the below mentioned steps;

Step #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.

Step #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.

Step #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.

Step #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.

Step #5: Signing the Contract
After the seller and the buyer agree to 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.

Step #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