How to Buy a Condominium in Thailand

Buying a Condo is Safe

Buying a condominium unit has become the simplest and easiest alternative for foreigners who want to own a piece of real asset in Thailand. The foreigner can own the condo unit under their own name. Under Thailand law, it is not prohibited for a foreigner to own a condominium building in the country as long as his title therein does not exceed forty-nine percent (49%) of the whole condominium building.

Phuket

Thus, a foreigner may buy one or more condominium units, as long as it does not exceed forty-nine percent (49%) of the total whole of units in the condominium building.

Funds for acquisition of asset must come from abroad

In purchasing the property, the foreigner is required, under the law, to pay for the condominium unit in foreign currency with funds from abroad, and duly recorded as such in a Thai bank as evidenced by a "Foreign transfer Transaction Form," or the Tt3 Form. A Tt3 Form is required to be presented upon registration of the transfer of ownership.

To do this, the foreigner/buyer must: 1) open an inventory with a Thai bank; 2) after occasion an account, the buyer must transfer the funds in foreign currency to a Thai bank account; 3) make sure that there is a written announcement that the hypothesize for the transfer is for purposes of "purchasing a condominium; 4) ask for a Foreign transfer Transaction Form from the bank (Tt3 Form).

Procedure for Purchasing a Condo in Thailand

Step 1 Title search It is very essential for the foreigner desiring to get a condominium unit, or for that matter, a share in the proprietary of a condominium building, to determine whether title thereto is clean. The unit, or the building, and the land over which the condominium stands should not be mortgaged. It is also very imperative that the foreigner/buyer transacts with the legitimate owner of the asset or the duly authorized representative.

Step 2 Sale business agreement A Sale business agreement is the ageement in the middle of the distributor and the foreigner/buyer wherein the condominium unit branch of the sale is transferred from the proprietary of the distributor to that of the buyer for a fixed price agreed upon by both parties after a meeting of the minds in the middle of the two parties.

Step 3 cost The usual custom in Thailand is for the buyer to pay the price in full, in accordance with the Sale Agreement. At this point, proprietary of the asset shall be transferred to the foreigner buyer.

Step 4 Registration of proprietary Upon full cost of the condominium unit, the parties will jaunt to the Land Office to faultless the land title deed transfer.

Thailand condo purchases are most favorite in Bangkok, Phuket or other resort communities. Siam Legal offers a free legal guide for Thailand Real Estate purchases.

How to Buy a Condominium in Thailand