Buying a Condo in Thailand
Buying a condo unit in Thailand is a fairly simple process.
Foreign buyers can own a condominium in their own name, freehold; Due to the 1979 Thailand Condominium Act, foreigners can own condominiums anywhere in Thailand 100% outright, as long as the building has not already sold its 49% foreign quota. Each condominium in Thailand when registering with the land department designates 49% of the total floor area of all units for private ownership by a foreign buyer. The buyer and seller can arrange for a written agreement to be put in place for a down payment deposit by the buyer. The down payment amount will vary depending on the project and the terms of the contract. The buyer should also present there passport along with a single signed copy. The buyer can only transfer the purchase amount from overseas and in foreign currency, with the purpose to buy a condominium. The money must come from another country than Thailand.
The purpose of the transfer has to be mentioned: Purchase of a Condominium, the buyer also requires a receipt (Bai Rup Rang in Thai) and a Confirmation Letter of International Funds Transfer (Thor Tor Sam in Thai) from the Thai Bank. The condominium is issued with a title deed and owners may use the title deed as collateral in Thailand. For foreign buyers who have previously purchased a property in Thailand, it is necessary to ensure that the spelling of the buyer’s name in Thai is exactly the same as the name used for previous purchases.
Maintenance fees are relatively lower compared to in other countries. The process of transferring ownership takes place at the Land Department Office and I suggest that you take a lawyer or someone you trust to translate the paperwork for you before signing it off. The whole process usually takes from two to six hours, usually the latter, However you can pay 1000 baht cash at the counter to then be put to the front of the queue, then the process will only take just over the hour. The buyer will pay electricity deposit for the transfer of the electric counter reading and other utility bills by cash only.
Ensure and check the following:
- The title deed truly belongs to the lawful owner
- The condo is part of the building's foreign or Thai quota.
- The price of the property
- The distribution of the transfer fees and taxes between parties
- The price of the furniture
- The terms of payment
- The date of the transfer of the title deed
- The letter from the juristic person certifying that the seller paid all the common expenses
Factors to Consider in Buying a Condominium
The first thing you need to think about is the general neighbourhood of your future home, also when assessing a condo and its vicinity, consider the following:
1) Neighbourhood – which area do you like better and why? Some prefer mature estates with well-developed infrastructure while others prefer newer ones with more modern amenities suited to young families.
2) Amenities – shopping malls, markets, clinics, sport facilities, parks, beaches etc?
3) Transport – Taxi's, Bus and train stations)
4) Schools – private (non-governmental) or preferred schools within the vicinity?
5) Facilities within the Condominium – do you need a swimming pool, gym, karaoke room, clubhouse and BBQ, also function rooms are useful for entertaining and hosting of parties. However, these come with a cost.