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Is it Easy to Buy a Condominium in Thailand?

Category : Buying Real Estate | Posted On 2014-10-10 00:00:00

Is it Easy to Buy a Condominium in Thailand?


The Answer

YES, it's extremely easy!

Are you considering buying a condominium in Thailand? If so, it's a simple process for those who would like to own a small piece of paradise. In the 1980s Thailand took the time to set up laws to enable foreigners to invest in condominium real estate. Currently, condominiums are the largest and fastest-growing segment in Thailand.

The legislation is called the Thai Condominium Act and it allows foreign freehold investment in registered condominiums throughout Thailand. The general rule is that 49% of the registrable area of a registered condominium project can be purchased this way. Today, buying units in a new condominium development is the easiest and most practical way to acquire property in Phuket.


The Funds

It's best for foreign buyers that your funds used for buying the condominium come from overseas and it's important to use a document called a foreign exchange transaction form (TT3). This can be easily done at your local bank back home. You will want to keep the form as it will be needed later. When registering you condominium at the land office in Thailand it will be part of the documents.



Steps to Purchase

Step 1: Start Your Online Research

Researching listings, condominium prices, fees, closing costs, realtors, law firms, visas.

Step 2: Determine Your Budget Range

It’s generally recommended that people look for condominiums that cost no more than two to three times their annual household incomes. Thailand is basically a cash market for foreigners.

Step 3: Find the Right Real Estate Agent

Real estate agents are important partners when you’re buying or selling a condominium. Real estate agents can save you time and money. Their knowledge of the buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller.

Step 4: Find the Right Lawyer

A local law firm will break their work down into three parts: due diligence, contract, and contract review, and transfer of title at the land office. Your real estate agent can recommend property law firms.

Step 5: Condominium Viewings and Inspections

Start viewing condominiums in your budget range with your realtor. It might be helpful to take notes (helpful checklist) on all the units you visit. It can be hard to remember everything about them, so you might want to take pictures.

Step 6: Create a Short List

Narrow down the condominiums you viewed into a shortlist of 3 or less. The next step is to make an Offer on the best one with the help of your real estate agent.

Step 7: Make an Offer

You and your real estate agent will put together an Offer to the seller. Your realtor will negotiate it for you. Once all parties have reached agreement on a price and terms, a reservation Agreement (Booking Agreement) will be drawn up by your lawyer and a Reservation Fee (booking fee) will be paid to hold the deal.

Step 8: Conduct Due Diligence

Your lawyer will conduct a due diligence on the condominium and issue a report for your review. If there are any problems or issues, the Reservation will be refunded.

Step 9: Sign the Contract and Pay Deposit

Typically within 30 days from the reservation, both parties will sign the contract. By this time your lawyer has reviewed the contract with you and made any changes necessary. The Deposit will be paid at this time.

Step 10: Transfer of Ownership

At closing, you will sign any final paperwork required to complete the purchase and transfer of the unit at the land office. The final payment is delivered to the seller and you get the keys to move into your new condominium! 


Conclusion

Follow these steps along with the help of a local property law firm and a real estate agent and you will see that buying a condominium in Thailand is a simple and straightforward process.




Phuket Realtor
David Henry
David Henry is known for his integrity, high energy and hard work which goes into every detail of your real estate transaction at Phuket Realtor. David grew up in the Boston area and started as a realtor in his 20's. With over 30 years of experience in real estate, he has now started one of the best independent real estate agencies in Thailand, Phuket Realtor.

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