Is it Easy to Buy a Condominium in Thailand?
Is it Easy to Buy Condominium in Thailand?
Do you intend to buy a condominium in Thailand? Buying condominiums in Thailand is a simple process for those who are serious about owning a small piece of paradise. It is now possible for ex-pats to own their unit under "foreign freehold" according to the Thailand Condominium Act.
Thailand law does not put restrictions on foreigners who buy condominiums in Thailand as long as the buyer participates in the forty-nine percent quota. The general rule is that only 49% of the registrable area of a condominium project can be allowed to foreign purchasers as "foreign freehold".
For ex-pats (foreign buyers) your funds for buying the condominium must come from overseas. Concerning payment methods, it is necessary for the foreign buyer to purchase the condominium by transferring the funds from abroad.
Furthermore, it is important that you register this transaction as "Purchase of Condominium". Customer Support Executives at your bank can help you with this. It is called a Foreign Exchange Transaction Form or TT3 form that reflects your transaction. This is one document needed for the registration process of the condominium when purchased as "foreign freehold".
What are the Steps You Need to Follow to Buy Condominium in Thailand?
It is sometimes necessary for the buyer to begin their process with the help of a title search. It is essential to observe that the building, unit or the entire piece of land on which the condominium stands is not mortgaged. It also holds vital that the sellers directly connect with the said property and legitimate owners. Simple.
The sale and purchase agreement plays a key role to support the deal that takes place between the condominium buyer and seller. Here, this sale and purchase agreement highlights the transaction that takes place between the ownership title of the condominium owner to its buyer.
Be aware of the payment facilities for your condominium. It is a generalized practice in Thailand that once all the dues are cleared officially, the ownership of the condominium transfers to the buyer.
Ownership Registration: Once the payment is fully accomplished, both the seller and buyer head to the Land Office. Here at the Land Office, both the parties take part in the transfer of land title deed. It is also common practice for a property lawyer to perform this transaction.
These are the steps necessary to buy condominium in Thailand. For more information contact Phuket Realtor at +66 93 606 0906.