- Home Buying Process
Buying an apartment in Thailand is perhaps
the simplest and easiest option available to foreigners.
The only restrictions on purchasing a condominium in Thailand are that the percentage of units sold to foreigners cannot exceed 49% of the total number of units in the condominium block, and that the funds used to buy the condominium have been remitted from abroad and correctly recorded as such by a Thai Bank on a “Foreign Exchange Transaction Form”.
1. Reservation :
Afer choosing the villa or apartment from the developer/vendor the unit will be withdrawn from the market and will no longer feature in the latest availability because you have agreed in principle to buy the property. Then you will be asked to fill in a reservation form which states details such as:
- Name & Address | Contact Numbers | Unit Number | Passport Number | Unit Price | Developer Bank Details
Normally, 1% of the total price of a unit is required as a deposit payment to reserve a right to purchase a condo, just after signing the reservation document.
3. Sale and Purchase Agreement
We would then request from you a deposit, usually 10% of the sale value. This can be paid by bank transfer, Direct to the developer within 5 days of signing the Sales Puchase agreement.The balance would then usually follow within 1 month of the deposit being made unless there is a payment shedual involved over a period of time, but the timescale is usually agreed between the buyer and developer/vendor.
Note* The buyers monies to buy a condominium must be transferred into a Thailand bank account from abroad. (Please read below for full details)
4. Registration of Ownership :
After a delivery of condominium unit and the final payment, the seller will then transfer the ownership of a condominium unit into your name. A registration fee, a stamp duty, and a withholding tax must be paid at the time a transfer of ownership takes place.
Please note* We advise all our clients to use a lawyer in Pattaya to look at all contracts, If you do not have legal representation here, Pattaya Dom can introduce you to a local independent lawyer who can conduct title searches etc on your behalf.