How to Buy a Condo in Thailand

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Buying a Condo is Safe

How to buy a condo in thailandBuying a condominium unit has become the simplest and easiest alternative for foreigners who want to own a piece of real property 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.

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

Funds for acquisition of property 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 Exchange 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 account with a Thai bank; 2) after opening an account, the buyer must transfer the funds in foreign currency to a Thai bank account; 3) make sure that there is a written declaration that the reason for the transfer is for purposes of “purchasing a condominium; 4) ask for a Foreign Exchange Transaction Form from the bank (TT3 Form).

Procedure for Purchasing a Condo in Thailand

  1. Title Search It is very essential for the foreigner desiring to acquire a condominium unit, or for that matter, a share in the ownership 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 property or the duly authorized representative.
  2. Sale Agreement A Sale Agreement is the contract between the seller and the foreigner/buyer wherein the condominium unit subject of the sale is transferred from the ownership of the seller to that of the buyer for a fixed price agreed upon by both parties after a meeting of the minds between the two parties.
  3. Payment The usual practice in Thailand is for the buyer to pay the price in full, in accordance with the Sale Agreement. At this point, ownership of the property shall be transferred to the foreigner buyer.
  4. Registration of Ownership Upon full payment of the condominium unit, the parties will proceed to the Land Office to complete the land title deed transfer.

Source: Dennis Ramm

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Updated: December 26, 2010 by admin

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