The laws of Thailand make it possible for all foreigners and expatriates to buy a Condo, Villa or any other property, but in their own name, in the country. Buying a condo is a privilege that the foreigner enjoys as the property is full of benefits. The condos offer world-class amenities and are often located close to the vibrant and happening tourist spots, or the natural and scenic landscapes of the beautiful country. If a foreigner wants to buy a condominium or an apartment, his title or stake in the Thailand property for sale should be 49% or less of the whole of the property or the condominium building. Also, the funds or money that has been used for buying this property by a foreigner in Thailand should come from any of the foreign sources.
The Foreign Exchange Transaction form (TT3) is used for the purpose by any of the Thai banks. This form should be necessarily presented when the ownership of the Condo is transferred, and during the time the Thailand condo for sale is sold and registered.
Some of the formalities attached to the purchase of a Condo in Thailand by foreigners include:
- The foreigner is required to open up a bank account in any of the registered Thai banks.
- The foreigner then subsequently transfers the funds from a foreign source to his/her Thai account.
- There should also be a written declaration submitted, which shows that the reason for the transfer of money is for the purchase of a condominium in Thailand.
The bank may itself provide the TT3 form for the purchase of Condo Phuket to the foreigner when asked.
The assistance of a property dealer:
As foreigners do not have ample of know-how related to the country’s legal procedure related to purchase of property, they often reach out to and consult a property agent. These agents do the necessary liaisoning between the seller/ developer and the customer. They can also help you buy a property at a somewhat lesser cost as they have extensive contacts with the property developers.
Procedure for buying a Thailand Condo:
Some of the important steps of the condo purchase procedure include:
A title search is one of the most important aspects where proper information and investigation will help you know whether the property is safe to purchase and not mortgaged. The property should only be purchased from an authorised representative of the seller or from the seller itself.
The sale agreement is a direct contract and agreement that happens between the foreigner and the seller also denotes the price of the unit that is being purchased. It is a legal agreement and should be drafted carefully.
In most cases, the foreigner or the buyer of the Condo has to pay for the property, in one single payment at the onset of the agreement itself.
Registration of Ownership:
Once the complete payment has been made, the parties then reach out to the designated land offices so that the title of that can be transferred.
Phuket and Bangkok are some of the most popular areas in Thailand. With leading property agents offering their services online, it is now a very simple and straightforward process to buy property in Thailand.