How to buy a condo in Thailand

How to buy a condo in Thailand

The purchase of a building is safe

Buying a condominium unit has the option simpler and easier for foreigners who want to own a piece of property in Thailand. The foreigner can own the condominium units with their own name. According to the law of Thailand for foreigners is not a condominium building in the country until his title there, too, no more than 49 percent (49%) of the condominium banned altogether.

Resort Thailand

So, a foreigner, to buy one or moreCondos, provided they do not exceed 49 percent (49%) of the total number of units in a condominium building.

The funds for the purchase of the property must come from abroad

With the purchase of the property, the foreigner is required by law to pay the unit of foreign currency funds from abroad, and duly authorized as such in a Thai bank as proof of registration "form of the Foreign Exchange Transactions "or the TT3 form. One form is required to be represented TT3upon registration of transfer of ownership.

To do this, the stranger / buyer: 1) an account at a bank in Thailand, 2) after opening an account, the buyer must transfer money in foreign currency to make a Thai bank account, 3) Ensure that there is a written declaration that the reason for the transfer in order to "buy a condo, 4) request a form from the Foreign Exchange Transaction Bank (TT3 form).

Procedure for the purchase of a condominium in Thailand

Step1 title search, it is very important for foreigners wishing to purchase a condominium unit, or for that matter, an ownership share of a condominium building, to determine whether it is clean. The device, or the building and the land on which the company is committed not to do so. It 'also very important that the buyer alien / work with the legitimate owner of the property or the authorized representative.

Step 2 of the sales agreement, a contract of saleis the contract between the seller and the foreign buyer / where the unit is subject to the sale of property transferred by the seller that the buyer of a fixed price, both parties agreed on a meeting of minds between the two parties.

Step 3 Payment The usual practice in Thailand is for the buyer to pay the full price, in accordance with the contract. At this point the ownership of the property to be transferred to foreignersBuyer.

Step 4 Registration of property Upon payment complete residential unit, the parties at the State Office to complete the transfer of land title act.

Thailand are the most popular buys apartment in Bangkok, Phuket and other resort communities. Siam Legal offers a free legal guide for Thailand Real Estate purchases.

How to buy a condo in Thailand