Buying a Condominium in Thailand - Information.
Our English-speaking lawyers can assist you in buying a condominium in Bangkok.
Please find information and restrictions for foreigners wishing to buy condominiums in Thailand, together with some restrictions.
Requirements for foreigners to buy a condominium in Thailand.
The only restrictions on purchasing a condominium are that the percentage of units sold to foreigners cannot exceed forty nine percent (49%) of the total number of units in the condominium block; and that the funds used to buy the condominium must have been remitted from abroad and correctly recorded as such by a Thai Bank on a Tor Tor Sam. Purchases of condominiums by foreign individuals come under the jurisdiction of the Condominium Act
1. A foreigner wishing to buy a condominium must transfer funds in foreign currency from a bank account outside Thailand to an account at a Thai bank. 2. The name of the transferee must be the same as the name that will appear on the final purchase contract. 3. The money transferred must be made in amounts of USD 20.000 or more in order to qualify for a Foreign Exchange Transaction Form issued by the buyer's bank to verify that the originating funding came from outside Thailand in a currency other than Thai baht. This bank certificate explicitly states that the Thai baht funds are used "to purchase a condominium" in Thailand. The department of Lands (Land Office) will refuse to execute the ownership transfer if the bank certificate cannot be produced.
Our professional services include:
1) Title search:
Scope of services:
- Conducting a search on the title and relevant documents of the condominium.
- Ascertaining that the title documents are in order.
- Ensuring that the seller is the current owner of the condominium.
- Confirming the lack of mortgage or other encumbrances on the condominium
- Verifying whether there is any restriction on the development of the condominium.
2) Prepare/Review The Sale And Purchase Agreement:
Scope of services:
- Verifying the sales agreement.
- Providing comments on clauses of the sales agreement.
- Negotiating modifications as needed to protect the buyer’s interest.
3) Registration of transfer ownership:
Scope of services:
- Preparing for the foreign buyer the application and supporting documents required for the registration of the transfer of ownership of the property
- Registering the sale, on the buyer’s behalf, at the Land Department.
Our professional fee*:
Buying condominium package 50,000 THB
VAT 7% 3,500 THB
Grand Total 53,500 THB
* Note: Fee does not include transportation outside Bangkok.
Our process will takes approx 1 week.
