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DOCUMENTS AND PROCEDURES FOR BUYING A CONDO IN THAILAND
#CondoinThailand #buyingcondoinThailand #HowtobuyacondoinThailand

Documents and procedures for buying a condo in Thailand are not complicated at all.
1. Buying Purpose:
First, you have to know your buying purpose. Is it for investment or for residential as different purposes suit different styles of condos?

2. Choosing Locations:
After you know your purpose, next is choosing locations that match it best.

3. Setting a Budget & Choosing ones under budget
Then you have to set a budget for buying a condo. Narrow down to the ones that are priced in your budget.

4. Checking Foreign Quota
After that, you have to check the foreign quota which is very important as foreigners can’t exceed a total of 49% ownership of the entire condominium building. It is useless to inspect the condo that the quota has exceeded.

5. Negotiating Price and Conditions & Signing Sale-Purchase Agreement
Next step is viewing your selected condos. Then you negotiate price and conditions. After all conditions are agreed, place a booking fee and signing a sale-purchase agreement are the next process.
Documents that you need to prepare along with signing an agreement are a copy of passport and copy of visa page in your passport in order to verify the permission of staying legally in Thailand.

6. Transferring Condo Ownership
For the re-sale condominiums, it takes around 30 days to 45 days after the agreement has been signed. For the new and incompleted condos, durations are various depending on the progression in such condos during that time.

Documents for condo ownership transfer are

1. A copy of a valid passport, also with a visa page

2. Marriage Certificate, Spouse’s passport, and a letter of authorisation is required that allows the Buyer to solely purchase a unit.

3. Foreign Exchange Transaction forms (FET) this form can be requested from the bank that the money has been tranferred to in order to provide proof that the sale and purchase price is being paid in a foreign currency transfer to Thailand. This form should be kept well until you decide to sell such condo in the future as it will help you pay less tax at Department of Land. As only the difference between your selling price and the amount that you had transfered in Thailand for buying such condo will be calculated for the income tax. If you lose this form, the total selling price will be calculated for the income tax.

4. The letter of Free Debt Guarantee.
This letter can be requested from the juristic office of such resale condo in order to proof that there's still a foreign quota available and the seller has cleared all amount that need to be paid to the juristic office. For the first hand condo, there will be documents from developer instead.

Buying a condo in Thailand is not complicated at all only follow the procedures and prepare all required documents I have mentioned.

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Madame Nazz has been working as a property consultant since 2005 after she graduated from United States of America.

She is also an investor, a staging designer, and a home renovator.