Buy a condominium in Thailand Step by Step 2024
The foreigner can buy a condominium in Thailand with freehold conditions (no need to set up a company).
As per the Condominium Act, 2008 of Thailand, it allows the foreigner to own a condominium in freehold condition in their name.
Most of foreigners who buy the condominium in Thailand they use the condition in by showing that they transfer foreign currency to Thailand for the purpose of buying condominium.
However, the amount must cover the price of the condominium they will buy. (This is the easiest way to buy).
Legal Step to buy a condominium in Thailand
1. Reservation payment
Once the Buyer finds the condominium they like, they can pay the reservation fee to the Seller or Developer.
According to law in Thailand Thai law, no specific amount needs to be paid. So, we suggest the Buyer pay as little as possible.
After that the Seller will reserve the unit with some specific period for the Buyer and prepare Sale and Purchase Agreement for sign. (normally around 30 days).
2. Due Diligence the Condominium Unit
After paying for the reservation, the Buyer should meet with a property lawyer specialising in property acquisition to do the due diligence on this condominium unit.
The lawyer will check with the related government office, such as the land department, municipality office, court, consumer protection, etc., to make sure that the condominium unit is in good condition for sale.
And the lawyer will provide a Due Diligence report to the Buyer showing the result of Due Diligence.
3. Draft or Review the Sale and Purchase Agreement.
Once the due diligence proves that the condominium is in good condition to buy, the lawyer will prepare or review the Sale and Purchase Agreement to secure the buyer's benefit, such as the term of payment, penalty of delay, and enforceable by Thai law.
All these things require an experienced lawyer to work in detail.
4. Transfer registration to the Land Department.
The lawyer can represent the Buyer in going to the Land Department for the transfer registration.
And we suggest you have a lawyer go there to secure your benefit.
Because all paperwork at the Land Department is in Thai, you need a Thai Lawyer who can speak English to go there to verify the correctness of the document.
5. Translation Title Deed and other document to English.
All documents released by the Land Department will be issued in Thai.
So, you need a certified translation firm to translate it from Thai to English for your understanding and record.
What document is needed to transfer a condominium?
To transfer the condominium to foreigners, here is a list of documents that need to be presented to the Land Department Officer:
- Copy of the Passport of the Buyer with certified Thai translation
- Power of Attorney from the Buyer
- The Bank certificate shows foreign currency transfer to Thailand (FET)
- Copy of ID card and House Registration of Attorney
- Original of Title Deed
- Copy of ID Card, House Registration or Passport of the Seller
- Power of Attorney from the Seller
- Non-Debt Certificate from the JPC
- Certificate of Foreigner ratio