Buying a Condominium in Thailand
Buying a condominium in Thailand has proven to be relatively easier for foreigners as compared to purchasing a house or land. The only limitation levied upon the foreign ownership is that the foreign owners are not allowed to own more than 49% of all the units within each condominium property.
Title Deed Search
Title deed search is the process which incorporates the procedure to check the correctness of the title deed of the desired property, its liens, encumbrances and the details of the owners specified in the title deed. This process is also known as title deed verification and usually takes one day to complete.
Document Preparation
In the next step, all the required documents have to be prepared and gathered according to the internal regulations of the land office. One of the requirements for the foreign buyers is also transferring the funds from abroad to a Thai bank account. It is also worth mentioning here that merely having funds in a Thai account is not sufficient. With the documents ready, the sale and purchase agreement must be made in writing and signed by both the parties i.e. buyer and seller.
Land Office
At this point, both parties are ready to proceed to the authorized land office. It is where the transfer of the ownership is to take place. Please note that neither party is bound to be present at the land office in person. The Power of Attorney can be prepared and given to the representatives of the seller and buyer. Subsequently, the existing Title Deed can be amended and the name of the new owner can be mentioned.
Fees
When buying a condominium, there are a few taxes and fees which both the parties have to face regardless of the fact whether the buyer is a foreigner or not. The fees at the land office would be as follows:
| Fees |
Percentage Amount |
Additional Information |
|
Transfer Fee at the Land Office |
2% |
|
|
Stamp Duty |
0.5% |
|
|
Specific Business Tax |
3.3% |
Only applies if the previous owner held the property for less than 5 years |
|
Personal Income Tax |
Up to 15% |
The percentage decreases with the number of years the condominium was in the possession of its previous owner. It is calculated by the land officer |
If the required documents are complete and the fees and expenses are fully settled, this final part of the process should be finished within one business day.
Need Help? Contact Us
If you are looking to buy a condo in Thailand, you should contact a law firm. In Thailand, we, Sunbelt Asia Legal Advisors, are one of the most trusted names. Our team of accounting and legal professionals can help you prepare all the required documents. We will also assist you in the title deed search and make sure that the property you are purchasing is free from any risks. If you want to know more about us or want to book a free consultation with us, contact us now at (+66) 02-662-7004.
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