Purchase Of A Condominium Unit In Thailand Described
If you are a foreigner who is bent on buying a condominium unit in Thailand, realize that the process is quite different and that you’d be better off having a sales agent to ensure that the transaction is legal and smooth. The very first step you’ll undertake is of course to look for a condo unit. As such, you must learn the do’s and don’ts of selecting a particular condo. Secondly, you also need to educate yourself on the necessary documents required for purchasing a condo unit. Thirdly, you need to familiarize yourself with the basic steps involved in the actual processing of the purchase. The actual purchase transaction may be consummated in 3 hours. When the condo unit is newly-built, the whole procedure may be taken care of by the sales agent in behalf of the buyer. This is a wonderful convenience for foreign or non-resident buyers.
The Transfer Procedure
- On the transfer date, bring with you sufficient money or cashier’s cheque.
- Check to be sure that your name, with the correct spelling, is written on the Title of Deed. Never ever hand over the payment if you have not made this step.
- Hand over your money or cashier’s cheque which is made payable to the seller. The amount should represent the balance of the purchase price along with the official fee and applicable taxes.
- Upon finalization of the transfer, the Land Office will return the owner-amended Title of Deed and issue the official version of the Sale and Purchase Contract, the receipts on government taxes and other fees. Keep all these records for future uses.
- You must then contact the utilities authorities in order for the billing name to be changed. You may have to present your Title of Deed as proof that you are now the legitimate owner.
Money Transfer Procedure 1. Your payment must be telex-transferred (T/T) with a document written out in more or less the following format: Mr. So-and-so wants to buy a condominium in Thailand. He has his own account at an overseas bank to buy the condominium; he has to instruct the overseas bank to to issue the document in his name as the sender of that amount to his savings account in Thailand. (Note: it is also possible for the buyer to ask a third-party to do the transferring of the money, provided that the buyer is identified as the receiver.) 2. Include a transfer instruction which explicity indicates that the purpose of the money is to pay for the condominium unit. The bank in Thailand which receives the money will then issue an FET or Foreign Exchange Transaction form. You must check to see that the following vital information are indicated in the FET:
- the transferred amount in foreign currency
- the transferred amount in Thai Baht
- the name of the money sender
- the name of the money receiver
- and the purpose of transferring
Other things to take note of:
- Normally, the buyer can instruct the gateway bank to identify the name of the sender to be the same as the receiver. This should not be a cause for concern as the Land Office will accept this arrangement.
- The amount of money you transfer must be equal or slightly higher than the selling price registered in the Land Department.
- The Land Department will also allow cases in which the money receiver is an individual who wants to put the condo unit in the name of two persons.