Do you intend to buy a condominium in Thailand? Buying condominiums in Thailand are simple for those who are desirous of owning a small piece of real estate here. It is now possible for the foreigners to owe their favorite part of Thailand condominium under their leadership.
Thailand law does not put a restriction on the foreigners from buying a condominium in Thailand as long as he does not reflect forty-nine per cent of the concerned condominium building. In other words, a buyer is entitled to the condominium purchase unless he reaches the target of around forty-nine per cent of the total count of units in the entire building.
In case, if you are a foreign buyer, your funds for buying the condominium must come from across the borders. Concerning payment methods, it is mandatory for the foreign buyer to purchase the condominium regarding foreign currency with their funds emerging from abroad.
Furthermore, it is essential that you need to register about the said foreign currency translocation in Thai Banks. Customer Support Executives of the Thai banks shall render you with a Foreign Exchange Transaction Form also represented as TT3 form reflects your foreign currency detailing. You need to procure this TT3 form at the instance of either the transaction process between the condominium owner and the buyer or the ownership registration process.
To proceed Ahead with the Declaration of Foreign Currency, it is Mandatory for the Buyer to Undergo the Following Steps:
- In the first place, it is essential that you open an account with any of the Thai branches.
- Once you are done with the account opening formalities, you need to transfer all your foreign currency to your Thai bank account.
- Once you are about to transfer, ensure that the reason for the transfer is accurately mentioned clinging to the purchase of a condominium.
- Finally, ask your Thai Bank Customer Support Executive, to furnish you with the Foreign Exchange Transaction Form.
What are the Steps You Need to Follow Religiously to Purchase a Condominium in Thailand?
It is essential for the foreigners to begin their process with the help of a title search. Alternatively, the future buyer must first seek to grab hold of share ownership in the condominium building. It is essential to observe that the building, unit or the entire piece of land on which dream condominium stands is not mortgaged. It also holds vital that the foreigners directly connect with the said property’s legitimate owner or any duly assigned representative.
Sale agreement plays a crucial role to support the deal that takes place between the condominium seller and its buyer. Here, this sale agreement highlights the transaction that takes place between the ownership title of the condominium owner to its buyer. The prices of Phuket condo for sale is mutually worked out before entering into the deed of sale.
Are you aware of the payment facilities for your condominium? It is a generalized practice in Thailand to pay the entire sale sum by the charges mentioned in the Sale Agreement. Once all the dues are cleared officially, the ownership of the condominium transfers to the buyer.
Ownership Registration: Once the payment is fully accomplished, both the owner and the buyer head towards the Land Office. Here at the Land Office, both the parties indulge themselves in the transfer of land title deed.
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