The process of buying and transferring a condo in Thailand for a foreigner can be divided into several steps:
- Research and due diligence: Before making any purchase, it is important to conduct thorough research on the location, builder, and the overall market conditions. Additionally, it is crucial to review all the legal documents related to the property and ensure that the seller is the rightful owner of the condo.
- Hire a lawyer: It is advisable to hire a lawyer who is well-versed with the Thai property laws and can guide you through the legal process. The lawyer can also assist in the negotiation of the purchase price and draft the sale and purchase agreement.
- Sign the sale and purchase agreement: Once the purchase price is agreed upon, a sale and purchase agreement will be signed between the buyer and the seller. This agreement will include details such as the purchase price, payment terms, and the closing date.
- Make the down payment: A down payment of around 30% of the purchase price is typically required to secure the property. This can be paid in cash, or through a bank transfer.
- Obtain the Foreign Ownership Quota (FOQ) certificate: As per the Thai laws, foreigners can only own up to 49% of the total units in a condominium building. Therefore, a FOQ certificate is required to confirm that the unit being purchased is within the foreign ownership quota.
- Obtain the transfer of ownership: Once the FOQ certificate is obtained, the transfer of ownership can be completed. The buyer will have to pay the remaining balance, and the seller will transfer the ownership of the condo to the buyer.
- Register the transfer of ownership: The transfer of ownership must be registered with the Land Department within 90 days of the transfer date.
- Obtain the house registration book: Once the transfer of ownership is registered, the buyer will be issued with a house registration book, also known as a “chanote”.
Transfer Process:
The transfer of ownership is the process of transferring the legal title of the property from the seller to the buyer. In the case of a condo purchase in Thailand, the transfer of ownership typically involves the following steps:
- Obtain the Foreign Ownership Quota (FOQ) certificate: As per Thai laws, foreigners can only own up to 49% of the total units in a condominium building. Therefore, a FOQ certificate is required to confirm that the unit being purchased is within the foreign ownership quota.
- Prepare the transfer documents: The transfer documents include the sale and purchase agreement, the FOQ certificate, and any other relevant documents such as the house registration book. These documents must be prepared and signed by both the buyer and the seller.
- Pay the transfer fee: The buyer will have to pay a transfer fee, which is typically around 2% of the purchase price. This fee is usually split between the buyer and the seller.
- Register the transfer of ownership: The transfer of ownership must be registered with the Land Department within 90 days of the transfer date. This is done by submitting the transfer documents and the transfer fee to the Land Department.
- Obtain the house registration book: Once the transfer of ownership is registered, the buyer will be issued with a house registration book, also known as a “chanote”. This serves as proof of ownership and must be kept in a safe place.
