Vauban Real Estate Thailand aims to make buying a condominium in Thailand a straightforward process. But It helps to be aware in advance of some of the legal requirements - especially if you are looking to make a freehold purchase (see step 5).
In compliance with Thai legislation, there are several conditions and benefits of owning a condo in Thailand:
Although purchasing a condominium unit in Thailand is a fairly simple process, there are nevertheless certain steps which should also be considered as part of the due diligence. Thus, Company Vauban proposes you a personal support to make the procedure easier.
First, you must answer to preliminary questions and clearly determine your project:
Secondly, we finalize together your project and refine your search by area and type of property. The real estate market of Bangkok remains highly diversified, offering a wide selection of properties in several very desirable areas.
Once you have elected your property, we ensure the following:
Simultaneously, we contact the juristic person - the organization representing the building – to confirm:
Company Vauban negotiates with the owner the best terms:
You will be expected to pay a deposit between THB 50,000 to 5% depending on the type of property.
Company Vauban handles the writing of the purchase agreement, using certified contract forms. Otherwise, you may also refer to a lawyer.
Our agents or the lawyer will collect all the required documents and control the following:
After agreeing on each term of the contract, seller and buyer meet to sign the contract. The payment of a down payment of THB100 00 to 25% of the buying price will be expected. You should consider that the amount of the deposit varies according to the duration between the payment and the transfer of ownership (10 to 14 days).
To be granted with freehold ownership, you must:
Indeed, a bank account would be useful for the completion of all your financial transactions in the country: payments, collection of your rental incomes, and management of your expenses. Part of our services, for every property investment with Vauban; we assist you in Bank account opening in Thailand.
Documents for the transfer of the title deed:
The process of transferring ownership takes place at the offices of the Land Department and usually takes from two to six hours. Usually, buyers give the power of attorney to their lawyers or agents to complete this procedure. Through this action, they change the name on the title deed of the condominium and pay the balance payment .
The buyer must reimburse the seller with a cashier's cheque for the common expenses, usually paid in advance for a period of six months or a year. The buyer will also need to pay electricity deposit for the transfer of the electric counter and other utility bills by cash only.
A) Long-distance purchase:
Within a long-distance purchase, you may be represented by Company Vauban or a lawyer who will manage the transfer of ownership. The procedure differs slightly from the usual one, and involve the draft of a Power of Attorney.
B) Average time of a transaction:
A transaction takes between Two weeks and one month and a half for completed condominium (ex: Resale).
For off plan, it depends the construction schedule.
C) Buy a condominium by a foreigner:
The Thai law, via the Condominium Act, allows foreigners to make a freehold investment in condominium. Check out our article on the property ownership in Thailand.