Buying a Condo

in Thailand

 

BUYING A CONDOMINIUM IN THAILAND - 3 STEPS


property thailand
STEP 1 : FINDING REAL ESTATE IN THAILAND
 

Real Estate in Thailand has taken off in the past decade with more foreigners’ wishing to retire in Thailand. Always make use of registered lawyers in Thailand and reputable estate agents when taking advice on real estate in Thailand. See the Thailand Real Estate Outlook, the glossary of Real Estate Terms and the Real Estate FAQ when you start your search for Real Estate in Thailand, be it in Bangkok, Pattaya or Hua Hin. Be aware that many of the problems that do arrise from the purchase of a condo in Thailand can be avoided early on in the property search. Do they allow animals in the condo? You need to read the Real Estate pitfalls in Thailand when going out on your search. Ask the right questions to avoid costly litigation.


thailand property lawyer
STEP 2 : CONSULTING A LAWYER IN THAILAND
 

Buying any Real Estate in Thailand be it a house or a condo always requires the services of a reputable law firm. Once you have decided which real estate you are going to purchase, always consult a lawyer before signing any documents. The following would be checked amongst other property services. They would do a title search and check the contracts before signing.Also note the type of Title Deeds in Thailand. If you are buying a condo off plan, you would need legal advice as to buying in pre construction projects. There is also the cost of transfer for your condominium and Thailand property taxes. Use the property transfer calculator to check your fees payable. See the compressed version on buying real estate and the common property problems.


condo mortgage bond
STEP 3 : MORTGAGES IN THAILAND FOR FOREIGNERS
 

Each year many people come here to enjoy their holidays in the comfort of a second home, their most treasured property investment in Thailand. Many were smart enough to have anticipated the immense benefits of property investments in Thailand perhaps in their first or second visit in the country. See the excellent articles on Financing for Foreigners in Thailand. Obtaining a mortgage bond by a foreigner is possible in Thailand. There are currently two banking institutions which provide mortgage bonds to foreigners. They are Bangkok Bank and United Overseas Bank (UOB). These mortgage bonds are concluded at their Singapore branch.  The home loans they provide to foreigners are based in foreign currencies. You home loan / mortgage bond would be provided in either Japanese Yen, Euro or Dollar based. The interest rates also vary with each currency. See the section on Mortgage Bond for Foreigners in Thailand by UOB and Home Loans for Foreigners by Bangkok Bank. Also check their conditions set for their loans as to how to obtain a mortgage bond in Thailand for yourself.


CONDOMINIUMS IN THAILAND

property rights

PROPERTY RIGHTS IN THAILAND FOR FOREIGNERS
 

Beware of development companies who appoint their own managers as this might create problems later as everything might not be transparent. Also be aware of the Condominium Act in Thailand which sets down certain rules and regulations for condominiums. Check your rights in the Property Rights in Thailand section of this website.


buy condo bangkok

SELLING YOUR CONDOMINIUM
 

A number of things can go wrong in a sale of your condominium, the worst being the failure of your buyer to complete. See our section on selling your condo in Thailand. There is an easy 4 step plan listed to guide you through the steps on selling your condo, called Condo Resale. A number of things can go wrong in a sale of your condominium.


condo thailand

RENTING A CONDO IN THAILAND
 

Many were smart enough to have anticipated the immense benefits of property investments in Thailand perhaps in their first or second visit in the country. Ensure that you know your condominium rights in Thailand. There are no tenant protection schemes in Thailand like they would have in the UK.

selling your condo

SELLING YOUR CONDO IN THAILAND
 

Drafting your sale agreement is also important as one of the many pitfalls is that at times buyers do not complete the transaction. Things to also consider are the viability of using an estate agent, the costs of a non performing buyer and any potential financial losses in a worst case scenario. See also selling your condo in Thailand now.

condo rights

YOUR PROPERTY RIGHTS
 

In you are considering or have already purchased a condominium unit in Thailand, consider what rights you have and which laws are applicable to you. Know your condominium rights in Thailand. If you wish you can either download the publication or view it online. See also the property rights in Thailand article.

offplan buying

BUYING OFFPLAN IN THAILAND
 

It is always best to contact a reputable attorney in Thailand when wanting to buy into a pre-construction project so that the attorneys can provide you with legal advice and direction as to the development. See the article on buying offplan in Thailand here.

second home

THAILAND YOUR SECOND HOME
 

Make sound investments in Thailand in the form of property and quickly reap rewards. This kind of investment acquires property for the purpose of affording you the same convenience that your first home provides but during a vacation or for retirement a home. Thinking about property investment in Thailand today.

mortgage bonds

MORTGAGE BONDS IN THAILAND
 

There are other options for obtaining local financing from domestic banks in Thailand but they are not usually available to non-residents and therefore are often more difficult to obtain. Speak to us about mortgage bonds in Thailand and who issues them.

property investment

PROPERTY INVESTMENTS
 

 Thai property can potentially yield strong rental returns particularly in main cities such as Bangkok or Chiang Mai and in well developed tourist destinations such as Hua Hin, Phuket and Pattaya.  Speak to us about investing in property in Thailand today.

escrows

ESCROWS IN THAILAND
 

An escrow is designed particularly with consumer protection in mind safeguarding your rights should anything go wrong before the transfer of the property. Nevertheless, an escrow system does offer equal protection to all parties involved. Speak to us about Escrows in Thailand and its uses.

buy condo bangkok

UNDERDECLARING YOUR PROPERTY
 

A day before the transaction with the seller, your estate agent gives you a call and tells you that the money for the stamp duties and registration, which you are paying in equal shares with the seller, are just one-tenth of what you thought they were. Underdeclaring your property has problems in its own right.