Buying a property in Thailand
STEP 1
Find the location
Different areas attract different people, we at Bangkok Penthouse focus on the prime residential and business districts of central Bangkok.
Can foreigners own a condo?
Yes, up to 49% of the total area of the building can be owned 100% by foreigners.
Foreigners can own 49% of the buildings condominiums
Benefits of being close to mass transit systems
Investment
- Higher than average rental yields
- Greater year on year appreciation
- Easier to rent out
- Easier to sell
Living
- Easy access to a vibrant city life
- No need to be stuck in Bangkok traffic
- Cafe’/Banking/24hr Supermarket
What is most important to our clients?
Source: Based on inquires since 2005
STEP 2
Checklist for buying a condominium in Thailand
Details of booking:
- Booking, reserves the unit for 14 days
- Signing takes place within 14 days of booking receipt
- Booking and contract payments
Required documents for booking/contract signing:
- Copy of passport
- Personal information form (Name, Address, E-mail, Phone number etc.)
- F.E.T. (Foreign Exchange Transaction) issued by your Thai bank
Under Condominium Act from 1991
All non-resident foreigners who purchase a condominium unit must remit the fund for purchase from abroad in a foreign currency. This is required for all amounts exceeding $50,000.
F.E.T.
(Foreign Exchange Transaction Form)
- The name of the remitter must be the same as the name of the purchaser
- The full address of the remitter and purchaser must be filled in
- Funds must be transferred in foreign currency and the conversion to Thai baht must be issued by the beneficiary bank
- Clearly state the purpose of transaction (i.e. For the purchase of condominium unit.___, at (Building Name), Bangkok.)
Re-sale (Directly from an owner)
- Book the unit (10% of final price)
- Sign contract within 14 days
- Final payment (90% of final price)
- Transfer Title Deed at Land Department
From Developer (Finished project)
- Book the unit
- Sign contract within 14 days
- Inspect the unit with the developer
- Final payment
- Transfer Title Deed at Land Department
OFF PLAN (Unfinished)
- Book the unit
- Sign contract within 14 days
- Pay down-payment within 14 days
- Make monthly installments
- Final payment made upon completion of construction
- Transfer Title Deed at Land Department
STEP 4
ROOM INSPECTION
Upon the completion of your unit you will be contacted by one of the developer’s employees. This person will schedule an appointment with you to survey the unit for any defects.
In the case any defects are found, they will create a work order for the Facility Management team, and the task will be completed promptly. Once the defects have been corrected, you will be invited back to the location to approve the changes and the unit.
STEP 5
TRANSFER AT LAND DEPARTMENT
Transfer the funds directly to the developer’s
bank account and the developer will arrange the F.E.T. form.
At re-sell, bring a cashier check.
It is recommended to transfer slightly over the
amount due, in order to cover Transfer Fees and
variations in exchange rates. Any excess amounts
will be refunded after the time of transfer.
When it’s time to sell your condo
The F.E.T. form, or the Confirmation Letter of
International Funds Transfer, along with the
land office sales agreement, and land office
tax receipt are required for transferring money back
out of Thailand in the case you choose to sell
your condo.
BangkokPenthouse will provide guidance and our services during all steps of the process and will provide ongoing support, contact us for more information.