Buying a condo is safe
Purchase a condominium unit is now the simplest and easiest option for foreigners who wish to Thailand in order to own a piece of real estate. The foreigner can own the condominium unit under their own name. Under Thailand law, it is not forbidden for a foreigner to own freehold title of a building in the country, as long as there is not more than forty-nine percent (49%) of the entire building condominium.
Thus, aForeigners can purchase one or more condominiums, as long as it does not exceed forty-nine percent (49%) of the total number of units in the condominium building.
Fund for the acquisition of property must come from abroad
With the purchase of the property, the foreigner is obliged under the law to pay for the condominium unit in foreign currency funds from abroad, and as such in a Thai bank as a "Foreign Exchange Transaction recorded form shown, or TT3 form. A TT3The form is required after registration of the transfer of ownership will be presented.
To do this, the alien / buyer must: 1) Open an account at a Thai bank, 2) after the opening of an account, the purchaser has the resources in foreign currency transfer to a bank account Thai; 3) Make sure that there is a written statement that the reason for the transfer for the purpose of "buying a condominium, and 4) for a foreign exchange transaction form of the bank (TT3 form to ask).
Procedures forThe purchase of a condominium in Thailand
Step 1 title search, it is very important for the foreigners in the desire to build a condominium unit purchase, or for that matter, a share in the ownership of a condominium to determine whether legal claim is clean. The unit or the building and the land on which the condominium is pledged not to. It is also very important that the alien / buyer has with the legitimate owner of the land or theauthorized representative.
Step 2 sale agreement of a purchase contract, the contract between the seller and the alien / buyer where the unit condominium subject to the sale is a transfer of ownership of the seller, the buyer for a fixed price parties agreed both to meeting of minds between the two parties.
Step 3 payment of the usual practice in Thailand is for buyers on full pay the price inIn accordance with the contract. At this point, ownership of the property, the alien will be transferred to buyers.
Step 4, the registration of ownership of the full payment of the condominium unit, the parties will go office to transfer the land round the land title deed.
Thailand Condo purchases are most popular in Bangkok, Phuket and other resort communities. Siam Legal offers a free legal guide for Thailand Real Estate buys.
3 comments:
This is a great review of some of the procedures involved in a condominium purchase, and outside of Bangkok, condominiums are still for the most part reasonably priced: In Bangkok this is not so certain. It is necessary to look at a decision to buy a condominium in terms of one’s overall plans, for example, how long are you planning to say? What are the cost factors involved? What is the current market like? What is the affordability? Are market prices positioned in a manner that will allow at least break-even or perhaps the making of some profit down the line?
The thinking is that one can save on rent and make a little extra on the capital gains when one leaves Thailand several years down the road, or saving on hotel costs for the traveler: However, often this is probably not the most accurate thought process. One difficulty is that, since no property is owned, there are not necessarily any capital gains accruing. Another difficulty is that, given that many feel there is currently a Housing bubble in Thailand and there is considerable business and market analysis out there to support this the new arrival to Thailand is often best advised to at least take some time with a decision of this import and be wary of anybody counseling fast action in this area. Often such individuals do not have the newly arrived expatriate’s best interests in mind. Tread carefully here!
Nice. I like the way you collected all the information. Very informative! Thanks!
makati condo
Thanks for sharing those things about condo buying. Those information would really help those who are planning to buy a condo.
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Pia
condo Philippines
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