Buying process for new developments
 
TITLE SEARCH
To verify the status of a land over which a condominium is constructed. Normally, a land would be under mortgage with a supporting bank.
 
SALE AND PURCHASE AGREEMENT
This document specifies the selling price, terms and conditions of the sale. It is advised that a contract is to be reviewed by a lawyer for the best protection of rights of the buyer.
 
PAYMENT

• Deposit: Normally, 1% of the total price of a unit is required as a deposit payment to reserve a right to purchase a condo
• Down Payment: a sum of 25% or 30%, depending on an agreement between a buyer and a seller, of the total price of a unit is required as a first payment of the price of a unit. There may also be some payments to be made between a down payment and a transfer date. This will depend on your written agreement with the developer. The buyer’s monies to buy a condominium must be transferred into a Thailand bank account from abroad.

REGISTRATION OF OWNERSHIP
After a delivery of condominium unit and the final payment, the seller will then transfer the ownership of a condominium unit into your name. A registration fee, a stamp duty, and a withholding tax must be paid at the time a transfer of ownership takes place.

Buying process for resale

TITLE SEARCH
Similar to a title search for a new condominium project, this step is essential for a purpose of verification of status of the land where a building is located. Normally, as a used condominium, a land shall not be under mortgage, or, if it is, the buyer would acknowledge his position over such land.
 
SALES AGREEMENT
If you buy a condominium from an individual, a sales agreement normally is a ready-to-use contract (An agreement which is not especially drafted for the sale between buyer and seller).
 
PAYMENT
A norm is that a buyer shall pay a full price of property to a seller upon a transfer of ownership at the Land Department.
 
REGISTRATION OF OWNERSHIP
To buy a condominium, a buyer (or a seller, or both parties, depending on an agreement between parties) shall be responsible for a registration fee, a stamp duty (in case of having owned the property for more than 5 years) or a special business tax (in case of having owned the property for less than 5%), and a withholding tax

What are measurements using for land in Thailand?

Land is measured in Rai, Ngan and Wah.

• 1 Rai = 4 Ngan (or 1600 Sq.m.)
• 1 Ngan = 100 Wah (or 400 Sq.m.)
• 1 Wah = 4 Sq.m.
• 1 Acer = 2.5 Rai
• Hectare = 6.25 Rai

Land prices are usually expressed in Baht per Rai or Baht per Wah. Condominium prices are usually expressed in Baht per Sq.m.
 
Currency
The unit of currency in Thailand is the baht.
 
Major currency bills and travellers cheques are cashed easily at hotels, tourist shops, all provincial banks, shopping centres and money changers.
Travellers cheques are best changed in banks (you will need your passport). Any amount of foreign currency may be brought into the country.
 
Visitors may take foreign currency out of Thailand but no more that the amount stated in the customs declaration made on arrival. Travellers leaving Thailand may take out no more than 50,000 baht per person in Thai currency.
 
Tipping is not usual practice in Thailand although it is becoming more common. Most hotels and restaurants add a 10% service charge to the bill. Taxi drivers do not require a tip but the gesture is appreciated and 10-20 baht is acceptable for porters.
 
Mortgages
There are now an increasing number of mortgage options available to buyers Mortgages for loans in Thailand can be obtained either from local financial institutions or via their international branches for non-residents. In general, loans are available up to 70% of the property’s value. These loans can be repaid over a period of up to 30 years or your 65th birthday, which ever is earlier.
 
Interest rates are competitive and depend on the currency in which the loan is obtained.