Stage 1: Define your budget, how much do you have to spend?If you are not Thai and want to buy a condominium or condo (apartment) then you need to transfer the money from outside Thailand to your Thai bank account. When you transfer the money, you must specify that the money is to be used to buy a property. You will get a document, called a Tor Tor Sam, from your Thai bank, and this will have to be produced at the Land Office when you transfer the ownership of the condo. This certificate shows that you brought the money into Thailand for the purpose of buying a property. The certificate does not need to name a specific condo.
Depending on your agreement with the owner, in addition to the purchase price, you may need to add about 5% to the price of the condo for taxes and other fees.
Stage 2: Decide on a Location, where do you want to buy a property?As anywhere in the world, the location of a property greatly affects its price and future value.
The local facilities, services and infrastructure, such as transport, shopping centers, schools, hospitals, nearness to the beach, etc., will define the price and the likely future value. The neighbors (majority Thais or foreigners) can also affect the price.
Stage 3: Define your Motive, why are you buying in Thailand?Is it for long or short term investment? Is it your retirement home? Is it for holidays? Is it temporary? If it is for investment then you need to find a property which will increase in value rapidly, if you want to use the condo yourself and are not thinking about re-selling, then the most important thing is for you and your family to feel comfortable and happy in your home and its surrounding.
Stage 4: Define the Type of Property, what kind of home you are looking for?
The above questions will probably determine the type of property. Do you want a house, villa, apartment or land? For foreigners, apartment purchase is the simplest. Buying a house or land for foreigners needs a different procedure
How many and what type of rooms do you want? Do you want a garden, a swimming pool, parking, etc?
Stage 5: Define the time-frame, when do you want to buy?
Do you want to buy and live in the property immediately; then you need to buy a completed house or condo. If you have time, it is sometimes better to buy into a project under construction or off-plan, then you can get a much better price and have a say on the finishes. Normally, the price of a property increases by 20-30% when it is finished and sometimes even more than that.
Stage 6: Searching for Your Property
You can search by yourself, if you have the time, or you can commission a trustworthy real-estate agent, search the internet, magazines, exhibitions or just drive around looking for suitable developments.
Stage 7: Inspecting the Property
You may find more than one potential property. Make an evaluation list.
Include:
The price, location, type, number of rooms and all other facilities. Prioritize the criteria, write comments on your evaluation form. Take photos to help you remember. Make notes during the inspections, find out who owns the property. Is it a reliable company or a trustworthy individual, is the ownership is clear? These notes will help you to decide after visiting several different properties.
It is recommended that you make at least one other inspection, preferably on a different day and time. Always wait at least 24 hours before you make your final decision.
Stage 8: Completing the Deal
When buying new, you will normally have to deposit 50,000 to 100,000 baht to reserve the property. You will not get this back if you cancel your reservation. You should be given a purchase contract with the payment schedule. Check the details before you sign and make sure all the agreed conditions, guarantees, etc. are included in the contract: verbal agreements or promises are hard to prove.
Stage 9: Transferring Ownership
After you finalize everything and both parties are ready to transfer the ownership, you will go with the owner, or his representative, to the Land department to transfer the ownership. It is advisable to take a lawyer, or a Thai that you trust, to check the procedure for you as all the documents are in Thai.
Thai measurement units
1 sq. wah = 4 sq. m.
1 ngan = 100 tarang (square) wah or 400 sq. m.
1 rai = 400 tarang wah or 4 ngan or 1,600 sq. m. or 0.16 hectare
