- Candice Mak
What you need to know when purchase a condo in Thailand
the procedures for purchasing a condo in Thailand from a property developer typically follow these steps:
Research and identify the property: You should research and identify the condo you want to purchase from the property developer. This may involve looking at various sources such as the developer's website, property listings, and real estate agents.
Contact the developer: Once you have identified the condo, you should contact the property developer to express your interest and ask any questions you may have about the property.
Sign the reservation agreement: If you decide to proceed with the purchase, you will need to sign a reservation agreement with the developer. This agreement will typically require you to make a reservation deposit, which will secure the condo for you.
Review the purchase agreement: After signing the reservation agreement, the developer will provide you with the purchase agreement, which will outline the terms and conditions of the purchase, including the price, payment terms, and any other relevant details. You should review these terms and conditions carefully to ensure that you understand all of the requirements and obligations.
Pay the deposit: Once you have reviewed and agreed to the terms and conditions of the purchase agreement, you will need to make a deposit as specified in the agreement. This deposit will typically be around 10% of the purchase price.
Obtain financing (if necessary): If you require financing to purchase the condo, you will need to obtain financing from a bank or other lender. The developer may be able to provide you with information on financing options or recommend lenders.
Sign the sales and purchase agreement: Once you have paid the deposit and obtained financing (if necessary), you will need to sign the sales and purchase agreement with the developer. This agreement will formalize the purchase and outline the remaining payment schedule.
Transfer ownership and pay the balance: After signing the sales and purchase agreement, you will need to transfer ownership of the condo and pay the remaining balance according to the payment schedule outlined in the agreement. This may involve making regular payments over a period of time or paying the full amount at once.
Obtain legal advice: It is advisable to obtain legal advice from a qualified lawyer to ensure that you fully understand the terms and conditions of the purchase and to protect your interests.
Complete the purchase: Once you have paid the full purchase price and fulfilled all of the requirements outlined in the sales and purchase agreement, you will be able to complete the purchase and take possession of the condo.
It is important to note that the specific procedures and requirements for purchasing a condo in Thailand from a property developer may vary depending on the developer's policies and procedures, as well as the region in which the property is located. It is therefore advisable to seek professional advice and guidance throughout the process to ensure that you understand all of the requirements and obligations involved.