Buy Condo in Thailand. Options and Requirements

Purchasing a condominium unit in Thailand is a relatively simple transaction for foreigners. In essence the concept of owning a condominium is similar to many western countries, albeit there are some differences in the process.

In any case certain due diligence should be carried out including there are no registered encumbrances on the property and  the title is good.

General Requirements

In Thailand foreigners can own 100% a condominium unit in their own name. However, two preconditions are applicable in this respect:

• Foreigners cannot own more than 49% of the total number of units in the condominium.

• The funds used to buy the condominium must have been transferred from abroad. Moreover, the transfer must be recorded as such in a document issued by a Thai bank called “Tor Tor Sam”. This document must reflect the receipts of foreign currency into your account in Thailand along with the fact that the transfer of funds is exclusively for the purpose of purchasing a property.

Getting a Mortgage Loan

Strictly speaking you cannot get a mortgage loan in Thailand . However some developers have arrangements with  financial institutions. Once you make a down payment the balance can be financed through a loan where the property is required as collateral. The bank provides this type of home loan in a foreign currency such as Dollar, Yen or Euro and they are transferred through a branch abroad, usually in Singapore .

Assistance

Looking for a property in Thailand usually requires some local assistance, especially if you do not speak Thai and are not familiar with the area of your interest. On the other hand you will probably need assistance not only for contacting  sellers but consulting legal issues.

Being careful when it comes to choosing a property agent or service center may be key for acquiring successfully a property in Bangkok, Phuket, Pattaya or any other area of  Thailand. Choosing a good  professional is not always easy. They should be not only honest but charge reasonable fees for their services. They know you can be confused by the legal structure and  Real Estate market  in a foreign country.