According to Thai Law, foreigners may own 49% of the aggregate saleable unit space of a condominium building while the remaining 51% must be owned by either Thai nationals or majority owned Thai Companies.
The Sale Process
A) Reservation: Make a deposit of THB 5,000. Deposit is completely recoverable by deduction from the contractual payment.
B) Singing: The Sale and Purchase Agreement is to be signed within 7 days. THB 45,000 payment of the unit is required upon the signing of the agreement.
C) For free installments.
Foreigners are required to remit at least USD 20,000.00 into Thailand per transfer to receive a FOREX Transfer Form. This form will be needed to transfer the unit under foreign ownership and also remit money back out of Thailand if so needed in the future.
Note: Conversion to Thai Baht has to be done in Thailand and not before transfer is made into the country.
Furthermore, instruction on transfer must state that it is for the purchase of property.
A) Free Fee calculated as 2% of the sales price (subject to change by government policy) 50% paid by seller, 50% paid by purchaser upon transfer of title deed.
B) Advance Juristic Fees :
1. To provide maintenance and public service of the project including security guard system, lighting within the building and surrounding the project, collecting garbage, cleaning the project, common area maintenance, drain cleaning, repair and maintenance of public services to be effectively and continuously, on the date of registration of ownership transfer, the “buyer” agrees to pay for public services for 1-year period at rate 25 baht/ square meter/ month.
The paid amount may be increased or decreased according to actual area of the land appearing in the title deed, which the “Seller” is assigned to keep and has the right to spend such amount of money to maintain and provide public services in the project as a lump sum payment. In addition, the buyer agrees to pay for common singing fund at rate 300 baht per square meter, to be paid by one payment on the day of acceptance of ownership transfer, and such amount of money will be returned to the condominium unit committees or condominium juristic person further.
If the condominium unit committees or condominium juristic person is set up before payment of the buyer, the “seller” shall return money according to the remaining period (from the date the seller delivers maintenance and management of public services to the committees or condominium juristic person) to the condominium unit committees or condominium juristic person at the rate mentioned above.
2. The “buyer” is willing to pay for public services to be charged in the future as required by the “seller” (in case that the condominium unit committees or condominium juristic person has not been set up) or the condominium unit committees or condominium juristic person
3. The price is exclusive of installation for Electricity meter, 1 bedroom type 1-phase electrical system THB 4,632 (Standard) and 2 bedroom type 3-phase electrical system THB 16,005 (Suite).