Buying Investment Property Process
Buying Process for Condos/Apartments in Thailand:
- 1. Select property you wish to purchase
- 2. Sign Reservation Form and pay reservation
- 3. 7-14 days later (unless otherwise agreed with developer) sign the Purchase Contract and pay the down payment specified in the Purchase Contract
- 4. Thereafter make the payments as stipulated in the Purchase Contract
- 5. Pay final balance upon completion and key handover
There are 2 ways to purchase your property in Thailand:
- 1. In Foreign Ownership
- 2. In Thai Company Ownership
In Foreign Ownership: You will purchase the property in your own name, the Title Deed of the property will be in your name and if you re-sell the property at a later stage, you can sell in Foreign Ownership to another foreigner.
In Thai Company Ownership: You will purchase the property in a Thai Company, the Thai Company will hold the property, the Thai Company can easily be created and will cost only 25,000 Baht to be set up with annual running costs of only approx 12,000 Baht. The advatanges of buying in a Thai Company include a cheaper buying price, often less money down over construction with a more key heavy payment on completion often as much as 70% on completion. When re-selling the property, you sell the Thai Company to either a foreigner or Thai purchaser, you will not need to pay the transfer tax on selling a property in a Thai Company.