Buying A Condo

[Burbridge]

Greetings forum

I have been living in thailand for 4 years now (well for 6 months of the year anyway as i work the other 6)

I am about to purchase my first condo in Bangkok (bang na) in my name as the son is about to start school so we need to move down south.

Me and the wife have a home already up in Roi-Et but that is in the sons name.

I know the general things like %of owners and stuff like that.

I am basically wanting to find out if there are any hidden surprises that people dont often know about.

Like how much tax am i likley to pay? and how long does it take to transfer documentation over to the buyer.

Thanks in advance

[Zstarx]

Do you know it's unlikely for your condo to grow in value. Why..........too much supply

Invest in Australia, you'll get around 7% in term deposits, then rent, that's my advice

[PattayaParent]

Don't know about the tax as I think it has just gone back to normal percentages and is also dependent on how long the seller has owned the place and whether or not you are sharing the tax costs.

But it only takes a few hours to make the transfer at the land office.

Edited April 23, 2010 by PattayaParent

[ThaiAdvocate]

Before contract.

Conducting due diligence and contract reviewing is what should be done.

If the seller is the developer the sale purchase contract will be controlled by special law (Condo Act No. 4 B.E. 2551)

You will get more benefit if the contact be made in accordance with this law due to it issued for the purchaser's side.

Transfer Ownership

Supporting document for transfer ownership, if you purchase freehold condo, you have to brign money into Thailand or witharw money from your Thai baht non-resident account, may be you are in familiar with the second one.

About marital status, acquisition of property during marriage is subject to equal share between spouse unless the purchased condo is your personal property.

Inheritance

The condo ownership is alienable to the son and in that time total foreign freehold share will be less in equal to your proportionate value in co-ownership in common property, so your foreign quota would be available for others.

[ThaiAdvocate]

Tax & Fee for land office upon transfer:

Fee = 0.01% the assessed value until the end of May 2010, thereafter at the normal rate of 2%

If the seller is company and the sale is seller's business, 4.3% on the higher amount between assessed value and sale purchase price payable for taxes.

If seller is an individual, the taxes will be depending on holding years and asessed value of the condo .

[tangoll]

If the purchaser is not a Thai national, then the purchaser has to show funds imported for this purchase, from the bank, must get the Foreign Exchange Transaction Form in an amount greater than the transaction amount to be used at time of transfer. If the seller is a Thai national, then seller must get from condo Juristic body, the document certifying that upon transfer, the 49% limit on non-Thai ownership ratio in condo will still be in effect after the sale/transfer.

In all cases, seller must also obtain from Juristic body, the "bai plod ngee" certifying that the condo unit is free of any debt to the juristic body/condo.

I do not know what rules apply with regards to funds import if the purchaser has a work permit or any type of residence permit for stay in Thailand.

Of course, the purchaser has to ensure that the balance of funds due to the seller and the funds for payment of taxes/fees are prepared in time for transfer of ownership.

Once all documents are ready, then the actual transfer at the Land Dept office may take only a few hours; but preparing all documents will take a few days or weeks at best. Depends on how you negotiate the purchase and what gets specified in the sales and purchase agreement, which is a good thing to have signed.

Edited April 23, 2010 by tangoll

[aussiebebe]

I can see this thread was started a few months ago, I had similar questions to the OP, instead of starting a new one, could anyone clarify

Transfer Ownership

Supporting document for transfer ownership, if you purchase freehold condo, you have to brign money into Thailand or witharw money from your Thai baht non-resident account, may be you are in familiar with the second one.

About marital status, acquisition of property during marriage is subject to equal share between spouse unless the purchased condo is your personal property.

I am married, my spouse is Thai. I thought the funds to buy a condo had to be bought into Thailand? what's the non-resident account option? I'm working here on a non-B, extended annually - so I'm non-resident? can I open a non-resident account?

Also, about marital status; if I bought a condo it can be in my name, or must be in both mine and my wife's name? Does this affect the 49% foreign ownership rule? I understand that in the event of divorce the condo would be shared equally, is that true even if I bought it? so, do I need a usufruct on the condo?

Sorry for all the questions, if anyone knows of a 'Thai Condo buying guide' could they please point me in the right direction.

[hhgz]

"if anyone knows of a 'Thai Condo buying guide' could they please point me in the right direction."

A Thai buying a condo in Thailand hardly needs a guide. On the other hand, if you mean "a guide to buying a condo in Thailand", there are several treads. ALL of your questions can be answered by speaking with a representative of the real estate brokerage. I'd suggest a large company (CBRE, or Property Plus, as examples). You seem to have a bunch of unrelated questions, in no particular order, and it would behoove you to organize your thoughts and questions before you hand someone a fistful of cash.

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[pkrv]

Hi Burbridge - you have obviously researched.

The Taxes on transfers are actually quite low but are often shared on condominiums that are already pre built - typically 50/50 by buyer/seller

Check out the pinned thread some questions may be answered.

You should have no hidden surprises

Edited July 2, 2010 by pkrv

[aussiebebe]

"if anyone knows of a 'Thai Condo buying guide' could they please point me in the right direction."

A Thai buying a condo in Thailand hardly needs a guide. On the other hand, if you mean "a guide to buying a condo in Thailand", there are several treads. ALL of your questions can be answered by speaking with a representative of the real estate brokerage. I'd suggest a large company (CBRE, or Property Plus, as examples). You seem to have a bunch of unrelated questions, in no particular order, and it would behoove you to organize your thoughts and questions before you hand someone a fistful of cash.

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:lol: Good advice, point well taken - research efforts must be doubled! A fool and his money and all that:D

[jackdawson]

Me and the wife have a home already up in Roi-Et but that is in the sons name.

u mean , ur son owns a house right ?