Do you wish to look for a holiday home at a popular tourist spot and an island in Thailand? If yes, then Phuket is the perfect place to get the right Condominium and property within your budget. This is emerging as the most preferred alternative for the people who wish to invest in real estate property. Even now a foreigner can own a condo unit under their name as per the Thailand law. The law also states that any foreigner can own the condo in the country as long as his title percentage is less than 49% of the whole condominium building.
With this, it is clear that any foreigner can purchase one or more condo units if the above-specified percentage is not exceeded. In this, the funds for the purchase of the property should come from abroad. Further, it is required to facilitate the documents like evidence of foreign exchange transaction form and proof that the funds are facilitated from a foreign country. A TT3 form is also required to get the registration of the transfer of ownership. For this, the foreigner needs to open an account in the Thai Bank. After this, transfer the foreign currency to the bank and then facilitate a written declaration for the transfer of funds for the purpose of the condominium. Further, ask for the TT3 form from the bank. Here is a complete guide to purchasing a condo in Thailand.
Search for the Title: When the desire is to look for purchasing a condo, it is necessary to know that the ownership of the condominium building is clear and has no dispute. The land on which the building stand should not be mortgaged and it is necessary to transact only with the legitimate owner of the property who is duly authorised to deal with the property.
Sign a Sales Agreement: When you look for the Thailand condo for sale, it is necessary to sign a sale agreement. This is an agreement between the seller and the foreign buyer and the subject of the ownership is easily transferred to the buyer at a fixed price.
Make the Final Payment: When you buy the property in Thailand, the usual practice is to pay the amount in full. As per the sales agreement, the property should be transferred to the foreign buyer and payment should be done in full.
Registration of Ownership: Once the payment is paid in full, the registration of ownership is done and parties can proceed with the land office to complete the real estate purchase formalities.
Thus, if you have a limited budget and desire to own a home at this beautiful island and tourist spot, then take the help of a real estate agent. This expert will guide to easily go through each required step for purchasing a condo in Thailand. They know the Thailand property law and ensure that a foreigner can easily own property and get the registration completed easily. They also provide a detailed guide on the complete process of purchasing a condo.