Foreign ownership of Condominium Property according to Thai Law, foreigners may own 49 percent of aggregate saleable unit space of a condominium building while the remaining 51 percent must be owned by either Thai nationals or majority owned Thai companies.
The Sales Process
Pre-completion payment (30%)
A) Reservation: Make a deposit of THB 10,000 for studio and 1 bedroom, THB 20,000 for 2 bedroom which is completely recoverable by deduction from the contractual payment.
B) Signing: The Sales and Purchase Agreement is to be signed within a short period following the reservation. A 30 percent payment of the unit is required upon the signing of the agreement
Balance on transfer remaining (70%)
C) Money Transfer: There are 3 options to transfer money
1. Set up local bank account in Thailand in the name of purchaser and forward funds into the account.
2. Transfer funds to Sansiri account and Sansiri shall organize all appropriate paperwork/certificate.
3. In the case the property is purchased via a Thai company, transfers can be made directly to the company bank account.
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 for the purchase of property.
A) A) Transfer fee- Calculated as 2% of the sales price (subject to change by government policy) 50% paid by Sansiri, 50% paid by purchaser upon transfer of title deed.
B) Sinking Fund- This payment is THB 500 per sq.m. and is payable upon transfer of title deed.
C) Advanced Juristic Fees- Paid in advance on 500 THB per square meter per month basis.
Note: The Juristic Fee or management/maintenance fee is used for general monthly maintenance of the building, common areas, security, pool maintenance, etc.
Disclaimer- information provided should be used as a guideline only. We suggest that you refer to our professional sales team at HQ@sansiri.com
or tel. 1685 and a legal advisor before buying a property in Thailand.