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foreigners buying a condominium is probably the easiest option
available. It is possible to purchase condominium in a foreigner's
name as long as the unit sold in the condominium block does
not exceed 49% of the total units, and the funds for buying
the unit have to be transferred from abroad to a Thai bank,
recorded as such. The Thai law on this area is very clear
and simple, since you will not be buying the land itself,
but only a unit or more in the building.
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When
transferring the funds from abroad the owner must request
a foreign exchange transaction form that states that the money
transferred is only for the purpose of buying a condominium
in Thailand. Purchases of condominiums by foreign individuals
are governed by the Condominium Act B.E. 2535 (1992).
The owner of each condominium
is issued with a certificate of unit ownership. The certificate
also has a statement saying exactly what percentage of rights
over the common areas of the building each owner has.
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Step
by step:
1. When you have found exactly the condominum
that suits you, the procedure is straight forward. Together
with your broker or Tropical Ocen View you go through the
contract, and agree that all the details are in order. If
you want to make any changes to the condo, make sure it is
written in the contract before signing it. You could also
have our own attorney look at the contract to see if there
is anything out of the ordinary. Our standard contract is
made by an independent law office, and is also approved by
a real estate laywer to make sure everything is in place.
The contract is written in both English and Thai, because
of the local authorities who have to approve the legal papers.
Though as written in the contract English is predominant to
Thai in case of any dispute.
2. Deposit is paid on the same day as the
contract is signed. When buying a condominium a Hua Hin Tropical
Ocean View, the deposit is 100.000 THB as a holding deposit
regardless of which apartment you buy.
3. Payments: It is Thai procedure that the
payment is done in rates starting from day of signing contract
to the handover. That is also the case at Hua Hin Tropical
Ocean View. Details regarding payment are in the section "Payment
plans" where the excat figures also are shown. |
