How easy is it to buy a Condo in Hua Hin, Thailand?
For 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.
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.
Step by step:
1. When you have found exactly the condominium that suits you, the procedure is straight forward. Together with your broker 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 lawyer 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.
2. Deposit is paid on the same day as the contract is signed. When buying a condominium, the deposit is to hold the condo you buy.
3. Payments: It is Thai procedure that the payment is done in rates starting from day of signing contract to the handover.
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