Buying a Condo in Bangkok – all you Need to Know

With that said, let’s look at what you should add to your checklist if you’re serious about buying a condo in Thailand. Once you have a price in mind and know what type of condo you want, such as a studio, two-bedroom, etc., you need to think about which part of Bangkok suits you. Bangkok is a vast city with many districts, containing hundreds of Condominium Projects. This means that you have a lot of scope regarding the type of property, the price, and the location, all key factors that you must decide upon before making any further considerations. It’s essential to do some research and find out which neighborhood suits your needs best.

To buy a condo in Bangkok a debt-free letter needs to be issued by the condominium’s juristic office manager confirming the absence of debts up to the date of transfer of the condominium title deed. Also, note that your spouse will need to be present on transfer day (if applicable). If that is not possible, you will need to arrange a power of attorney. Getting a Foreign Exchange Transaction (FET) form is an integral part of the purchase process for foreigners, as it is an essential step in complying with Thai Condominium Laws.

Thai nationals or Thai entities must own 51% of any Condominium Project. Another condition states that the funds to buy a condo must come from overseas and in foreign currency. Think of Condominium Freeholds as the division of a building into individual condominium units, whereby each condo benefits from proportional co-ownership of condo facilities like the pool, gym, car park, etc. Put in plain words, Condominium Freeholds are the simplest form of property ownership for foreign nationals in Thailand.

Wherever you decide to stay, make sure you also consider how you will get around, as Bangkok (https://bangkok.thaibounty.com/2020/01/27/never-changing-majestic-suites-will-eventually-destroy-you/) is, of course, notorious for its traffic jams, so being close to the public transport system will be a crucial factor for most foreign buyers. The condo market in Bangkok, like most large cities, has become highly brand-driven, and the projects of some developers have become well known for quality and reliability. Building management and maintenance is a crucial factor in ensuring that the condo holds its value. While it’s not essential to buy from one of the top-tier brands, it’s wise to consider reputable developers’ projects as they usually benefit from well-planned building management operations.

The city is also currently undergoing mass development, both in terms of property and infrastructure; thus, its urban landscape is continually changing. With all these factors considered, it’s no surprise that Bangkok condo – navigate to these guys bangkok.thaibounty.com – sales has become very appealing for foreign buyers especially with the current investment visa opportunities. Nevertheless, before you engage in the Bangkok real estate market, you must understand what you can expect from property agents and developers.

With these documents in hand, it will be possible to know if the seller and agent have the authority to sell the property and that it complies with the legal conditions we covered earlier. Once an offer letter is signed and confirmed by all parties, accompanied by certified copies of ID, it’s safe to pay a deposit to reserve the condo. After everything is verified to avoid any potential disagreements at a later stage, it is vital to obtain a written “offer letter,” sometimes called a “letter of understanding.” This letter, signed by all parties; the seller, the buyer, and the agent (witness), outlines the purchase’s details.