Buying a Condominium in Thailand

STEP 1: Finding Real Estate in Thailand

Real Estate in Thailand has taken off in the past decade with more foreigners' wishing to retire in Thailand. You must consider the following:

• Always make use of registered lawyers in Thailand
• Always make use of reputable estate agents when taking advice on real estate in Thailand.
• Be it in Bangkok, Pattaya or Hua Hin. Be aware that many of the problems that do arise from the purchase of a condo in Thailand can be avoided early on in the property search.
• Do they allow animals in the condo?
• Ask the right questions to avoid costly litigation.

STEP 2: Consulting a Lawyer in Thailand

Buying any Real Estate in Thailand be it a house or a condo requires the services of a reputable law firm. Once you have decided which real estate you are going to purchase, always consult a lawyer before signing any documents. The following would be checked amongst other property services:

• A title search over the property
• Note the type of Title Deeds in Thailand
• Review the contracts before signing

The considerations to bear in mind when you are buying a condo off plan:

• You would need legal advice as to buying in pre-construction projects.
• There is also the cost of transfer or tax for your condominium.

STEP 3: Mortgages in Thailand for Foreigners

Each year many people come here to enjoy their holidays in the comfort of a second home or their most treasured property investment in Thailand.

Obtaining a mortgage to finance your purchase of property in Thailand is possible.

• There are currently two banking institutions which provide mortgage bonds to foreigners. They are Bangkok Bank and United Overseas Bank (UOB). These mortgage bonds are concluded 'off-shore' at their Singapore branch.

• The home loans they provide to foreigners are based in foreign currencies. Your home loan/mortgage bond would be provided in either Japanese Yen, Euro or US Dollar. The interest rates also vary with each currency.