Buying completed properties can be new properties purchased directly from a builder or developer or properties purchased in the secondary market, which have had previous owners and occupants.
Below will follow some general advices of what to pay attention to when buying completed properties in Thailand.
WHAT TO LOOK OUT FOR
When buying property in Thailand it is fundamental to know the legal status of the property you are buying, i.e. is the property for sale on leasehold or freehold basis.
It is recommendable for foreigners only to deal with land that is Chanote or Nor Sor Sam Gor land.
STAND ALONE PROPERTY OR PART OF A MANAGED DEVELOPMENT
The question of buying a stand alone property or a property that is part of a managed development typically is only relevant when buying houses.
The main advantage of buying a property within a managed development is that of security, maintenance and upkeep of common areas.
When buying a stand alone property the main disadvantage is the absence of security and similarly there is no one at hand for maintenance and upkeep of gardens, pool cleaning etc. This is of particular relevance if the house is a secondary/holiday residence.
PAYING FOR YOUR PROPERTY
Due to the currency exchange controls in Thailand and the requirements related to the purchase of property by foreigners some specific procedures for remitting money to pay for the property needs to be followed. To follow the specific requirements outlined below is highly important as it influence the ability to transfer money out of Thailand upon re-sale.
Foreigners which are not residents in Thailand need to bring foreign funds into Thailand by either transferring into a bank account in Thailand or use a foreign credit card to withdraw money in Thailand. When transferring foreign currency into Thailand it is important to state the purpose of the transfer “to purchase property in Thailand”.
When foreign currency is remitted to Thailand for the purchase of property, the primary evidential document is the “Foreign Exchange Transaction Certificate” which is issued by the receiving bank for transfers exceeding 50,000 USD.
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