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How to Purchase your Condominium

You have two choices

Freehold

The easiest way to own property in Thailand is to purchase a condominium. As a Foreigner you can purchase in your own name. Under Thai law Foreigners are permitted to own up to 49% of the units in any condominium block. You also have to prove that the money for the purchase arrived from abroad by filling out a Tor Tor 3 forms prior to transferring the money into our account. Ask our staff and they will be more than happy to help you with this to make sure everything goes smoothly.

Thai Company

Establishing a Thai company is relatively easy, straightforward, inexpensive to operate and can be handled by reputable legal accounting firms based in Phuket. Patong Harbor View can recommend several firms to you and assist you in establishing your Thai company.

Legal Fees

Initial cost is about 30,000 baht and annual fees will be another 20,000 baht per year.

Advantages

Using a Thai entity allows foreign buyers to acquire a condominium title apartment after the 49% foreign ownership level has been reached. A Thai company is also eligible to apply to a Thai bank for mortgage finance on a Condominium, provided the company meets Bank Lending criteria. Patong Harbor View can introduce you to a Thai bank which may provide mortgage finance.

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Payment Schedule

(Example purchase of 4,000,000)

Reservation of a condominium:
   Sign the Reservation Form and pay a non-refundable Deposit 100,000

Condominium Sale & Purchase Agreement:
   Pay 20% of the total price to confirm the purchase

(Less the deposit) Baht 700,000

Installment payment schedule
   Pay during construction in 4 installments over construction ( expected to take up to 12 months )

• on completion of foundations       20% Baht   800,000
• on completion of superstructure   20% Baht   800,000
• on completion of walls, floors      20% Baht   800,000
• on final completion and handover 20% Baht  800,000

Total Purchase Price Baht 4,000,000

Furniture package for 1 BR condominiums: THB  650,000 incl. Vat

Furniture package for 2 BR condominiums: THB 900,000 incl. Vat

Freehold condo registration costs approx. 3% of purchase price.

 

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