If you're considering buying a condo in Thailand, you'll want to read this first!

When it comes to real estate, Thailand has a lot to offer. Whether you're looking for a beachfront property or a city-centre condo, you're sure to find something to suit your needs. And, if you're looking for a good investment, Thailand's booming economy makes it a great place to buy property.

However, as a foreigner, there are a few things you need to keep in mind when buying a condo in Thailand. RE/MAX has the inside scoop on what you should know before making a decision to purchase a condo. Trust us, we're here to help make your condo buying experience as smooth as possible!

You may be wondering if you should work with a real estate agent. There are many reasons why you should use a real estate agent when buying a condo in Thailand.

First, a real estate agent will have a good understanding of the local market. This is important because you want to make sure that you are getting a good deal on your condo.

Why do Agents in Thailand know the condo market so well?

For starters, real estate agents in Thailand have a lot of experience. They've been working in the industry for many years, so they know all the ins and outs of the condo market. Plus, they have a network of contacts they can rely on for information about new developments and pricing trends.

Another reason why real estate agents in Thailand know the condo market so well is because they're always keeping up with the latest news and research. They read industry publications, attend seminars and conferences, and talk to other professionals in the field. This allows them to stay on top of the latest trends and developments in the condo market.

Finally, real estate agents in Thailand are very friendly and helpful. They're always happy to answer any questions you have about the condo market, and they'll go out of their way to help you find the perfect property.

Second, a real estate agent will be able to help you negotiate the price of your condo. This is important because you want to make sure that you are getting the best possible price for your condo.

Why can real estate agents in Thailand negotiate better than you?

Here are four reasons:

1. They know the market.

Real estate agents in Thailand have a deep understanding of the local property market. They know what prices are realistic and which ones are not. This knowledge gives them a big advantage when it comes to negotiating.

2. They have experience.

Most real estate agents in Thailand have years of experience bargaining with sellers. They know all the tricks and how to get the best deal possible.

3. They're not emotionally attached.

When you're buying a home, it's easy to get emotionally attached to the property. This can make it hard to negotiate objectively. Real estate agents, on the other hand, are professionals. They're not emotionally attached to the properties they're negotiating for, so they can stay focused on getting the best deal.

4. They're not afraid to walk away.

If a seller isn't willing to meet your price, a real estate agent isn't afraid to walk away from the deal. This can be a powerful negotiating tactic.

Third, a real estate agent will be able to help you with the legal work. This is important because you want to make sure that everything is in order before you sign any documents.

RE/MAX Agents are experts in all things property-related, so we know a thing or two about buying condos in Thailand.

The first thing you need to do is make sure that you're eligible to buy property in Thailand. You need to be at least 18 years old and have a valid passport.

We are strongly recommending you will hire a lawyer to deal with all your legal work.

What is the process of buying a condo in Thailand?

• Once you've found a condo that you like, the next step is to make an offer.
• If your offer is accepted, the next step is to sign a sales and purchase agreement.
• This is a legally binding document, so it's important to make sure that you understand everything before you sign it.
• Once the sales and purchase agreement is signed, the next step is to pay a deposit.
• The deposit is usually 10% of the purchase price.
• Once the deposit is paid, the next step is to transfer the remaining balance at the completion date.
• The final step is to get the keys to your new condo!

There are a few legal things to keep in mind when looking to purchase a condominium in Thailand.

What is the legal requirement for buying a condo?

• There are no ownership restrictions based on nationality or specific visa categories and every foreigner who can enter Thailand legally can buy and own a condo.
• Foreigners are only allowed to own a condominium if the building is at least 51% owned by Thai nationals.
• You'll need to have a local bank account. The requirements for the opening of a bank account vary from nationality to nationality and from bank to bank, but in most cases all that will be required is a passport with a duly stamped Visa or a Visa Exempt Entry stamp and a letter from the applicant’s Embassy verifying his identity.
• All funds must transfer from oversee and you will be required to show proof of funds.
• You'll need to do is obtain a Foreign Quota Letter from the juristic person of the building that indicates that the unit that you are buying is within the Foreign Quota of the building.
• You'll need to do is obtain a Clearance Letter or Debt Letter from the juristic person of the building that indicates that the unit that you are buying is free of debt.
• Tax's – there are a few common tax’s that the buyer will share with the seller such as Transfer Fee, Stamp duty   
• Power of Attorney
  At completion, any of the Parties may be represented by a 3rd Party with a Power of Attorney!
  1. A power of attorney must be on the official Land Office Form.
  2. It must be in Thai and either typed or completed in one color of ink.
  3. For Thai Nationals the Power is valid for 1 month if executed in Thailand.
  4. For Foreigners - A Power is valid if executed within 30 days of the last day they could have stayed in Thailand as shown by their last Entry Stamp. A signed copy of their passport must be produced 
     OR
     
  5. Foreigners or Thais absent from Thailand at completion must produce a Power of Attorney authenticated by their local Thai Embassy abroad

We know that buying a condo in Thailand can seem like a daunting process, but it doesn't have to be.

Fourth, an agent will be able to answer any questions that you have about buying a condo in Thailand. When buying a condo in Thailand, you want to make sure you're working with a reputable and experienced real estate agent. This is important because you want to make sure that you are making the best decision possible.

That's where RE/MAX comes in. Our RE/MAX agents are some of the most knowledgeable and experienced in the business, and they're passionate about helping their clients find the perfect condo. When you work with a RE/MAX agent, you can be confident that you're getting the best possible service. We have a global network of agents, so you can be sure to find an agent in your area who knows the Thai condo market inside and out. Plus, our agents are backed by the RE/MAX brand, so you know you're working with a team that you can trust.

How to find the Best Condo Deal?

Finally, a real estate agent will be able to provide you with a list of potential condos that you can choose from. This is important because you want to make sure that you are getting the best possible deal on your condo.

However, before you start your search for the perfect condo, there are a few things you should keep in mind. Here's what you need to know about searching for a condo for sale in Thailand:

1. Know Your Budget.

Before you start searching for condos, it's important to know how much you can afford to spend. Take a look at your finances and set a budget for your condo purchase. This will help you narrow down your search and find a condo that's within your price range. Keep in mind that as a foreigner you won't be able to get a mortgage in Thailand. 

2. Decide on the Location

One of the most important factors to consider when searching for a condo is the location. Do you want to be in the heart of the city or closer to the beach? Do you want a condo with a view of the skyline or one that's nestled in a quiet neighborhood? How far you will need to drive to work every day? Do you need to be close to public transportation such as BTS, MRT, or Airport Rail Link

Think about the location that would best suit your needs and lifestyle, and then start searching for condos in that area.

3. Consider the Size

Another important factor to consider when searching for a condo is the size. How much space do you need? Do you want a studio, one-bedroom, or two-bedroom condo? Or, are you looking for a larger condo with multiple bedrooms?

Think about the size that would best suit your needs and then start searching for condos that are that size.

4. Research the Condo Building

When you find a condo that you're interested in, it's important to do some research on the building. Find out if the building is well-maintained and if there have been any major issues in the past.

You can also research the amenities that are offered in the building. Some condo buildings have gyms, pools, and other great amenities that you may want to take advantage of.

5. Schedule a Viewing.

Once you've found a condo that you're interested in, it's time to schedule a viewing. This will give you a chance to see the condo in person and get a feel for the space.

If you're ready to start your search for the perfect condo in Thailand, contact a RE/MAX agent today. We'll be happy to help you find the perfect property for your needs.

If you want to learn more you can read our Buying a Home in Thailand - Step by Step Guide