The steps
- Choose and check the unit. Ask the building's juristic office whether foreign quota is available, and for the common-fee and sinking-fund figures.
- Due diligence. A lawyer checks the title deed (chanote), the seller's right to sell, debts on the unit, and the building's licences.
- Reservation and contract. Pay a small reservation, then sign a sale contract in English and Thai with clear deadlines and refund terms.
- Send the money from abroad. Transfer in foreign currency to a Thai account, stating it's for buying a condo. Ask the bank for the foreign-exchange certificate (FET) or credit advice.
- Transfer at the Land Office. Both sides or their representatives attend, pay the fees and taxes, and the title is registered in your name.
What it costs to transfer
| Cost | Rate | Usually paid by |
|---|---|---|
| Transfer fee | 2% of the appraised value | Split 50/50, or as agreed |
| Specific business tax | 3.3%, if the seller owned it under 5 years | Seller |
| Stamp duty | 0.5%, when business tax doesn't apply | Seller |
| Withholding tax | Varies with the seller and holding period | Seller |
Everything is negotiable, so write who pays what in the contract. Off-plan buyers also pay into the building's sinking fund at transfer.
New-build or resale?
New-build (off-plan) units come with payment plans and developer warranties, but you're betting on completion and on the quota still being open. Resale units are what you see, with a history you can check. In Pattaya, resale units are often cheaper per square metre than new launches nearby.