With reference to Thai Law of Condominium Purchasing, foreigners may own 49% of total saleable unit space of a condominium building while the remaining 51% must be owned by either Thai nationals or Thai companies.
Sales Process for Foreigners
Pre-completion payment (30%)
THB 50,000 for 1 – 2 Bedroom unit
THB 100,000 for 3-Bedroom unit
THB 150,000 for Penthouse
Sale & Purchase Contract Signing: To be signed within 7 days after the reservation.
5% of the sale price is required upon the signing of the agreement
Down Payment: 25% is required by installments till November 2014
Ownership Transfer Payment: 70% deduced by Reservation fee is required upon the Ownership Transfer date.
3 Methods of Money Transfer
Set up local bank account in Thailand in the name of purchaser and forward funds into the account
Transfer funds to V Sukhumvit 43 account and we will organize all appropriate bank advice/ certificate.
In the case the condominium is purchased via a Thai company, the transfer can be made directly to the company bank account
Foreigners are required to remit at least USD 20,000.- into Thailand per transfer to receive a ForEx transfer form. This form will be needed to ownership transfer the unit under foreign ownership and also remit money back out of Thailand if so needed in the future.
Thai baht conversion has to be done in Thailand and not before transfer is made into the country. Moreover, the purpose of the money transfer must state for “H Sukhumvit 43 Condominium” purchase.
Expenses on the Ownership Transfer Date
2% Transfer fee was calculated of the selling price. 50% paid by H Sukhumvit 43, 50% paid by purchaser upon transfer the title deed
Sinking Fund Payment is THB 500 per Sq.m. (one-time payment) is payable upon transfer of the title deed
Condominium Juristic Person / Maintenance fee will be paid 1 year in advance. Paid in advance on THB 45 per Sq.m. per month basis. (The fee is used for monthly maintenance of the building, common areas, security, pool, garden, etc.
– The above information should be used as a guideline only. We suggest you to contract H Sukhumvit 43 sales team at email@example.com
or tel. 098 824 9700 and a legal advisor before purchasing a Condominium in Thailand