For investors who are planning to own a luxury condo in Bangkok, there are a few things you should know. First, if you are a foreigner then you have the capacity to own a condominium under your name which will be in freehold. This means that they can only purchase from freehold condo projects, only 49 per cent of the total project must be owned by a foreigner and the purchase amount must be money coming from overseas and was transferred to a local bank in Thailand. If you are buying a condominium, a title deed will be given to you. The title deed may be used as collateral in Thailand and maintenance fees in the country is cheaper compared to other countries.
Before purchasing a condo, you must do your research such as the type of property you want, the price range of the property you are willing to consider, the location of the property you want, the reason why you will be purchasing and the criteria you have set for the property you are going to buy including the floor number, style and many others.
After choosing the luxury condo you want, make sure you check that the title deed belongs to the owner of the condo. Make sure that the building is part of Thailand’s foreign quota and the unit can be used as collateral. Contact the management of the condo to make sure there are no damages in the unit, ask about the payment for the common expenses and there will be no substantial costs that will be shouldered by the buyer regarding renovations.
If you have a real estate agent, they will be the one to make negotiations as to the price of the property, how the taxes and fees will be divided, prices of the furniture included in the unit, the payment terms as well as the date when the title deed will be transferred. After this, a purchase agreement will be made and signing of contract will follow. The foreigner may then transfer the money for payment from overseas to a local bank. Final procedures will then be conducted between the seller and buyer through the real estate agent. If you are still looking for a condo unit, check out the luxury condo in Thonglor.