5 Things To Consider Before Buying Condo In Bangkok
If you are a foreigner and planning to buy a condo in Bangkok then you might be in for a challenge as there are many laws that safeguard Thai properties to make sure they are not acquired by foreigners who are not permanent residents of the country. Foreigners must keep in mind that according to Thai law, they can only own up to 49 per cent of a property and nothing more. With this law, it also implies that it is not possible for a foreigner to own either a house or a lot. What they can do is to purchase a condo if they desire. A foreigner has the right to purchase more than one unit as long as the remaining 51 per cent is still under a Thai nationals’ name.
- Before purchasing, there must be a written as well as verbal agreement to ensure that the condo is purchased under freehold and not leasehold which will entail that the property is not entirely yours. Check all the papers and make sure there will be no trouble coming from previous agreements or lease made with the unit.
- When you are purchasing a condo in Thailand, your bank account must have enough currency of the country which is in baht. Before making any purchase, make sure to convert enough dollars into baht to have a hassle free process.
- Everything must be written in order to have proof in case of misunderstanding. A lawyer is also necessary to be the mediator between the two parties and to make sure everything is done legally. Make sure the lawyer check the papers and the agreement. This will save you a lot of trouble and money in the future.
- Ask your lawyer regarding the effect of the purchase on your taxes. This will ensure that you will not be burdened with a lot of taxes in the long run.
- Last, make sure to hire a lawyer before undergoing any process. It is also best to consult professionals such as Find Thai Property to have an insight on the condo you are planning to purchase.