𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐅𝐨𝐫𝐦 | 𝐓𝐡𝐞 𝐋𝐚𝐰𝐲𝐞𝐫: 𝐕𝐢𝐳𝐞 𝐂𝐨𝐮𝐧𝐬𝐞𝐥𝐨𝐫
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Are you considering buying a condo in Thailand but have questions about the process? In this video, we'll address some common queries to Jimmy, the lawyer, Vize Counselor owner, about purchasing condominiums in the Land of Smiles.
More videos with the Lawyer:
👉 Buying a CONDO in Thailand Part 1 | THINGS TO KNOW
🔗 • Buying a CONDO in Thai...
👉 Buying Land and Home in Thailand as a Foreigner (video with a Lawyer)
🔗 • Buying Land and Home i...
1. Can I Own a Condo in My Own Name as a Foreigner?
Yes, you can own a condo in your own name without needing a Thai company or special visas. Thai law allows foreigners to own a portion of the units in a condominium building.
2. What's the Buying Process Like?
The process is relatively straightforward. You put down a deposit, sign a contract, transfer the money to the bank, and provide necessary documents like a foreign exchange transcript. The developer often assists with these steps.
3. Taxes and Fees
Taxes and fees can vary depending on your agreement with the seller. Typically, buyers may need to pay a transfer fee of around 1.5% of the property value. Property tax is also applicable, typically around 10% of the annual rental value.
4. Due Diligence is Key
Due diligence is crucial when investing in Thai real estate, especially for high-value properties. Ensure that the property has a clear and legitimate title to avoid potential issues.
5. Renovations and Modifications
You can renovate or modify your condo, but larger projects may require permits. Consult with local authorities to ensure compliance.
6. Buying Secondhand Condos
Check the quota of the building before purchasing a secondhand condo. Some buildings have restrictions on the number of foreign-owned units.
7. Dealing with Real Estate Agents
Always conduct due diligence on real estate agents. Research their reputation and ensure they have a good track record in the industry.
8. Owning a Condo and Staying in Thailand
Owning a condo doesn't grant automatic residency in Thailand. Visa requirements are separate from property ownership.
9. Benefits of Property Ownership
Some property developments may offer additional benefits like eligibility for Thailand Elite visas for high-value investments.
10. Protect Your Investment with a Prenuptial Agreement - Consider a prenuptial agreement to safeguard your property investment, especially if you have a Thai partner or plan to marry in the future.
In summary, buying a condo in Thailand as a foreigner is possible and relatively straightforward. However, it's essential to do your homework, understand the associated taxes and fees, and consider legal protections like prenuptial agreements to ensure a smooth and secure investment. If you have more questions or specific requirements, don't hesitate to contact a legal expert or real estate professional for guidance.
👉 Buying a Condo in Koh Samui
🔗 • Wing Samui Condo Const...
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0:00 - Introduction
0:36 - Can I Own a Condo in My Own Name as a Foreigner?
1:29 - What's the Buying Process Like?
2:20 - Taxes and Fees
3:15 - Due Diligence is Key
4:01 - Renovations and Modifications
4:47 - Buying Secondhand Condos
5:33 - Dealing with Real Estate Agents
6:28 - Owning a Condo and Staying in Thailand
7:17 - Benefits of Property Ownership
8:04 - Protect Your Investment with a Prenuptial Agreement
8:52 - Conclusion
11:20 - Contact Form