Steps of purchasing Thailand property

A reservation fee and down payment deposit is required from the buyer to secure the booking of a unit. Once the project has been completed, the remaining amount should be paid in full. The buyer’s national passport is also required. For foreign buyers who have previously purchased property in Thailand, it is necessary to ensure that the spelling of the buyer’s name in Thai is identical to that used for previous purchases. Buyers can purchase property in Thailand via:

• Booking by cash or credit card
• Overseas foreign funds transfer

The requisite information a buyer needs in order to transfer payment to either a seller’s bank account or designated accounts as follows:

• Bank account name
• Bank account number
• SWIFT code
• Bank name
• Bank address
• Purpose of transfer (i.e. Purchase of property)

SOURCE OF FUNDS DECLARATION

Non-resident foreigners who buy a condominium in Thailand must present a Source of Funds Declaration to the District Land Office when registering ownership. All funds must be remitted into Thailand as foreign currency, after which the receiving bank will exchange the amount into Thai Baht.

FOREIGN EXCHANGE TRANSACTION

The receiving bank will issue a Foreign Exchange Transaction Form (FET) for amounts greater than USD 50,000 and a Credit Note for lesser amounts.

MONEY TRANSFER

Buyers with bank account opened in Thailand may transfer money from the account directly to the seller’s account. However, buyers shall request the bank to issue a Foreign Exchange Translation (FET) form to use as an evidence for registration of ownership at the Land Department.

Buyers can also transfer money to the seller’s bank or issue bank draft payable to the seller and the seller then applies for issuance of Foreign Exchange Transaction (FET) form to use as evidence for registration of ownership at the Land Department.

Note: The amount transferred must be equivalent to or slightly higher than the selling price to show at the Land Department.

An overseas transfer must be issued with evidences to get approval from the Land Department. The money transfer must be made under the same name as appeared in the purchasing contract and must be foreign currency only. Buyers must specify the objective of the money transfer in the payment order.

CUSTOMS DECLARATION FORM

It is necessary to declare the amount and currency to customs, who will issue a receipt for incoming funds. The receipt can then be presented to the bank in order to acquire a Confirmation Letter.

It is recommended that foreign buyers consult a lawyer to assist with their purchase.

Source: Sansiri.com