Buying Property in Thailand Online

Many foreigners choose to buy property in Thailand online. This process is permitted by local laws and is safe when you work with a trusted representative. Online property purchases became particularly popular during the COVID-19 pandemic, when travel restrictions made it difficult to visit Thailand in person. As demand dropped due to these limitations, developers offered a range of attractive property deals with excellent value for money. Nowadays, property buyers can complete the transaction remotely, then travel to Thailand to receive their keys and move into their new home. Another option is to rent out the property online after purchasing it.

In this article, we will walk you through all the steps of buying property online in Thailand.

CHOOSING YOUR IDEAL HOME

The first step in buying property online is selecting the right home. Thailand-Real.Estate offers an extensive property database featuring the latest deals in the country. You can customize your search using the platform’s user-friendly filters to find the ideal property. Our collection includes a wide range of apartments, villas, and houses that suit various tastes and budgets. Our real estate specialists are also available to help you find the best options that meet your requirements.

PROPERTY VIEWING

Thanks to technological advancements, purchasing real estate online has become easier than ever. Our team can arrange a virtual tour of the selected properties, providing detailed information about the neighborhood, residential complex, and answering any questions you may have. These tours are designed to showcase the apartment's layout and features, enabling you to make an informed decision.

PAPERWORK

The legal paperwork can seem overwhelming for foreign buyers, but there’s no need to worry. Our lawyers will check and prepare all the necessary documents. While our experts will manage the process, it’s important for buyers to keep the following key points in mind when purchasing property in Thailand:

Resale Property: Ensure that the seller’s property rights are thoroughly checked.
Condominium Ownership Quota: Foreigners can own up to 49% of the total apartments in a condominium. Developers ensure that this quota is met when buying new units, but buyers of resale homes need to be cautious.
Land Ownership: Foreigners can own private homes but not the land the property is on. To resolve this, land is often registered as a long-term lease.
Condominium Registration: The building must be registered under the Condominiums Act.

Thailand-Real.Estate lawyers will help you draft a Purchase and Sales Agreement (PSA). Your real estate agent will sign the contract on your behalf, but you’ll need to arrange a power of attorney in their name beforehand. The contract will outline penalties for payment delays or the seller’s failure to fulfill obligations. If you’re buying a property that’s still under construction, the contract will include terms for construction delays, including compensation if the delay exceeds a certain number of days. Ensure the contract includes a clause for project cancellations, so you can receive your money back in the event of force majeure.

Payment
The buyer must personally coordinate with their bank to ensure that the transfer of funds to a Thai bank is processed on time. When purchasing an apartment during the construction phase, the buyer typically makes an initial deposit, followed by monthly payments as specified in the contract. For completed or resale properties, a small deposit is made when the contract is signed, and the remaining balance is paid in full before the property registration. There are no legal requirements regarding specific payment deadlines.

Several crucial documents are required when buying and registering a new apartment. In addition to the sales contract, the Foreign Exchange Transfer (FET) form is necessary, which confirms that the funds for the purchase have been received and transferred in Thai baht. This is a critical step, as the money is transferred from abroad in a foreign currency and then converted into Thai baht by a Thai bank.

After-Sale Paperwork
After purchasing real estate, a few more bureaucratic processes must be completed. These include property registration and obtaining an ownership certificate, which is issued by the Land Department. The «Tabien Baan,» or Thai house book, is an official document that contains the address of the property and a resident registration record. It is issued by the local municipal authorities and records individuals who have the legal right to live in the house or apartment. However, the Tabien Baan is not proof of property ownership. There are two types of house books: the blue book (Thor Ror 14) for Thai citizens and the yellow book (Thor Ror 13) for foreigners.

After purchasing a condominium unit, you will also need to make a one-time payment to the building's initial money fund, which new condominium owners contribute to. This fee is typically equivalent to one year's maintenance fee, which, in Bangkok, is around THB 12,000 (USD 359, CNY 2,285).

Once you own property in Thailand, you have several options: live in it yourself, resell it, or rent it out and earn monthly income. The specialists at Thailand-Real.Estate can assist you with both selling and renting out your property in Thailand.