Foreign ownership of Condominium Property
According to Thai Law, foreigners may own 49 percent of the aggregate saleable unit space of a condominium building while the remaining 51 percent must be owned by either Thai nationals or majority owned Thai Companies.
The Sales Process
Pre-completion payments (40 percent)
- Reservation: Make a deposit of THB xxx,xxx which is completely recoverable by deduction from the final payment.
- Signing: The Sales and Purchase Agreement is to be signed within 2 weeks following the reservation. A 10 percent payment of the unit price is required upon the signing of the agreement.
- Instalments: The remaining pre-completion payment will be divided into regular instalments over the construction period of the project-typically every 30 days.
Balance on transfer remaining (60 percent)
Money Transfer: There are three options to transfer money.
- Set up local bank account in Thailand in the name of purchaser and forward funds into the account.
- Transfer funds to TAG Group Thailand account and TAG Group Thailand shall organize all appropriate paperwork/certificate.
- In the case the property is purchased via a Thai company, transfers can be made directly to the company bank account.
Each phase of the project will comprise of units an allocation of foreign quota in building.
Additional Expenses
- Transfer fee - Calculated as 2% of the sales price. 50% paid by TAG Group Thailand 50% paid by Purchaser upon transfer of title deed.
- Sinking Fund - One time payment. The amount of payment will be according to the unit size. It is payable upon transfer of title deed.
- Advanced Juristic Fees - Paid in advance on a per square meter per month basis.
Note : The juristic fee or management/maintenance fee is used for general monthly maintenance of the building, common areas, security, pool maintenance, etc.
More Information: Info@jomtien-park-villas.com
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