- Initial Steps – virtual property selection and its reservation.
- Virtual tour of property using video conferencing app of choice – During this time condition and details of property can be viewed and our agent will explain transaction terms and conditions. At the expense of the buyer, it is recommended to use legal support at this stage to verify legality of contracts for either new properties or property resale contracts.
- Signing of contract – If the seller is a developer, within one to two weeks after making a deposit, the buyer receives from the seller a preliminary contract for review and amendments. If the transaction is on resale market and the seller is an individual, then the preliminary contract is usually drawn up by a legal company.
- Payment transactions – Purchasing a new property: the buyer transfers funds electronically to developer’s bank account in Thailand. Money can be deposited from accounts based in any country. It is permissible to transfer funds from a company account, registered in any country, if the buyer is an authorised person of this company.
If the transaction takes place on the resale market it is possible to proceed with local bank transfers if the buyer has a bank account in Thailand. A cheque for the required amount is provided to the seller at the time of registration with the Land Department.
If the apartment or house is registered as a freehold, it is recommended that money is transferred from abroad. Foreigners need to verify payment when registering the transaction with the Land Department. If the property is registered as a leasehold, then payment can be done in any way. Thailand is one of few countries in the world that does not verify the provenance of money.
- Transfer Ownership – Buying a new property, the transaction is usually registered with the Land Department. A representative from the developer or agent’s lawyer will be able to take care of registration process on buyer’s behalf with a signed power of attorney (POA). POA is a document in which one person (the principal) appoints another person to act on their behalf as an intermediary agent.
Online purchase procedure is almost the same as in person, however in the case of a remote transaction, additional time is required to send documents to the buyer’s country of residence – for signing. After buying a property and assigning third party to manage it, additional costs can be charged for maintenance of the property, pools, etc.