How to buy a Condominium in Pattaya
Buying property in Pattaya is easier if you have a reliable and reputable company with you every step of the way. Whether you are buying to live or to rent, Lab Property Thailand offers a leading sales and support service that offers a holistic approach for our international and national buyers.
Can I purchase a condominium?
An often overlooked advantage of purchasing off-plan is that you can customize your chosen Pattaya condominium by working closely with a property developer's design personnel; your investment is tailored to your demands and needs. This customization combined with flexible finance makes purchasing off-plan an attractive proposition.
Can I purchase freehold and/or leasehold?
Customers are able to purchase property in Pattaya under leasehold. Usually, the leases are limited in their term and valuations are lower than freehold. Lab Property Thailand specializes in dealing with freehold condominiums in Pattaya because we believe it provides the purchaser with a safe and secure investment.
Can I purchase a house or land?
Basically, you are not able to purchase property in Pattaya that is landed, i.e. houses, townhouses, commercial or industrial land but Lab Property Thailand are able to help you by doing it. Contact us for more informations.
How can I purchase a condominium?
You can purchase a Pattaya condominium either directly from a developer or indirectly via an agent. Condominiums in Pattaya are purchasable either before or after they are completed. Buying a property off-plan offers the lowest price with the price increasing as it comes to completion.
After you choose your Pattaya condominium, we would request that you sign a reservation agreement. 2 – 4 weeks thereafter, the Purchase and Sale Agreement would be signed by both the buyer and the seller; this includes the payment schedule and any special terms.
Payments are made as per the payment schedule. After the buyer inspects the property and the final payment is processed, the ownership of the property transfers from Developer Company to the buyer at the Land Department.
How can I transfer funds?
For a foreigner purchasing a Pattaya condominium, it is necessary that the funds for the purchase price are transferred into Thailand from overseas. The FOREX or FET form (also known as Tor 3 or TT3 in Thai) is issued by a bank in Thailand if it receives funds in a foreign currency from overseas that equal to or exceed USD 50,000 for China Customers.
In order to obtain the form, you forward the funds from your overseas account to our Thai account referencing your name and condo. We will then obtain the FOREX form from our Thai bank on your behalf. It is possible to transfer funds from your Thai account to our Thai account, but you will be responsible for obtaining the form from your Thai bank for each and every transfer from your overseas account.
We offer flexibility for foreign purchasers of our condominiums in Pattaya. If the installment amount is less than USD 50,000, a FOREX form is not issued by a bank; however, a certifying letter can serve the same purpose as a FOREX form.
The buyer should show The Foreign Exchange Transaction Form (FOREX/FET) at the time of transfer at the Land Department to obtain the title deed. The FOREX form should show an amount that is equal to the purchase price as stated in the Purchase and Sale Agreement.
The FOREX form is important for foreign ownership as it allows you to sell your property in Pattaya and transfer the funds out of Thailand. If money is transferred out of Thailand, the amount is the same as the amount transferred into Thailand. Currently, no taxes are applied to transfers into or out of Thailand.
Can I pay by credit card?
Developer Company accepts all major credit cards including MasterCard, Visa, and UnionPay. Only the booking payment is free of credit card fees. All other payments attract a 3% credit card fee. As a developer, we are not able to obtain the FOREX form for any credit card payments.
Can I purchase a condominium whilst working in Thailand?
You can purchase a Pattaya condominium whilst working in Thailand but you are responsible for the required documentation to obtain foreign ownership at the Land Department Thailand.
You will require a non-resident account with a local bank. Usually, such accounts are opened by showing your contract and salary from your employer; however, the requirements for a non-resident account vary from bank to bank.
In these instances, a FOREX form is not issued by a bank; however, a certifying letter can serve the same purpose as a FOREX form for purchasing condominiums in Pattaya. This letter proves that payment came from your income after all the necessary taxes were paid.
Can I purchase a condominium with finance?
Some foreigners may finance their purchase of a Pattaya condominium. A loan application being approved by the bank is subject to their sole discretion. We cannot comment on the likelihood of a loan application being approved.
Banks are interested in a source of stable income. The income can come from overseas or Thailand. Such income should be substantiated by bank statements, pay slips, etc. The list of banks that lend to foreigners change from time to time, we will provide a list of potential lenders upon request.
Usually, the loan is a minimum of 3 years to a maximum of 20 years and 70% of the appraisal value. An appraised value is a value assigned to a property in Pattaya by a bank; this may be more or less than the purchase price in the Purchase and Sale Agreement.
Am I allowed an investment visa if I purchase property in Pattaya?
If you invest a minimum of THB 10 million, you are eligible to extend your stay for one year, every year.
In order to obtain a one-year visa that is renewable annually, you need a non-immigrant visa issued by a Thai consulate or embassy, evidence of transferring a minimum of THB 10 million in funds from abroad to Thailand and evidence of investing funds into the purchase of a Pattaya condominium.
What fees will I pay when I purchase a condominium?
There are three fees that you will pay when purchasing condominiums in Pattaya. Common Area, Sinking Fund and Transfer.
The Common Area Fee covers the cost of managing the communal areas and usually it is paid monthly. It is calculated at a set amount per square meter then multiplied by the size of your condominium. It is the best way in which to ensure that each owner pays a fair amount. If you rent out your condominium, you are still liable for this fee.
The Sinking Fund Fee covers the cost of any capital expense and it is paid once at the time of purchase. If the fund is used up, only then is it topped up again by the owners.
The Transfer Fee covers the cost of the land transfer and usually it is paid once at the time of purchase. It is calculated as 2% of the property value and paid to the government. If you sell your property, taxes and additional transfer fees may apply. If additional fees apply, the buyer and the seller both agree who is responsible for said fees.