Buying a condo in Thailand or Pattaya where you’re not entirely familiar with in the ins and outs of the fees or processes that you have to go through to purchase, it can be challenging. We’ll do our best to go over everything you’ll need to know about the process of purchasing a condo in foreign quota in Thailand.
Step 1: Find the condo you like
On Expat Property Shop, we have an ever growing database of condos available in and around Pattaya that are in foreign quota. If you find something that seems interesting to you, let us know and we’ll take you on a tour!
If you need help financing a condo or just don’t want to invest so much at one time, take a look at what we have available on a payment plan and we’ll find the right plan for you and your financial needs.
Step 2: Understanding the fees
| Transfer Fees | Specific Business Tax | Stamp Duty |
| 2% | 3.3% | 0.5% |
There are a few fees that you should be aware of when purchasing a condo in foreign quota in Thailand. These fees are typically split 50/50% between buyer and seller, but it depends on the agreement that is made between the buyer and seller before any contracts are signed.
Transfer fees are 2% of the appraised total value of the property by the local land office. The transfer fees are typically split 50/50% between buyer and seller, but can vary depending on agreement.
Specific Business Tax is 3.3% of the appraised total value of the property or the total sales price of the property, whichever is higher between the two.
Note that no specific business tax needs to be paid if:
- You have owned the property for more than 5 years
- You are transferring the property to an heir in your will
- You are transferring the property to a biological child
Stamp duty is 0.5% of the total sales price. Stamp duty is only paid if there is no specific business tax to pay.
Step 3: Making an offer and negotiations
Once you’ve found the Thailand property that you love, it’s time for you to make an offer. Working with a competent agency will make this process a whole lot easier. Real estate agents will work with you to get the right price in the ever changing real estate market in Thailand and help you negotiate with the seller in the case that they make a counter-offer. This is also the stage where it will be decided whether transfer fees will be paid by the buyer, seller, or split between the two.
Purchase & Sales Agreement
Once terms are agreed on, a contract will be written to be signed by both parties. Within the contract will be the total purchase price, reservation deposit required to take the property off the market, who will be paying for transfer fees or if they will be split between the buyer and seller, and other information which may vary by agreement.
Reservation Deposit
A reservation deposit of approximately 5-10%, depending on the agreement, will be accepted to hold the property and take it off the market.
Step 4: Get a Thor Tor Saam / TT3
After the terms are set, it is time to get a Thor Tor Saam/ TT3 aka a Foreign Exchange Transaction Form or FET. In order to purchase a condo in foreign quota in Thailand or Pattaya you must have a Thor Tor Saam to prove that the funds used to purchase the condo come from outside the country.
This is essential as one of the requirements to own a condo in foreign quota in Thailand is that the full purchase price of the condo must be remitted into Thailand in foreign currency.
Step 5: Transfer At The Land Office
Now that you have your Thor Tor Saam and a contract signed by both the buyer and seller, it is time to go to the land office for the transfer.
The buyer will bring the funds for the purchase, minus the amount being held as reservation deposit and the seller will bring relevant documents, including the original title deed.
Once the ownership has been transferred, keys and ownership documents will be handed over.