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I want to sell my condo to a foreigner. What should I do? What are the steps?
If you are currently experiencing financial problems. or have been looking for ways to invest in real estate We would like to recommend guidelines for selling condos to foreigners. Because condos within Thailand It began to be in demand by many foreigners. According to statistics, since the beginning of 2017 it has been confirmed that there is a demand for condos in Thailand. from foreigners who were as high as 33% last year.
Even during the time of the COVID-19 outbreak. It will cause disruption in this type of investment. But now, after that crisis has passed. Make selling condos to foreigners Coming back again as another interesting investment. In this article we will bring you good information about transferring ownership. What do I need to prepare? Whether it be conditions, procedures, or documents required. If you're ready for good information, you can follow the following content.
Selling condos to foreigners One of the hottest real estate businesses right now.
Buying-selling condos for foreigners. It's an investment trend. that is coming on strong in the real estate industry Due to the past period of time, the Thai economy has been in decline. As a result, there are more people who are in a state of "lack of money" which causes the use of various assets that are held. Bringing it to market was necessary at that time. Condos were another thing that was sold in large numbers. This may be due to the holder's unbearable financial burden.
Finally, after getting through the crisis. Economy of both countries in Thailand And the world level is coming back as good as ever. As a result, now there is a demand for condos from foreign investors. Including the need for accommodation in Thailand. to move in more foreigners And that is the reason why condos are sold to foreigners. It has become one of the trends in the real estate business. which is receiving high interest at the moment
3 things you should know before starting to sell condos to foreigners
Before you decide to sell your condo to a foreigner. First of all, there are a few things you should know. Whether it's selling to bring out a lump sum of money to use. Or will it be sold for investment? By the things you should know We have collected 3 stories for you together. which has the following contents
1. Evaluate the location of the condo first.
First of all, we have to evaluate the “location” because selling condos to foreigners. Will you get a good price or a bad price? Location plays a very important role. Because most foreigners want a condo that is comfortable. High security Convenient to travel And what cannot be overlooked is Being close to the residences of the same ethnic group
2. Understanding Foreign Quota
Selling condos to foreigners. It's not like you want to sell and you can sell right away. In addition to the satisfaction of buyers and sellers There is also something called “Foreign Quota”. Simply put, it is a foreign ownership quota, which in every project will be clearly specified. that foreigners can own up to 49%, so before deciding to sell, you must check first Whether that condo has remaining sales quota for foreigners or not
3. Various legal matters regarding the transfer of ownership
Of course. Selling condos to foreigners It is naturally more complicated than selling to Thai people. This is because there are various laws that must be strictly followed, such as the type of visa the foreigner holds, the payment must come from a foreign financial institution only, the foreigner must receive Permission to reside in Thailand Under the enforcement of the law only There are still many other requirements that must be studied before deciding to sell the condo.
Procedures for selling condos to foreigners
Although there are subtle details. that makes selling condos to foreigners Quite a bit of special preparation required. However, the steps themselves are not much different from selling to Thai people. If you are a newbie who still doesn't know the various steps of buying and selling condos for foreigners. You can proceed with the steps that we've brought you here!
- Prepare purchase-sale contract documents. There must be written confirmation. There must be 2 sets of original documents, 1 kept with the buyer and 1 when purchased.
- Receive money transfers from buyers. It must be a money transfer from abroad only. Ready to proceed with the bank to request documents confirming the transfer and currency exchange (Foreign Exchange Transaction form)
- Seller prepares documents confirming Foreign Quota. along with debt-free documents The above documents can be obtained directly from the condo. Through the juristic person department
- Bring all the documents you prepared. Travel to transfer ownership at the Land Department. According to the area of the condo you live in
Documents required if wanting to sell a condo to a foreigner
· Seller
- Owner's title deed (front/back) with copy
- House registration of the holder with a copy.
- Document showing the Foreigner Quota of the condo you want to sell.
- Transfer confirmation document and exchange currencies (Foreign Exchange Transaction form)
- Two copies of purchase-sale contract documents (with signature)
- Copy of ID card or passport.
- Other documents, if any
· Buyer
- Copy of the buyer's passport.
- Work permit document
- Copy of spouse's ID card (In the case of having a spouse)
- Document confirming money transfer (Foreign Exchange Transaction form)
Epilogue
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Even though selling condos to foreigners There will be a process that takes some time. And there are subtle details that sellers must study carefully before taking any action. But if you follow the steps that this article specifies, Get your documents ready Rest assured that the process will be easier in no time. But if you still think that the steps are too difficult, We recommend that you consult with an expert in this area. In order to make buying and selling successful.
