How to buy resale apartment in Phuket wisely
The process of buying a resale flat in Asia is a quite simple affair due to the absence of any law obstacles. You will have to go through just three simple steps under our expert guidance, and as a result you will be able to become one of thousands happy owners of an apartment in Phuket.
In spite of the rich assortment of Phuket apartments for sale we suppose you've already chosen the one. Now the main thing you have to do is to open your personal bank account in any Thai bank. The bank account is required for getting so called FET (in other word, foreign exhange transaction), which is confirmation that the funds have been transferred from oversea and they have been legally converted into local currency. This paper is a mandatory condition for making ownership registration.
The second stage is signing of the agreement. Afterwards the seller shows all necessary documents confirming his ownership, you can proceed to signing a contract. Standard purchase and sale agreement contains information about the seller and the buyer, their obligations, the price, taxes, payment conditions, the property description, etc. At the same time the buyer must pay about 10% of the selling price to confirm seriousness of purpose. The advance payment is discussed and agreed by the both sides. The contract provides for an exact date when the full amount must be paid off. Typically, it is made within two or three weeks after the signature.
The third step is the settlement of the rest amount and ownership registration. Re-registration of ownership is made in the Land Office. It should be noted that all documents are issued only in the Thai language, because it is the official language of the Kingdom of Thailand.
The following papers are required for the procedure:
- A signed copy of the passport or ID of the buyer.
- Foreign Exchange Transaction with the total amount and the buyer’s name.
- A signed copy of the passport or ID of the seller.
- Certificate from the condominium management company issued in the previous owner’s name;
- Chanott (a paper confirming ownership).
The final payment is usually made in the same Land Office, the settlement can be transferred either in cash or by bank check to the seller’s name.