Frequently Asked Questions.
Buying and Selling property in Thailand

1. Can a foreigner own property in Thailand?
Yes, a foreigner can own property in Thailand, either a condo or a building  but they cannot own land.

However, it is possible for a foreign individual to own land through a Thai limited company, or to lease the property up to 90 years with each method having its pro's and con's. The restrictions in place for Condominium ownership are different from land ownership.

The only restrictions on purchasing a condominium, are that the percentage of units sold to foreigners cannot exceed forty nine percent (49% - although this has varied at times) of the total number of units in the condominium block; and that the funds used to buy the condominium have been remitted from abroad and correctly recorded as such by a Thai Bank on a Tor Tor Sam.

The other circumstances in which a foreigner can purchase the freehold to a condominium are
Individuals who are permitted to have residence in Thailand under the Immigration Act.The documents required are either a passport, residence permit and house registration.

Individuals who are permitted to enter Thailand under the Investment Promotion Act. The documents required are a passport plus a letter from the Board of Investment of Thailand certifying permission to live in Thailand under the Investment Promotion Act.

2. Can a foreigner ask for a mortgage loan from Thai financial institutions?
Foreigners generally cannot purchase properties in Thailand with a mortgage, however, most of the financial institutions in Thailand provide loans for real estate purchasing to Thais and Thai companies. It is common for a real estate developer to arrange for his customers to have a financing package from a financial institution.

In case you are a foreigner who is not working in Thailand and want to buy a condo unit, you will have to transfer the exact amount of that unit to a Thai bank account and state that the money is to be used to purchase a property.

In most real estate development projects, a down payment can be made in installments from 10 to 24 months. After the down payment has been paid, the sale contract will be made and the balance amount is paid through the loan which is financed from a financial institution.

3. How much tax do I need to pay when I buy property in Thailand?
Whenever a property in Thailand is bought and sold, there are four taxes that need to be taken into account:
Land registration (transfer fee) of 2.0% of assessed value of the land.

Stamp Duty / Fee of 0.5% of the assessed value or the sale price - whichever is higher.

Specific Business Tax of 3.3% of the assessed value or the sale price - whichever is higher - this will be applied to all sales by companies and to any private sales that occur within 5 years of the date of purchase

Withholding tax - In practice, this will work out to be lower than 2% of the price for low to medium value properties, and up to 3% for higher value properties. There are no set rules on who pays for which taxes and it is just another part of the bargaining process - make sure you discuss it with the agent and your own lawyer.

4. Why should I use a property agent?
Property agent can help you sorting out the property list which fit your requirements and can direct you to your best choices.

Property agent can help you negotiate with owner to bargain terms and conditions as well as assist you with process of signing an agreement. An agent will ensure the process runs smoothly and saves you time and energy

Property agent can guide and consult you on the area you like with consideration for your limitations, benefits potential for investment in the future. Don't waste too much time on home research when you can have agent with local knowledge advise you.

Frequently Asked Questions.
Not only can a property agent help you on buying process but they can also advise you on the related services you need for your new home such as maintenance services, Cable TV subscription, telephone and internet services etc.

Property agent's have many resources available to them that will assist you in your home search. Sometimes a property is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties that are suitable for a client.

When selling your home, your property agent can give you up-to-date information on what is happening in the marketplace as well as the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best possible price, quickly and with minimum hassle.

When a property is marketed with the help of a property agency, you do not have to allow strangers into your home. Your property agent will prescreen and accompany only qualified prospects to your property.

5. How much money do I need to have when buying property?
Normally if you wish to buy into a new condominium project which is under construction, you need to have down payment money about 30% of the condo unit price and the rest will need be paid on completion of the project once it's ready for ownership transfer. Once you sign the selling contract with the developer, installments of 20-30 months will be paid monthly until the construction is completed otherwise your unit will be seized.

If you are interested in a resale unit which is completed and ready to transfer you will need to have the full amount for the unit and transferred from your source to a Thai bank.

6. If I want to invest in property, which type should I look for?
Plus Property Agency has years of experience and expertise with regards to buying properties as investments. Therefore, we would recommend investing in a condominium in Bangkok CBD (Central Business District) location near public transportation. You will be surprised how much these unit's value increase over several years. Contact one of our agents to find out how we can help locate a suitable investment for you.

7. What is the process of buying a condo in Thailand?
Title Search - This verifies the status of the property and any mortgages.

Sale and Purchase Agreement - This document specifies the selling price, as well as the terms and conditions of the sale.

a) Deposit: Normally, 1% of the total price of a unit is required as a deposit payment. b) Down Payment: A sum of 10% to 30%, depending on the agreement between buyer and seller. Registration of Ownership - After the delivery of a condominium unit and the final payment, the seller will then transfer the ownership of a condominium unit into your name.

A registration fee, a stamp duty, and a withholding tax must be paid at the time a transfer of ownership takes place.

8. What are the main criteria that I should be looking for when buying a property?
There are several factors to consider when looking for a prospective property. Infrastructure and certain considerations in addition to basic requirements should be taken into account:

Location-Proximity to business, shops, hospitals, conveniences, etc.
- Access
- Public utility and road access, concrete roads.
- Water
- Mains water, well water, and supplementary storage facilities.

Frequently Asked Questions.
- Electricity
- Mains connection and backup generators.
- Telephones
- Access to direct lines.
- Security
- 24-hour security guard service, security cameras, security panel systems.
- TV connection
- Cable or satellite.
- Hot water facilities
- Nearly all in Thailand are instant and not storage.
- Air Conditioning
- A necessity in Thailand.
- Furniture and Appliances
- Provision of basic furnishings and home appliances.

9. Is there any commission or finder's fee that I need to pay for agent who helps me searching properties?
At Plus Property Agency, we do not ask for commission from buyers / lessees. We get our commission directly from the seller or owner of the property.

10. What is the commission rate?
Normally we will charge 3% commission on the owner’s quoted price. If the owner wants an exact amount on the price, we will simply add that on top of the price. The buyer doesn’t need to pay any extra expenses.

11. During the selling process, do I need to pay any fee or expenses?
No, we do not charge any expenses until the unit is sold. And we do not request an extra deposit to leave your assets with us. We will advertise your property through our media channel for free.

12. Once the deal is done, Will Plus assist me to transfer ownership process?
Yes, it is our duty to assist you until the selling process is completely finished. Our sales people can advise you with regards to contract drafting and contract reviewing. Our client's have the full support from our office team which deals with marketing, client service and legalities.

13. If I want to invest in a condominium, does Plus have a service to help me rent it out?
Yes, we do have another team which specialises in property rentals. You can leave your unit safely in the hands of our team and they will find a tenant for you. We have English speaking sales staff, and also Japanese sales staff that look after our Japanese clients.

14. Do you have the agency services through out Thailand? Where are Plus Property's branches?
At the moment, our service area covers Bangkok CBD and suburban Bangkok, Pattaya, Hua Hin and Phuket.

Currently there are 4 branches now outside of Bangkok
Pattaya Opposite the new Central Department store 038 489 055
Hua Hin Next to the Watson’s store, near Starbucks’ 032 531 351
Phuket 1 Opposite of Lotus Supercenter (downtown) 076 304 070
Phuket 2 Laguna, 1 km before Laguna entrance

Property Rental in Thailand

1. What is the difference between renting a condo or an apartment?
A condominium is a unit in a building owned by an individual. Whereas a unit in an apartment building are all owned by the same owner. The owner of an apartment building will get monthly rent revenue plus utility charges, whilst a condominium owner will only get a monthly rent revenue as the lessee will pay all utility bills himself and

Frequently Asked Questions.
usually directly to the utility companies. Generally condominium buildings will provide better facilities than an apartment building.

2. What documents are needed to rent a condo unit?
The foreign renter will need to provide the following documents:
A certified copy of their passport

A contract rent agreement: the relevant paperwork is the contract between the landlord and the tenant. (At the end of the contract, the landlord will conduct a final property evaluation, any expenses will be deducted and the deposit returned to the tenant after a period of usually 1 month)

A copy of their work permit (if any, though it is not necessary to have this) There are no visa requirements needed to rent a property in Thailand.

3. What are terms and conditions for rental?
Most rental periods are for one year. In most cases you will need to pay a 2-month deposit, and 1 month in advance when you sign the contract. Your deposit is returned to you 1 month after the termination of your lease. This allows the landlord to ensure that all the bills incurred for phone and utilities are cleared before releasing the security deposit. Under Thai law they are liable for any outstanding bills on their premises.
4. Do I need to bring my own furniture to the unit?
Normally the unit for rent is available fully furnished. All necessary furnishings and appliances should be provided by owner/ lesser. The lessee will only need to sign contract to ensure all the furniture and equipments will not be damaged within the time of rental. If the lessee wants to use their own furniture, we will negotiate this on a case by case basis. Please advise us that you would like to bring your own furnishings when you contact Plus Property.

5. What expenses do I need to pay for my rent unit?
Expenses to be paid are in the initial 2 month deposit, utility bills and also any monthly maintenance fees based on what has been negotiated with the property owner. Our agents will disclose all costs in full to the client before the contract is signed.

Maintenance fee
It's important to indicate clearly who is to be responsible for maintenance of the property. As the tenant, you have an obligation not to damage the property and in an emergency you may be responsible for making repairs to prevent further damage, but you also have the right to have the property maintained in good working order.

Generally the landlord is responsible for maintaining the premises in a habitable condition. That doesn't necessarily mean that your landlord is going to fix the plumbing himself but he or she does have to pay for the plumber to come make the repairs.

(Make sure the lease is clear about who contacts the plumber, though.) If specific repairs are necessary at the time you sign the lease, you'll want to document them within the lease. Include a description of the problem and the date by which the landlord has promised to complete the repairs.

Most rental periods are for one year, although some shorter terms are available. In most cases you will need to pay a 2 month deposit and one month rental in advance when you sign the contract. Sometimes, especially for longer contracts, the landlord may require 3 months deposit.

The deposit is refundable when you move out, although the landlord may deduct expenses for any damage to the property during your tenancy.

Utilities bill
If you are renting, most buildings will pay the bills for you and add them to your monthly rent. It is a good idea to find out the cost of utilities before you move in so that you know how much you will have to pay. If you are living in a

Frequently Asked Questions.
house, we can advise you on the best methods of payment. For example, most utility bills can be paid direct from your bank account and the receipts sent to your residential address. Nowadays, you can also pay utility bills at any 7/11 store. When buying, you should also inquire about telephone and electricity connection fees.

6. What is the process of renting a condo?
You contact our salesperson and give us the your requirements, namely the location, budget, room size, number of rooms etc.

Our salesperson will compile and send you a list of suitable and make appointment to view the properties with you.

Once you choose the property, we will contact the landlord and negotiate the term that suits you.

Contract signed, deposit paid.

You arrange the moving in date with our salesperson and landlord.

We help you move and guide you around the local area.

7. What is the best way to search and view rental properties in Bangkok?
If you are not familiar with the area you want to move in, please use Plus Property Agency, our sales staff can help you find the right condominium / apartment to meet your budget. Our team knows exactly what is good for our tenant and we can show you a full list of suitable properties.

And of course, we can accompany you to view the unit. You will find it much easier to leave your property search in the hands of professionals like ourselves.

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