So, you have decided to buy a very fine condo near Ratchadamri (คอนโด ราชดำริ, which is the term in Thai) and you can’t wait to move in. But in all these hastes, don’t forget to remember these few things. There is paperwork, finances and several other things to take care of that can ensure you are living in the home of your dreams. So, let’s begin.

1.     Rights and Obligations

If you are not from Thailand and have recently moved in there are chances you are unaware of the rights and obligations attached to the subject of buying a condo in Ratchadamri or anywhere in Thailand. For example, the contract is going to be Thai, and you don’t understand a word. Sure, you can ask your agent or seller to explain it to you but communication can be a big problem. Make sure, before you sign any contract you have triple checked everything and it would be even better if you have your lawyer check it.

2.     Timetables

If you are buying a condo that is still under construction, the date of handing over is a big question mark. They might give you a certain date, but you can never be too sure of it. The best way to ensure that you are not robbed of the money, especially if you have taken a loan to buy it is by timely checking the progress of the construction throughout different stages. Also, while signing the contract there would be a clause for delayed construction, some companies even provide you compensation in case the delay has crossed the mentioned days. Furthermore, there can be a clause that states that the contract would be null and you will receive your money back if the condo near Ratchadamri or anywhere in Thailand doesn’t deliver on time.

3.     Payments

The payment schedule depends on many factors such as if you are buying off-plan or a pre-built condo. If you are buying a condo that is under construction, you pay an initial amount and balance in monthly sums during construction until you are handed over the condo. If it is a pre-built condo there would be a small deposit to be paid to get an agreement done, followed by a full payment before the registration of the property.

Important Note:

There won’t be any legal requirement in terms of timing but most of them would be okay if the deposit is being paid within 30 days.