Pattaya, Thailand is a resort city that lies on the east coast of the Gulf of Thailand. It is approximately 100 kilometres southeast of Bangkok and is situated in the province of Chonburi. The self-governing municipal area is located in the industrial Eastern Seaboard and is the centre of the Pattaya-Chonburi Metro area.
How to Buy Property in Thailand
If you are a foreigner who is interested in buying real estate in Pattaya, you are permitted to legally own condo units that are registered in your name. The money for such a purchase must be transferred from overseas to Thailand. In order to make the money transfer, you need to possess a legal bank confirmation document.
The seller of the unit must present the paperwork from the condo management confirming that the maintenance fee has been paid and is current. The real estate company that represents the buyer will usually support your purchase with the seller, the banking community, and the area land office.
When you consider buying a condo for sale in Pattaya, be advised that the prime units in a complex normally sell out rapidly. However, the right of resale is available to interested parties. Therefore, you can purchase an existing purchasing contract and make convenient instalment payments. With this type of buy, you can assume all legal duties and the right of ownership instantly.
You can find prime or oceanfront corner units in a variety of Pattaya condominiums. You just need to contact the representatives of the condo buildings for further information. The transfer of each single property ownership must be executed with the local land office. By law in Thailand, you do not need to include an attorney in the process.
No Property Tax
The purchaser and seller will sign the necessary documents in the land office and the purchaser pays the seller the agreed-upon purchase price for the property. This can be done by cash or check. The total transfer of ownership only takes only a couple hours. The transfer fee is paid only once as well. Condo properties are not assessed additional expenses in the form of property taxes or extra government fees so you won’t have to pay these charges at a later date.
Besides the purchase of property, you can also find high-class rentals in Pattaya. Rental periods are established at six months and up. In addition, you can obtain home care insurance for a purchased property. The insurance covers fire, burglary, and water damages.
You Are Not Allowed to Own Land as a Foreigner
Whilst you can own a condo as a foreigner in Thailand, you cannot own land in your name. This rule is non-negotiable. However, foreigners can legally use a property long-term. Contracted long-term usages must be registered within the title deeds. As a result, foreigners can act as owners without actually being legal owners.
A Chanod is a legal title deed or land paper in Thailand. The document is used to prove legal ownership and the third-party rights for real estate. The size of the property, legal owner(s), and third-party rights are always written on the back of a Chanod.