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3. Deposit when buying a property
When you feel satisfied with the property, you will be asked to
make a deposit to show your good faith to continue the
process.
In return, the Seller will reserve the property for you and start
the process by drafting the contracts for purchase. Unless you
write specifically a "get-out" clause in the deposit agreement,
for example "subject to clear title" or "subject to agreement on
the contract terms," the money deposited is non-refundable.
The Thailand Land Department charges 2% of the assessed value of all the transfers of land and property. This fee
is expected to be paid by the buyer when the day of the transfer of the ownership occurs.
If you sell your condo expect withholding tax fees, document fees, and taxes that may have been introduced
during the time of your ownership. The Thai government will put into play property stimulation programs geared
toward increasing property sales every once in a while so stay tuned to real estate news to know if this could affect
the sale of your property.
This whole process usually takes between two and six weeks to complete.
You will have to reimburse the seller with a cashier's cheque for the common expenses, usually paid in advance for a period of six months or a year. You will also need to
pay electricity deposit for the transfer of the electric counter and other utility bills by cash only.
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