Condo Due Diligence Checklist for Thailand — What to Check Before You Buy

Buying a condo in Thailand as a foreigner is one of the few legal ways to own property here. But the process is full of landmines that agents won't warn you about — because they're paid by the seller.

This is the checklist I wish someone had given me before I started looking. It covers everything from the 49% foreign quota to the exact documents you need at the Land Department.

1. Understand What You Can (and Can't) Own

The 49% Foreign Quota

Under the Condominium Act B.E. 2522, foreigners can own up to 49% of the total sellable area (measured in square meters) of any registered condominium. The remaining 51% must be Thai-owned.

What this means in practice:

Popular buildings in Sukhumvit, Silom, and Sathorn regularly hit the 49% cap
Once full, you can only buy from another foreigner (foreign-to-foreign transfer — doesn't change the ratio)
If the quota is full and you still want in, your only option is leasehold (max 30 years)

How to check: Ask the building's juristic person (management office) for the current foreign ownership ratio. You can also verify at the Land Department office.

Freehold vs. Leasehold

	Freehold	Leasehold
Ownership	Full, in your name	Right to use for a fixed term
Max term	Perpetual	30 years (by law)
Renewable?	N/A	Not legally guaranteed
Inheritable	Yes	Usually terminates on death
Resale premium	10-20% higher	Depreciates as term shortens
Counts toward 49%?	Yes	No

The "90-year lease" trap: Many developers sell "30+30+30 year leases." This is a contractual promise, not a legal guarantee. Thai courts have ruled that lease renewals beyond the initial registered 30-year term are unenforceable against third parties. Don't pay freehold prices for a leasehold.

2. Qualify for Foreign Freehold Ownership

You qualify if you meet one of these conditions:

Foreign currency remittance (most common) — wire the full purchase amount from abroad in foreign currency to a Thai bank. The bank issues a Foreign Exchange Transaction Form (FETF).
Thai permanent residency
BOI investment promotion

The FETF is Non-Negotiable

The FETF (formerly Thor Tor 3 / TT3) is the single most important document in the entire process. Without it, the Land Department will not register your freehold ownership.

How it works:

Wire at least the purchase price equivalent in your home currency (GBP, USD, EUR, etc.) from an overseas bank account to your Thai bank account
The Thai bank converts to THB and issues the FETF
The FETF must state the purpose as "purchase of condominium"
Funds transferred within Thailand (e.g., from a Thai salary account) do NOT qualify

Example: Buying a 6M THB condo? You must wire at least 6M THB equivalent from your overseas account.

Why this matters later: When you sell, you need the original FETF to repatriate your sale proceeds out of Thailand. Lose it, and getting your money out becomes extremely difficult.

3. Check These Documents Before Signing Anything

A. Chanote Title Deed (Nor Sor 4 Jor)

The Chanote is the gold-standard land title in Thailand. Verify:

The condo is built on land with a Chanote (not Nor Sor 3 or Nor Sor 3 Gor)
The title is free of encumbrances — no mortgages, liens, or disputes
The name matches the seller or developer
Request a title search at the Land Department (~200 THB)

B. Condominium Registration Certificate

This confirms the building is legally registered as a condominium under the Condominium Act. Without it, foreign freehold ownership is impossible — it's just an apartment building.

C. Environmental Impact Assessment (EIA)

Required for projects with 80+ units or buildings taller than 23 meters (~8 stories).

Some developers sell (and collect deposits) before EIA approval — this is a major red flag
Ask for the EIA approval letter and reference number
Verify at the Office of Natural Resources and Environmental Policy (ONEP)

D. Construction Permit

Issued by the local municipal authority. Confirms the design complies with the Building Control Act. Check that actual construction matches the approved plans.

E. Juristic Person Documents

The juristic person manages the building after handover. These documents tell you everything about the building's health:

Annual financial statements — healthy reserves vs. debt?
Last AGM minutes — disputes? Special assessments planned?
Sinking fund balance — adequate or depleted?
Outstanding litigation — suing or being sued?
Management company contract — who manages, at what cost?

4. Know the Costs

Transfer Fees and Taxes

Fee	Rate	Who Pays
Transfer fee	2% of appraised value	Split 50/50 (negotiable)
Specific Business Tax	3.3%	Seller (if owned < 5 years)
Stamp Duty	0.5%	Seller (if owned 5+ years, replaces SBT)
Withholding Tax	1% (company) or progressive (individual)	Seller

Buying from a developer (new build, 5M THB):

Your share of transfer fee: ~50,000 THB
Sinking fund: ~25,000-50,000 THB
Legal fees: ~30,000-50,000 THB
Total buyer cost: ~105,000-150,000 THB (2-3% on top of price)

Ongoing Costs

Cost	Amount
CAM fees	40-80 THB/sqm/month (mid-range); 100-180+ THB (luxury)
Sinking fund	500-800 THB/sqm one-time (mid-range)
Property tax	0.02% (primary residence); 0.3% (rental/investment)

Example: 35 sqm mid-range condo in On Nut at 60 THB/sqm = 2,100 THB/month in CAM fees.

5. Common Scams to Watch For

The Nominee Company Structure

An agent sets up a Thai company where you're a minority shareholder but effectively control it. The company buys in the Thai 51% quota.

This is illegal. The Department of Special Investigation (DSI) actively investigates nominee structures — over 500 cases in Phuket alone in 2023. Penalties include forfeiture of the property and criminal prosecution.

Off-Plan Projects That Never Complete

Developer sells at 10-20% below projected completion prices. You pay 20-30% before handover. Then the project stalls or they go bankrupt.

Protection: Check the developer's track record, verify EIA and construction permits exist, and understand there is no government deposit protection scheme in Thailand for off-plan purchases.

Foreign Quota Already Full

You pay a deposit, then discover at transfer that the 49% is full. The deposit may be non-refundable.

Protection: Verify the quota before signing any reservation agreement.

Inflated Foreign Pricing

Some agents quote foreigners 10-30% above the Thai price. Legal but predatory.

Protection: Check the developer's official price list and compare with Thai-language listings on DDproperty and Prakard.

6. The Transfer Process (Step by Step)

Sign the Sale and Purchase Agreement (SPA) — typically with a 1-10% deposit
Wire funds from abroad and get the FETF from your Thai bank
Conduct due diligence — title search, quota check, all documents above
Prepare transfer documents — passport, FETF, SPA, juristic clearance letter
Attend the Land Department (both buyer and seller, or via power of attorney)
Pay taxes and fees
Register the transfer — title deed updated in your name
Timeline: Typically 1-3 months from SPA to transfer

7. Things Agents Won't Tell You

The foreign quota limits your resale market. You can only sell to another foreigner. In a downturn, your unit could sit for years.
Yields are overstated. Agents quote 5-8% gross. After CAM, vacancy, tax, agent commission, and maintenance — net yields are typically 2-4%.
The building will deteriorate. After 5-10 years, poorly managed buildings show failing elevators, leaking pools, broken security. Management matters more than finishes.
Repatriating money is a process. Without your original FETF, getting sale proceeds out of Thailand can be nearly impossible.
Buying gives you zero visa rights. Property ownership does NOT grant residency or a work permit in Thailand.
Your agent represents the seller. There's no formal buyer's agent system. Always hire your own lawyer (30,000-80,000 THB for comprehensive due diligence).

Quick Reference Checklist

Use this before making any offer:

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Data based on Thai Condominium Act B.E. 2522, Revenue Department fee schedules, and CBRE/Knight Frank Thailand market reports. Verify all figures with a licensed Thai lawyer before making any purchase decision.