Sample condo contract payment terms

FOR A RESALE OR OFF-PLAN CONDO IN THAILAND

In case of the sale of an existing condo unit/ apartment in Thailand (as opposed to off-plan) the purchase price for the unit could be paid by cashier's check to the seller at the time of transfer of ownership of the condominium at the land office (standard practice). The buyer pays when his name is registered as the new owner of the unit. In this case the foreign buyer of the condo must obtain a cashier's check AND the foreign exchange documents (FET form) from his bank in Thailand. The foreign exchange transaction form is required for registration of foreign ownership under Thai condominium laws.