A deposit of 10 percent is usually required to ensure transaction and the total payment of balance should be made within 30 to 60 days. You could possibly get more time, but you will have to pay a bigger deposit.

Deposits are normally non-refundable, except in the event of cancellation by the seller. You should keep that in mind before signing. Once you have signed, you are committed to the entire transaction. There is no withdrawal period or protective system in case of loan. If you want to give-up the purchase, you will then lose your deposit.

This rule also concerns the seller: in case of cancellation of the sale due to him, he will have to refund you with the deposit plus a penalty which amount is defined in the contract.

The deposit payment to an escrow is still not very common in Thailand, but this solution is increasingly observed. This option avoids having to sue the seller if he refuses to refund your deposit although he is responsible of cancelling the transaction.

In addition to the commission, the price and the payment schedule, the contract will also specify who will be paying the transfer fees, the lawyer fees for legal documents writting and the taxes. The contract also set the price at which the sale will be stated to the tax authorities of Thailand, thus determining the amount of the gain. If the seller is liable for the tax on the capital gain, it is not uncommon that the parties agree that the payement of this tax will be the buyer’s responsibility.

Apart from condominiums, properties do not always come with a title deed, but sales or long-term leases can be registered at the Land Department, which has the functions of a mortgage office and of a cadastre. This certificate will prove that you are the owner of the property, in addition to other acts and contracts.

Warning: there is an official document called the House Registration document, also referred to as the “blue book” for Thai nationals or the “yellow book” for foreigners. This is not a title deed, but a document prepared by the municipality and listing the occupants of the property.