The checklist of the buyer of real estate in Thailand: what to check before buying

All the figures below are market benchmarks. The exact amounts depend on the object, the contract, the structure of the transaction and how the parties allocate the costs.

1) Purchase objective and strategy

, The goal is defined:

• investments (lease / resale)

• personal accommodation

• combined format

The object type is selected for the purpose: condo / villa / townhouse

The ownership horizon is clear: 3 / 5 / 10+ years old

You have fixed a “must have": area, budget, infrastructure, view/privacy, liquidity, distance to beach/school/airport.

2) Financial calculation (not only the price)

2.1. One-time purchase expenses

, The price of the object under the contract

, The cost of registration / re-registration in the Land Office: the target is 1-3% (often considered as ~2%, but depends on the case and cost allocation)

, One-time fund (for a condo): Sinking fund ~50-100 THB/m2 (usually non-refundable)

2.2. Monthly cost of ownership

☐ Maintenance (condo/complex): Maintenance fee ~20-50 THB/m2/month

, Communal (landmarks):

• Electricity: 4-7 THB/kWh

• Water: 40-50 THB/m3

, Internet, minor repairs, consumables

☐ Insurance (minimum fire; flood situation)

2.3. Taxes (for the owner/investor)

☐ Tax on rental income (withholding): The 3-15% guideline (progressive) is specified according to your situation and tax status.

, Taxes/fees on sale: Withholding Tax / Specific Business Tax / Stamp Duty — the set depends on the case, it is important to understand in advance who pays and how it is calculated (in the case of transactions with secondary real estate, costs are usually divided 50-50)

2.4. Profitability (if the purchase is for investment)

The profitability is calculated not “from the presentation”, but “from the market”

Taken into account: downtime, seasonality, repairs, furnishing, commissions, depreciation

Rent management (if you transfer it to the management company): The landmark commission is 20-30%

3) Payment and source of funds

Do you understand how you transfer money (SWIFT / local bank)

The payment goes to the seller's/developer's account, the details match the contract

For transactions with a foreigner: bank documents for an incoming transfer are provided in advance (in practice, confirmation of a transfer from abroad is often required for correct registration).

Our Undersun Estate agency helps to arrange transfers from anywhere in the world in any currency.

4) Agent, roles and conflict of interest

Understanding the roles: the seller's/developer's agent and the buyer's representative are not the same thing

There is no pressure towards certain projects without objective facts

All promises (discounts, furniture, terms, conditions) are fixed in writing (in the offer/application/letter)

5) Location and market

Location chosen for the purpose (live/rent/resell)

☐ Infrastructure and logistics have been checked:

• schools / hospitals

• beaches and accessibility. It is important to understand the actual distances. 500 m to the sea on the map, stated in the presentation, can actually turn into 1,500 m on roads and traffic jams.

• airport (time in real traffic)

“Invisible” risks have been checked: noise, construction sites nearby, roads, flooding, building density

The price is compared with the market (and not just with the “analogues of the same developer")

Contacting local agents who know the locations and districts well will help protect you from unexpected surprises with transport accessibility and infrastructure nearby. Agents can also often suggest shorter and more successful routes to important points that are not on Google maps.

6) Form of ownership

6.1. Freehold (full ownership)

According to the law, foreigners can own no more than 49% of apartments in a condominium in full ownership (freehold). Have you checked that the freehold quota is available for your unit

The ownership rights are clear: you can dispose (sale/donation/inheritance) within the framework of the chosen form

6.2. Leasehold (long-term lease)

Understanding the basic logic: leasehold is a deadline that you need to be able to calculate in an exit strategy

The base term of leasehold in Thai law is up to 30 years (registered with the Land Office). It can be extended twice more for 30 years.
Important. The wording about the extension in the contract is not equal to the guarantee of extension in practice. You need to understand that the extension is a new agreement. And agree with the developer to include in the contract the option of compensation in proportion to the unused years of the current term in case of refusal to extend.

, There is a plan: what are you doing closer to the end of the term (sale, renegotiation on new terms, a different scenario)

6.3. What is excluded

☐ Denominations, “gray” ownership schemes, designs based on trust without clear protection and control

7) Documents to be requested before the transaction

☐ Chanote (ownership of land/object — by structure)

EIA (environmental assessment — if required for the project)

, Construction Permit (building permit)

DBD Company Registration (developer registration: basic information about the company)

☐ Verification of encumbrances/liens/courts/debts — within the framework of due diligence

It is acceptable that some documents are missing (the developer is in the process of receiving them) at the initial stages of the project. But deals on such terms can only be concluded with reliable and trusted developers. Otherwise, the risks are too great.

8) Verification of the developer and the project

There are completed projects (you can check the quality live

Reputation: deadlines, quality, correction of defects

☐ For off-plan: the real progress of the construction has been confirmed (not by renderers)

, For the finished product: a technical inspection has been carried out

9) Contract: checklist of “traps" before signing

9.1. Land and Rights

The seller/developer has the right to dispose of the object/land (documented)

9.2. Deadlines

, There is a specific completion/transfer date

, There is no “approximately / approximately" without responsibility

9.3. Liability for delay

☐ The compensation is prescribed and the payment mechanism is clear

☐ Not symbolic (otherwise it's marketing, not protection)

9.4. Installments and delays

, The payment schedule is unambiguous

Payment deferral (grace period) of 7-14 days (or other reasonable) is provided

There are no conditions where 2-3 days of delay lead to the loss of almost all funds

9.5. Unilateral changes to an object

☐ It is impossible to deteriorate without compensation: materials, equipment, layout

☐ Area deviations: <3-5% with a clear recalculation

9.6. Registration of property

, Spelled out: who registers, when, who pays, and what time frame

9.8. Language, version priority, signatures

Do you understand which version of the agreement is the main one (often Thai)

, There is a transfer and a legal entity. comments on key points

All pages of the agreement are numbered, each signed by both parties to the transaction

10) Acceptance, management and “after purchase”

☐ Acceptance/inspection has been carried out (relevant for the finished product)

☐ Defects are included in the act and the deadline for elimination is set

If the lease is available: the management model is selected, the commission, reporting and responsibility are clear

, All documents and payments are saved (including bank confirmations)

The final test

If you remove emotions, the sea and the discount, does this agreement protect you or the seller?
If the answer is not obvious, we will not sign the deal.

Do I need to check a specific object? Write to Undersun Estate and we will go through this checklist with you: we will request and check the documents, analyze the contract point by point, calculate the full cost of ownership (including fees and maintenance) and offer alternatives to the market for your purpose — without pressure and “marketing promises".