Frequently Asked Questions

It typically takes 1-3 months to find a renter for a property in Bangkok. However, this will depend on several demand-driving factors including:

• The unit’s interior decor, view of outside, and floorplan
• The price of rent versus comparable properties
• The state of the economy at large
• The age of the building
• The property’s location
• Marketing efforts

If the lessee doesn’t pay their rent, the rules stipulated in the lease agreement apply. If the payment due date passes by, there may be a grace period of a few days followed by daily missed payment fees for one or two weeks. If the lessee still hasn’t paid, the lessor has the right to evict them.

Revisions to the 2019 Lease Control Law state that if the lessee fails to make a regular payment, the lessor can bar them from entering the property. The same law allows lessors to collect 3-months’ rent as a security deposit which can be confiscated if the lessee violates the lease agreement.

A lease agreement in Thailand should contain the following information:

• Lease term.
• Tenant information including full names of everyone living at the property.
• Property information including address and name of owner.
• Security deposit details including the amount and conditions.
• Rent details including the amount, when it’s due, and late fee policy.
• Who’s responsible for repairs and maintenance of the property.
• Furnishings including photos prior to the lessee moving in with replacement prices in the event of damage.
• Various additional policies, restrictions, and rules on topics such as pets, parking, and subletting.

For more information on renting out real estate in Thailand, contact PropertySights Real Estate’s team of licensed professionals today.

Yes, foreign wills are valid in Thailand, but they are subject to official translation and review in Thai courts. This may take a long time, so having a Thai will is advised.

No, you cannot avoid inheritance tax via trusts in Thailand. Section 1686 of the Thai Civil and Commercial Code states that trusts set up before or after death are not effective as far as the will is concerned.

Yes, there has been a gift tax of 5% in Thailand since February 2016, the same year that the new inheritance tax rules were first implemented. The gift tax applies to the following:

• Immovable property given to children valued above 20 million baht
• Cash, shares, and valuables with a few exceptions. For example, gifts to ancestors, descendants, or spouses that don’t exceed 20 million baht, gifts given for some moral responsibility like a ceremony or special occasion under 10 million baht, and gifts for educational, religious, or public spending.

Looking to learn more about property inheritance? Contact PropertySights Real Estate experts today for all of your Thai real estate needs.

1. Getting pre-approved for a mortgage. Analyze your finances, including information such as debt burden, monthly income, and total savings available for a down payment. Go to a bank for pre-approval and get a better idea of what interest rate and loan duration to expect. That pre-approval can then be used to more accurately gauge what you can afford and show sellers that you’re serious.
2. Making an offer on a property. With the help of a PropertySights Real Estate licensed consultant, you can get a better idea of what’s available within your price range and negotiate the best deal possible. At this stage you’ll likely need to make a deposit on the property.
3. Formally applying for the mortgage. Gather the necessary identification, financial, and property documents and bring them to the bank. Organize your information carefully because loans are often turned down for a lack of documentation. If you want to shop around for the best rates, you can take your information to multiple lenders at this stage.
4. Finalizing the loan. Mortgage lenders will take your documentation and provide a loan estimate detailing the loan amount, interest rate, monthly payments, and more. You’ll have about two weeks to compare the estimates provided by your potential lenders. After choosing the one that you like the most, the lender will send the loan to the consumer loan center for underwriting which is a more detailed assessment of the lender’s risk, including a property appraisal. This step will determine and lock in your interest rate.
5. Sign the loan and mortgage contract. Once you’ve agreed to the terms in the loan, you’ll make an appointment with the lender to sign a formal document at the Land Department. If there’s a co-borrower, they should attend this meeting, too.
6. Closing on the property. Attend a meeting with the seller and your real estate agent to finalize the sale and fees to be paid to the land office such as stamp duty and transfer fees. You will sign a final agreement at this stage and wait for a short evaluation period of your loan – usually a few days. When the review is finished, you’ll do a final walk-through and take possession of the property.

The cost of transferring a condo title deed in Thailand includes various taxes and fees.

• Transfer fee is 2% of the value of the condo as appraised by the government.
• Specific business tax is 3.3% of either the sale price or the government appraised value, whichever is higher. This is paid by the seller.
• Stamp duty is 0.5% of the appraised or actual sale price, whichever is higher, and is usually paid by the seller.
• Depending on the seller’s status as a company or an individual, the individual withholding tax can range from 1% and up.

The cost to appraise a property in Thailand varies depending on the property type, size, and the evaluator’s fees. The Thai Valuers Association outlines standards for categories like residential, commercial, and industrial properties.

According to this scale, appraisal fees are as follows:

• Condo units are below 10,000 Baht for less than 50 sqm and 25,000 Baht or more for 200 sqm and beyond.
• Detached houses start at 20,000 Baht for 70 square wah and the fee increases up to a property size of 3 rai.
• Land is from 4,000 Baht to 17,000 Baht with the appraisal fees generally changing based on the size of the property in question.

Yes, the Thai Appraisal Foundation (TAF) and the Thai Valuers Association are the professional real estate associations for appraisal in Thailand.

Check in with PropertySights Real Estate for up-to-date info on market conditions and help with all your Thai real estate needs.