Once you have found the perfect property with one of our experienced SPS Realty Thailand agents, it is advisable to pay a 10% holding deposit as soon as possible to take the property off the open market. We say “soon” because we have seen some cases where buyers wait too long and the property is sold to another party. It’s also absolutely advisable to consult with a reputable, qualified Thai lawyer when paying the deposit, so they can prepare the relevant reservation deposit or sell and purchase agreements to state the terms of sale.
Normally in the case of a resale / ready to move in property, you pay a 10% reservation deposit to the agent’s company account. Once the deposit is paid, your lawyer will complete full due diligence. When it comes back all clear and there is nothing preventing you from legally buying the property, your deposit becomes non refundable. Typically you would then have between 30 to 60 days for completion of sale and transfer of ownership. This can differ depending on the wishes of both parties.
Buying a made to order or off plan property from a developer, you normally pay a deposit of around 200,000 THB to reserve the property. This is always non refundable. This is then followed by payment of between 20% to 30% on signature of contracts and beginning of construction, followed by staged payments over the construction period of the property.