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List your businessHow the property market works in Thailand
In Thailand, there is no single comprehensive national licensing law covering all residential estate agents, though the Real Estate Information Center (REIC) and various professional associations promote standards, and buyers should expect varying levels of qualification among agents.
Foreign ownership of land is generally restricted, but foreigners can own condominium units outright provided foreign ownership in the building does not exceed 49% of total floor area, a key feature of the Thai market for international buyers.
Buying and selling: key steps
Property transfers are registered at the local Land Department office (Kromthidin), where both parties typically attend to sign the transfer and pay applicable fees; a lawyer is commonly engaged to conduct due diligence beforehand, since the Land Department does not verify legal compliance of the underlying sale contract.
Transfer fees, specific business tax or stamp duty (depending on how long the seller has owned the property), and withholding tax are payable at the Land Department, with the split between buyer and seller commonly negotiated.
Working with agents, managers and architects
Agent commission in Thailand is commonly charged as a percentage of the sale price, conventionally paid by the seller, though this is negotiable and should be agreed in writing before listing.
Architects and engineers must be licensed by the Council of Engineers or Architect Council of Thailand, and building permits are issued by the local municipal or district office.
Things to check before hiring
Ask for an agent's track record and any professional association membership, since licensing requirements are less uniform than in many other countries.
Obtain a title search (Chanote title is the most secure form of land title in Thailand) from the Land Department, and for condominiums confirm the foreign ownership quota has not been exceeded before signing a reservation agreement.