Make sure you understand the position of the desired unit in the project and what facilities/features immediately surround it.
Ensure all parties understand and agree the major terms and conditions of the transaction such as:
A deposit of approximately 2% of the purchase price (varies from developer to developer and market to market) will secure the unit of interest removing it from the open market.
Some deposits are refundable subject to legal due diligence. Ensure that you work with the Developer to obtain a payment slip for the transfer.
Typically you will have 30 days to review the terms and conditions of the Sales and Purchase Agreement, which contractually outlines the complete overview of the project and details of the unit you are purchasing.
This payment can range anywhere between 20-40% of the purchase price. For non-residents of Thailand the funds must be transferred into the country from an overseas bank account.
Depending on where the project is in the build cycle, your next payment will be linked to milestones in the construction progress.
Rough dates can be provided by the developer but a payment should be linked to completion of critical advancements in the project. Again, payment must come from overseas.
When the build is finished, the Developer will serve a notice to complete.
You’ll pay the rest of the purchase amount and the property is yours.
You are not required to be in Thailand to complete the handover process. This can be executed by a 3rd party on your behalf.