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How the Purchase of Resale Property in Phuket Works
A step-by-step guide to buying resale property in Phuket: deposits, documents, legal checks, and registration at the Land Office. A complete guide for anyone looking to safely buy a condo or villa on the secondary market.
Contents
Buying a ready-to-move-in condo or villa in Thailand is straightforward if you know the steps and prepare properly. Below is a detailed breakdown of the resale transaction process in Phuket, from choosing a property to registering ownership at the Land Office.
1. Choosing a Property and Initial Assessment
Phuket offers a wide range of resale properties—from resort studios to family villas. At this stage, it is important not only to select based on budget and location but also to check key legal parameters:
- Type of land title (Chanote is the best option)
- Real market value
- Any encumbrances, debts, or operational issues
- Status of utility payments
- Ownership history
Key Tip:
Request the full document package from the seller in advance. This speeds up verification and helps avoid surprises after the deposit is paid.
Request the full document package from the seller in advance. This speeds up verification and helps avoid surprises after the deposit is paid.
2. Legal Due Diligence
This is a critical step in the transaction. Your lawyer should check:
- Original title at the Land Department
- Mortgages, liens, or seizures
- Seller’s right to sign the contract
- Correctness of property documents
Expert Advice:
Legal services in Thailand are far cheaper than the potential losses from mistakes. Investing in proper due diligence is always worthwhile.
Legal services in Thailand are far cheaper than the potential losses from mistakes. Investing in proper due diligence is always worthwhile.
3. Property Reservation and Deposit
Once the property is chosen, the parties sign a Reservation Agreement and the buyer pays a deposit.
- On the resale market, deposits are usually 5–10% of the property value or a fixed sum
- The agreement specifies the schedule for the main contract and refund conditions
- The deposit secures the property and locks in the price
Important:
Specify refund conditions. For example, if the deal fails due to the seller, the deposit should be fully refundable.
Specify refund conditions. For example, if the deal fails due to the seller, the deposit should be fully refundable.
4. Signing the Main Contract (SPA — Sales & Purchase Agreement)
The SPA is the main contract outlining all terms of the transaction:
- Final sale price
- Payment schedule
- Allocation of taxes and fees
- Property handover dates
- Payment procedures
Key Tip:
Ensure all details are included in the SPA to avoid disputes at the Land Office, especially regarding taxes
Ensure all details are included in the SPA to avoid disputes at the Land Office, especially regarding taxes
5. Preparing for Ownership Transfer
The buyer arranges funds for payment—via international transfer or cashier’s cheque if paying on the day of transfer.
If not attending in person, a Land Office–approved power of attorney is prepared for a representative. Remote purchases often use this method.
If not attending in person, a Land Office–approved power of attorney is prepared for a representative. Remote purchases often use this method.
6. Ownership Transfer at the Land Office
On the appointed day, the seller and buyer (or their representatives) meet at the Land Office. The procedure includes:
- Officer verifies titles, contracts, and passports
- Taxes and fees are calculated
- Final payments are made
- The title is updated with the new owner
- Buyer receives the updated document
Expert Advice:
Land Offices may have specific requirements for powers of attorney and payment methods—check in advance.
Land Offices may have specific requirements for powers of attorney and payment methods—check in advance.
7. Taxes and Fees for Resale Property
Tax obligations depend on the transaction and the seller’s ownership period. Typical costs:
Transfer Fee: 2% of assessed value (often split 50/50)
Specific Business Tax (SBT): 3.3% if sold within 5 years of ownership
Stamp Duty: 0.5% if SBT is not applied
Withholding Tax (WHT): varies based on seller type (individual or company)
Total fees typically range from 2.5% to 6% of the transaction.
Transfer Fee: 2% of assessed value (often split 50/50)
Specific Business Tax (SBT): 3.3% if sold within 5 years of ownership
Stamp Duty: 0.5% if SBT is not applied
Withholding Tax (WHT): varies based on seller type (individual or company)
Total fees typically range from 2.5% to 6% of the transaction.
8. After Ownership Transfer
Post-registration, the buyer should:
- Update utility contracts
- Notify the management company
- Obtain copies of all documents
- Arrange insurance if needed
Quick Buyer Checklist
1
Verify the title and absence of encumbrances
2
Conduct full due diligence with a lawyer
3
Sign the Reservation Agreement and pay the deposit
4
Sign the SPA (main contract)
5
Prepare funds and power of attorney (if needed)
6
Register ownership at the Land Office
7
Update utilities and management contracts
Conclusion:
Buying resale property in Phuket is quick and transparent if three conditions are met: proper legal due diligence, a well-prepared contract, and correct preparation for Land Office registration. With proper guidance, the process is safe, and the buyer becomes the official owner on the day of registration.
Buying resale property in Phuket is quick and transparent if three conditions are met: proper legal due diligence, a well-prepared contract, and correct preparation for Land Office registration. With proper guidance, the process is safe, and the buyer becomes the official owner on the day of registration.
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