Buying property in Phuket involves selecting a property, securing it with a reservation agreement, conducting due diligence, and choosing between leasehold or condominium freehold structures.
The journey begins by identifying a suitable development, where you must decide on the ownership structure. Under Thai law, foreigners cannot own land outright in their own name, so buyers typically opt for a foreign freehold condominium unit or a long-term protected leasehold structure for villas. As an introducer, we connect you with vetted developers, but we always advise instructing an independent Thai lawyer at this initial stage to ensure you fully understand the legal implications of your chosen structure before committing.
Once you have selected a property, you will sign a reservation agreement and pay a securing deposit to take the unit off the market. During this reservation period, your appointed legal representative will conduct vital due diligence on the developer and the land titles. This step is crucial in Thailand to verify that the developer has the correct building permits, environmental approvals, and clear title deeds, protecting your capital from potential project delays or ownership disputes.
Following successful due diligence, you will receive the Sales and Purchase Agreement (SPA). For off-plan properties, which are common in Phuket, payments are structured in stages linked to construction milestones, whereas completed properties require a lump-sum payment. It is vital to have your lawyer review these contracts thoroughly. While we introduce you to quality opportunities, we do not provide legal or financial advice, and ensuring the payment schedule is fair and legally binding is your lawyer's responsibility.
The final step is the transfer of ownership at the local Land Office, where the remaining balance is paid, and the title deeds or lease agreements are officially registered. Various government fees and taxes apply during this transfer, which are typically shared between the buyer and seller. Because these costs and tax liabilities vary depending on the transaction structure, you should consult a qualified tax adviser to understand your personal financial obligations before completing your Phuket property purchase.
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