The Phuket condo buying process has six key stages: (1) Choose unit and negotiate price → (2) Pay reservation deposit ($2,500-$5,000) → (3) Due diligence period (2-4 weeks) → (4) Sign Sales and Purchase Agreement and pay down payment → (5) Make construction milestone payments → (6) Final transfer at the Land Office. The entire initial process (to SPA signing) takes 2-4 weeks.
Stage 1: Choose Your Unit and Negotiate
What to decide at this stage:
- Unit type (studio, 1BR, 2BR, penthouse)
- Floor and orientation (sea view, pool view, garden view)
- Price point and payment schedule
- Whether the foreign quota (49%) is available for your chosen unit
Negotiation: Off-plan prices are partially negotiable, particularly:
- Furniture packages (often bundled at 30-50% discount vs. retail)
- Extended payment schedules
- Pre-completion exit clauses in some cases
Unit selection and negotiation typically takes 1-7 days.
Stage 2: Reservation Deposit
- Amount: typically $2,500-$5,000 (sometimes up to $10,000 for premium units)
- Payment: wire transfer or credit card (credit card may incur 2-3% fee)
- Effect: unit is removed from sale for 14-21 days while due diligence proceeds
- Refundability: usually refundable if due diligence reveals material issues; confirm this in writing before paying
The reservation is a show of intent, not a legal commitment. The legally binding step is SPA signing.
Stage 3: Due Diligence (2-4 Weeks)
For the developer and project:
- Company registration and financial status
- EIA (Environmental Impact Assessment) permit, must be obtained before construction
- Building permit (or application status for early-stage projects)
- Land title (Chanote) for the development land, ensure it’s clean with no encumbrances
- Previous project track record, delivery history, disputes, handover quality
For your specific unit:
- Foreign quota status confirmed (are the 49% slots available?)
- Unit specification matches developer’s marketing materials
- Payment schedule is reasonable and market-standard
- SPA clauses protect your interests (penalty clauses for delays, termination rights)
Cost of legal due diligence: $500-$1,500 depending on complexity. This is non-negotiable, it’s your primary protection against developer risk.
Stage 4: Sales and Purchase Agreement (SPA) Signing
- Exact unit (building, floor, unit number, sqm)
- Agreed purchase price in Thai Baht (or USD equivalent)
- Full payment schedule with dates and amounts
- Construction completion date and penalty clause (typically 0.01%/day up to 10% for delays)
- Force majeure provisions
- Transfer and handover conditions
- Termination rights and refund provisions
Down payment at SPA signing: typically 30% of purchase price
Review the SPA carefully with your lawyer before signing. Do not sign anything you don’t understand. Key red flags in SPAs:
- No penalty clause for developer delays
- Developer has unilateral right to change specifications
- Refund provisions are vague or missing
- No clear handover date
Stage 5: Construction Milestone Payments
Typical payment schedule:
| Milestone | Typical % of Price |
|---|---|
| Reservation | 1-3% |
| SPA signing | 27-29% (total: 30%) |
| Foundation / structure complete | 15-20% |
| Rooftop / shell complete | 15-20% |
| Interior fit-out complete | 10-15% |
| Transfer at Land Office | 25-30% |
All payments should be made via bank wire from your home country to Thailand, generating FET documentation for each transfer.
Stage 6: Transfer at the Land Office
- Snagging inspection: walk through your unit with a checklist; document any defects for the developer to rectify
- Final payment: transfer the remaining balance (typically 25-30%)
- FET certificate: confirm your bank has issued FET certificates for all payments received
- Land Office appointment: both buyer and seller (or their POA holders) attend
- Document submission: Chanote, SPA, FET certificates, passport copies, tax ID
- Transfer fee payment: 2% of appraised value (plus any SBT or stamp duty)
- New Chanote issued: title deed with your name is issued same day
Time at Land Office: 2-4 hours for the full process.
What This Means for Buyers?
- Retaining an independent Thai property lawyer (not the developer’s recommended lawyer)
- Ensuring all fund transfers generate FET documentation
- Never skipping due diligence regardless of time pressure from the developer
MORE Group coordinates the entire process, from unit selection through to Land Office transfer, at 0% commission from buyers.
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Frequently Asked Questions
Passport, Thai bank account details, FET certificate(s) from your Thai bank for fund transfers, and the SPA signed by both parties. Your lawyer handles all Land Office documentation.
The reservation deposit is often refundable during the due diligence period. Once the SPA is signed and down payment made, refunds are subject to the SPA termination clauses, typically only if the developer materially defaults.
Yes. Purchases can be completed remotely via notarised Power of Attorney for the SPA signing and Land Office transfer. A virtual site visit is recommended before committing.
$500-1,500 for due diligence and SPA review. Some lawyers charge a percentage of purchase price (0.5-1%). Always retain a lawyer independent from the developer.
A Foreign Exchange Transaction certificate is issued by your Thai bank when you transfer funds from abroad for a property purchase. It's legally required to register as a freehold (foreign quota) condo owner, without it, you cannot take freehold title.
Maksim Shchegolev
Founder, MORE Group
Founder of MORE Group. Four years in investment banking before moving to Phuket, where he has worked in the local property market since 2018. Oversees developer relationships and every engagement above $300K.
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