Preliminaries
Primarily, your condo must appear as appealing as it can be, so it will be necessary to bring it up to the best standard possible. Renew all broken fixtures, such as power points and buy new lights if any need replacing.
It’s worth giving your condo a fresh coat of paint, not forgetting the front door, so that it looks clean and fresh; white gloss paint and neutral colours are best to achieve a general appeal. Unless you intend to sell it fully furnished, don’t worry too much about the state of your furniture, apart from arranging it neatly, though perhaps new throw covers wouldn’t go amiss, they can always be taken elsewhere.
Clean all the windows and the condominium thoroughly. Don’t pile junk into cupboards, use this opportunity to throw anything away you don’t need, otherwise store what you do need neatly in the cupboards and other storage spaces because the prospective purchaser, or most likely his partner, is almost certainly going to inspect.
Try to put your mind back to when you bought the condominium and go in through the door trying to appraise it as you saw it for the first time, remembering what features appealed to you, then try to see it through the eyes of the prospect.
Finally, when you’re satisfied everything’s shipshape, have a word with the neighbours, tell them you want to sell, saying you’ll give them prior warning on the day and ask politely if they’d mind being as quiet as possible when your prospect comes to view.
While it’s unrealistic to expect to sell to the first visitor, try not to keep the place tidy, so you’ll have less to do for the next prospect if the first wasn’t interested. Also, without being confrontational, attempt to ask the unwilling prospect about what was not appealing, take note and try to remedy it, if possible, for next time.

Legal considerations
As with all legal matters, forewarned is forearmed, so let’s consider some of the potential problems. The first is that in Thailand there are no established standard terms in the sales contract, it can be one page or a fully comprehensive one in which no stone has been left unturned. However, whichever one you choose, certain general precautionary considerations can be included in any sales contract.

Using an agent or broker
Be advised that it is standard for any real estate agent or broker in Thailand to require three-five per cent of the purchase price as their sales commission, so bear this in mind when deciding to solicit aid or go it alone.
However, by going through a real estate agent the frustration level is likely to be far less than if you just rely on your own marketing skills.
Real estate agents normally have a substantial data base of clients available, both local and international, so the net they are able to cast is likely to considerably wider than you can throw, plus they usually have a well developed website advertising their listings.
They can also appraise likely buyers through practised eyes and can quickly weed out any time wasters; don’t forget it’s as much in their interests to sell as yours, so they will try hard on your behalf.
It’s well worth using the services of more than one, as developers do, to ensure a good and swift process, though keep the fact confidential, unless they interrogate you.
Real estate agents can also help as regards negotiations, giving advice and guidance on the sale and obtain the best price; once again, it benefits them too. The better the price they help you realise, the greater the commission.

Realistic pricing
You may well have a good idea of the realistic market price for your property from surveying advertisements in the property media, Internet or quizzing friends. Otherwise, either ask the real estate agent, or use the services of an established appraisal company.
An unrealistic figure will price you out of the market. Your real estate agent is almost certain to advise you to set a reserve price, in other words, the lowest you are prepared to take, before you take it off the market in despair and try again later.

Other factors to
consider in advance
Although it’s not yet a Thai legal requisite for private sellers, as it is for developers, true descriptions and non-misrepresentation are imperative if you wish to maintain your good name, save later legal hassles, gain the buyer’s trust and facilitate the sale.
This includes full disclosure of any faults on the property, outstanding property-related debts, or whether you have used the condo as collateral for a loan.
One factor working in your favour is the relative leniency of Thai contractual law. The principle of freedom of contract is still valid, whereby you have a wide margin of negotiation and agreement, as long as it’s not illegal or offends public morality. You also have the freedom to opt for a jurisdiction of your choice, should this appeal to either you or your prospect’s concept of the most comprehensive and binding agreement.
Speaking of matters binding, it’s worth including a breach of contract clause in the contract to prevent any future loss in the event of non-compliance with any of the terms of the contract by your prospect.
One consideration in particular is that known as the ‘deficiency of resale’, which covers differences between the market value of the condo and the contract price and the recovery of any reasonable costs incurred by you as the result of your prospect’s breach.
In the event of a deficiency of resale, you would negotiate the acceptable difference between market and contract prices and also be eligible to claim damages for such factors as legal and advertising fees, removal expenses and rental cost.
Avoidance of
legal minefields
If you’ve been resident in Thailand for any length of time, you are no doubt well aware of the unconscionable length of time for legal cases to proceed through Thai courts, not to mention the exorbitant fees involved! Accordingly, it’s well worth including an alternative dispute resolution clause in your contract, whereby you can settle disputes out of court by arbitration or mediation.

Post-sale considerations
Taxes
Having successfully sold your property you will be liable for these property sale taxes:
l Transfer of ownership fee – originally two per cent of the appraised price, but temporarily reduced to 0.01 per cent, until April 2009;
l A withholding tax, from 0-37 per cent; the rate being dependent on the seller’s income and the length of time he has held the condo;
l Business tax (previously 3.3 per cent, but now 0.11 per cent until April, 2009 – of assessed value or sales price – whichever is higher, payable by a registered owner of less than five years);
l If business tax does not apply, there is a stamp duty of 0.5 per cent of assessed value or sales price, whichever is higher.
Transfer of funds
overseas from sales
If you want to transfer funds out of Thailand after a sale, money up to the amount specified on the original Foreign Currency Transaction Form – Tor Tor Sam (TT3) i.e. the funds first used to buy the condominium by you, the seller, which were originally remitted from overseas and registered on a TT3 by a Thai Bank, may be transferred out of the kingdom. Any profits in excess of the original amount must be kept in a Thai bank.
Before authorising transfer, the bank will want to see the following: the original TT3, your passport, and relevant bank account documentation. The Bank of Thailand must be informed if the transferred funds exceed US$20,000; likewise, the Anti-Money-Laundering Office must be informed where the transferred funds exceed Bt2m.

Foreign exchange
Individuals regularly transfer foreign currency funds abroad relying on Thai banks to give them a favourable rate of exchange when converting from Thai Baht, but going via this means could incur a substantial loss of funds, just by transferring money on the wrong day.
A viable alternative to the bank is to use a reliable money exchange firm, like the UK-based HiFX company. The benefits of using such companies are:
l A better rate of exchange on large transferred amounts, as brokers have lower overheads than banks;
l The better the rate the more money you convert;
l You can wait for your required rate and you may hold on to this rate until you need to make the transfer;
l No commission charges;
l No bank receiving charges – HiFX guarantees to remove all bank receiving fees from the transaction, which could amount to more than 1 per cent;
l Transfers sent free, fast and efficiently.
It’s well worth checking out a money exchange company such as this, especially if you are intending to remit large sums abroad, either from property sales, mortgage repayments, rental income and the like, but it’s also worthwhile, especially if you are the habit of receiving any foreign currency funds from home, for whatever purpose, whether it be for property purchase, pension transfersand so on.
We trust this article has at least given you some idea of the of the considerations involved in selling your condominium, but, as with all matters legal, for the best choice if you want the latest information or the implications of what has been covered here, you are advised to consult a legal counsellor, especially considering the intricacies of Thai Law.
Good luck! Ω