If you're looking to buy or invest in condominium property in Cambodia, it's important to understand the steps involved. Whether you're a local buyer or an international investor, in this guide, Realestate.com.kh will break down the basic buying process in short article with simple terms to help you feel confident and prepared.
Here’s a step-by-step look at what to expect:
1. Unit Selection & Booking
First, choose the property or unit you like. Once you've made your choice, you'll usually pay a booking fee (between $500 and $2,000) to reserve it. This takes it off the market while the paperwork is prepared.
2. Review the SPA (Sales & Purchase Agreement)
Next, you'll receive the Sales & Purchase Agreement (SPA). This is a key legal document that explains the terms of the sale, the developer’s responsibilities, penalties for delays, and when you’ll receive the title. It’s important to read everything carefully or get help from a legal professional.
Further reading: Understanding the Sales and Purchase Agreement (SPA) in the Cambodia Real Estate Market
3. Sign the SPA
Once both parties agree to the terms, you and the seller will sign the SPA. This makes the deal official and legally binding.
4. Downpayment
Right after signing the SPA, you’ll make a down payment—usually the amount is according to the condition of payment method and the percentage of the total property price.
Further Reading: Common Payment Methods for Buying Properties in Cambodia
5. Payment Schedule
The rest of the payments will follow a payment schedule, which depends on the stage of the project. Payments may be monthly, quarterly, or based on construction milestones. The developer will provide this schedule.
6. Ownership Registration
After you’ve paid the full amount and the unit is finished, you can register the property under your name with the Ministry of Land Management, Urban Planning and Construction (MLMUPC). This step gives you official ownership.
7. Handover & Key Collection
Finally, you'll collect your keys once the property is complete and inspected. This is also when you should do a final check for any defects or issues and have them recorded before you move in as well!
In short, buying a property in Cambodia doesn’t have to be complicated, especially when you have the right support. If you’re unsure about any of the steps above, feel free to let our professional agents guide you through all the process from start to finish smoothly!
Additional reading: 50 Must-Know FAQs for Real Estate Investors in Cambodia
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