These are the basic rules and laws when you buy a condominium unit in Thailand. When buying property in a foreign country always consult with a local property lawyer before you sign any agreements. The property laws in Thailand would not be the same as in your home country. As an example, foreigners may not own more than 49% of the condo units in a building.
If the 49% is already filled then you need to register a Thai company to hold the property for you. Below are examples of what you need to know about property in Thailand. As stated before speak to a property lawyer in Thailand before you buy any real-estate.
- The condo unit has to be registered with the Land Department and have its own title deed;
- Foreigners are allowed to own up to 49% of the condo units in a building in Thailand;
- The percentage of foreign ownership of each building has to be registered at the Land Department;
- When you buy a condo the developer must when sold-off plan register it as part of the foreign quota;
- When you buy a condo unit in an existing building you need to check if it is part of a foreign quota;
- The money used to buy the condo unit by a foreigner must have been sent from outside of Thailand;
- When you bring money into the country you need to have a “Foreign Exchange Transaction Form” certificate;
- When the money is transferred into Thailand the transfer has to say its to buy a condo unit;
- You need to show the “Foreign Exchange Transaction Form” certificate when the property transfer occurs;
- Foreigners with Thai spouses who are buying a condo jointly must comply with foreign ownership regulations;
- Foreigners have Permanent Resident status in Thailand do not need to transfer funds from overseas;
- The name of the owner of a condo will have his name on the title deed of the property;
- The condo title deed must state the area but exclude the common areas;
- The title deed of the condo unit will show the ratio of ownership of the common areas;
- The car parks must also be listed in the title deed
If you have any questions about buying a condo in Thailand then speak to us online or walk into any of our offices in Thailand for more information. Remember that the property market in Thailand is unregulated so be extra careful when buying any form of real estate in Thailand.