Foreigners and overseas juristic persons are authorized to possess a condominium device in Thailand in their personal identify, but hold in head that this refers to possession of an condominium unit in a condominium building registered underneath the Condominium Act of Thailand. Not all apartment buildings in Thailand are registered below the Condominium Act. Unregistered leedon green are frequent in the tourist places of Thailand and foreigners are usually not conscious of the difference among a unit in a condominium registered below the condominium act and a unit in an unregistered condominium constructing. The two buildings and models might look the exact same, nonetheless, in circumstance of an unregistered condominium the legal defense is constrained when compared to the defense supplied to the homeowners and purchasers under the Condominium Act, and only registered condominiums offer you freehold ownership above the models.
In case of an apartment constructing which is not registered under the Condominium Act the models do not have ownership device title deeds (ownership of the units is not legally separated from the creating as a total) and the models can only be leased as portion of a developing, or the constructing as a entire have to be in joint ownership by all unit purchasers with each other, nevertheless, this will not consist of the land the creating stands on, as foreigners cannot possess land in Thailand. Only in scenario of a true condominium the individual units supply freehold possession and the land is jointly owned by all the device proprietors.
The major doc of ownership in a accurate condominium is the unit title deed issued and administrated by the nearby Land Office. The local Land Workplace is responsible for the transfer of possession and registration of ownership of the person models in the condominium creating. The condominium device title deed is proof of possession. Evidence of possession should not be baffled with a ‘house book’ in Thailand or Ta.Bian.Baan, which is an official doc issued by the regional Administrative Place of work and contains the total tackle and the occupants of an condominium (not essentially the operator of the constructing or condominium). Flats in a constructing not registered below the Condominium Act the units could have a independent Thai ‘house books’, nonetheless this need to not be perplexed with an possession doc.
Freehold possession of condominiums by foreigners is restricted below the Condominium Act and the main constraints / needs for overseas possession are:
one. Not a lot more than 49% of the complete ground spot of all models in a condominium developing additional with each other might be international owned. In case of one hundred equivalent flats in a complex 49 can be overseas-owned, the remaining 51 need to be owned by Thai nationals.
In case the forty nine% quota for international freehold ownership in a condominium project is ‘sold out’, the remaining models may possibly be leased below a registered thirty year lease agreement. There are no lease limits and normal ‘hire of property’ regulations (as for land or property) utilize on condominiums.
two. To be suitable to register possession the foreigner who purchases a device below the Condominium Act have to carry international currency into Thailand, at the very least to an volume equivalent to the overall purchase value.
The handling financial institution in Thailand should exchange the currency into Thai baht and will situation a (FET-type) International Exchange Transaction sort or Credit rating Be aware for smaller amounts. With out proof of remittance of overseas currency into Thailand the Land Place of work will not register the apartment device into the foreigner’s name (unless you are a resident in Thailand).
As in all home investments (particularly in a overseas nation) it is crucial to employ the service of the services of a trustworthy attorney or reliable genuine estate agent who can tips and help you in the buy and who can make confident that everything is checked out, the condominium is registered below the Condominium Act and to guarantee the device is properly registered into your name.
The models in an apartment creating which is not registered under the Condominium Act the models can only be leased as ‘part of the building’ or jointly owned by all the purchasers. Equally in scenario of a long time period rent (more than 3 years) over such units or joint possession over the developing as a entire by the device purchasers this should be registered at the nearby Land Business office the place the home is located. Unregistered apartments demand further caution.