Foreigners and overseas juristic people are allowed to very own a condominium unit in Thailand in their personal name, but preserve in thoughts that this refers to possession of an apartment device in a condominium creating registered under the Condominium Act of Thailand. Not all apartment properties in Thailand are registered underneath the Condominium Act. Unregistered condominium buildings are widespread in the tourist locations of Thailand and foreigners are usually not mindful of the big difference among a device in a condominium registered under the condominium act and a unit in an unregistered apartment building. Each structures and models could appear the very same, nonetheless, in circumstance of an unregistered condominium the lawful safety is restricted when compared to the security provided to the house owners and purchasers under the Condominium Act, and only registered condominiums supply freehold ownership above the models.
In scenario of an condominium building which is not registered underneath the Condominium Act the models do not have possession device title deeds (ownership of the units is not legally separated from the creating as a complete) and the units can only be leased as element of a creating, or the building as a entire have to be in joint ownership by all unit purchasers collectively, however, this will not contain the land the building stands on, as foreigners can not very own land in Thailand. Only in case of a real condominium the person units supply freehold possession and the land is jointly owned by all the device house owners.
The main doc of ownership in a true condominium is the unit title deed issued and administrated by the neighborhood Land Business office. The neighborhood Land Place of work is responsible for the transfer of ownership and registration of possession of the person models in the condominium developing. The apartment device title deed is evidence of ownership. Evidence of ownership ought to not be perplexed with a ‘house book’ in Thailand or Ta.Bian.Baan, which is an official document issued by the neighborhood Administrative Office and includes the complete handle and the occupants of an apartment (not essentially the operator of the developing or condominium). Flats in a building not registered underneath the Condominium Act the units could have a individual Thai ‘house books’, even so this need to not be confused with an ownership doc.
Freehold possession of condominiums by foreigners is limited beneath the Condominium Act and the major limitations / specifications for international ownership are:
one. Not far more than 49% of the complete floor location of all models in a condominium developing included with each other may be foreign owned. In circumstance of a hundred equal residences in a complex forty nine can be international-owned, the remaining fifty one must be owned by Thai nationals.
In circumstance the 49% quota for international freehold ownership in a condominium undertaking is ‘sold out’, the remaining models might be leased under a registered thirty calendar year lease settlement. There are no lease restrictions and regular ‘hire of property’ regulations (as for land or home) apply on condominiums.
two. To be suitable to sign up ownership the foreigner who buys a unit under the Condominium Act have to provide overseas forex into Thailand, at the very least to an quantity equal to the whole acquire price.
The handling bank in Thailand have to exchange the currency into Thai baht and will situation a (FET-type) Overseas Exchange Transaction sort or Credit score Note for smaller sized quantities. Without having proof of remittance of foreign currency into Thailand the Land Workplace will not sign up the apartment unit into the foreigner’s identify (except if you are a resident in Thailand).
As in SengKang Grand Residences condo (particularly in a overseas nation) it is important to employ the service of the provider of a reputable lawyer or reliable genuine estate agent who can guidance and aid you in the buy and who makes confident that every little thing is checked out, the condominium is registered underneath the Condominium Act and to guarantee the device is appropriately registered into your title.
The models in an condominium creating which is not registered underneath the Condominium Act the models can only be leased as ‘part of the building’ or jointly owned by all the purchasers. The two in circumstance of a long term lease (more than 3 a long time) above this sort of units or joint possession above the developing as a complete by the unit purchasers this have to be registered at the regional Land Office in which the house is situated. Unregistered flats call for further caution.