Foreigners and overseas juristic individuals are permitted to own a condominium unit in Thailand in their possess name, but hold in head that this refers to ownership of an apartment device in a condominium developing registered under the Condominium Act of Thailand. Not all condominium properties in Thailand are registered under the Condominium Act. Unregistered condominium buildings are typical in the vacationer areas of Thailand and foreigners are usually not conscious of the difference between a unit in a condominium registered under the condominium act and a unit in an unregistered condominium building. The two properties and units could look the same, even so, in circumstance of an unregistered condominium the legal defense is restricted compared to the safety supplied to the proprietors and purchasers beneath the Condominium Act, and only registered condominiums offer freehold possession over the models.
In situation of an condominium building which is not registered underneath the Condominium Act the models do not have ownership unit title deeds (ownership of the models is not legally divided from the building as a total) and the units can only be leased as part of a constructing, or the building as a complete have to be in joint ownership by all device purchasers with each other, however, this will not include the land the building stands on, as foreigners can’t own land in Thailand. Only in situation of a correct condominium the personal units offer you freehold possession and the land is jointly owned by all the device house owners.
The main document of ownership in a accurate condominium is the unit title deed issued and administrated by the nearby Land Office. The neighborhood Land Place of work is liable for the transfer of ownership and registration of possession of the specific units in the condominium constructing. The condominium device title deed is evidence of possession. Evidence of ownership should not be puzzled with a ‘house book’ in Thailand or Ta.Bian.Baan, which is an official document issued by the regional Administrative Place of work and contains the total deal with and the occupants of an apartment (not necessarily the operator of the building or apartment). Apartments in a constructing not registered beneath the Condominium Act the units may possibly have a individual Thai ‘house books’, even so this ought to not be perplexed with an possession document.
Freehold ownership of condominiums by foreigners is restricted below the Condominium Act and the principal limits / demands for foreign possession are:
1. Not a lot more than 49% of the total floor region of all units in a condominium developing additional jointly might be international owned. In circumstance of a hundred equivalent flats in a complicated 49 can be overseas-owned, the remaining fifty one must be owned by Thai nationals.
In situation the forty nine% quota for foreign freehold ownership in a condominium project is ‘sold out’, the remaining units could be leased underneath a registered 30 year lease arrangement. There are no lease constraints and typical ‘hire of property’ rules (as for land or home) apply on condominiums.
2. To be suitable to sign-up possession the foreigner who buys a device under the Condominium Act have to carry international currency into Thailand, at the very least to an volume equivalent to the whole buy price tag.
The handling bank in Thailand must exchange the forex into Thai baht and will situation a (FET-sort) International Exchange Transaction type or Credit score Note for more compact amounts. With no proof of remittance of overseas forex into Thailand the Land Business office will not register the condominium device into the foreigner’s title (unless you are a resident in Thailand).
As in all residence investments (specifically in a foreign country) it is critical to retain the services of the service of a reputable attorney or trustworthy genuine estate agent who can tips and help you in the acquire and who helps make certain that every thing is checked out, the condominium is registered under the Condominium Act and to make certain the unit is appropriately registered into your title.
The models in an condominium building which is not registered beneath the Condominium Act the units can only be leased as ‘part of the building’ or jointly owned by all the purchasers. SengKang Grand Residences price in scenario of a prolonged expression rent (more than 3 a long time) above this kind of units or joint ownership over the building as a whole by the unit purchasers this have to be registered at the nearby Land Business office exactly where the home is positioned. Unregistered residences demand further warning.Others