condominium

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    Condominium Apartment payment terms

    Contract terms for a resale apartment unit in Thailand

    In case of a resale condo unit/ apartment in Thailand the purchase price for the unit could be paid by cashier's check to the seller at the time of transfer of ownership of the unit at the land office. In this case the buyer of the condo must obtain a cashier's cheque and the foreign exchange documents (FET form) from his bank inside Thailand required for registration of foreign ownership under condominium laws.

  • Condominium in Thailand

    Condominium laws and foreign ownership

    Thai land laws prohibit foreigners from owning land but the Condominium Act allows foreigners to own a condo in Thailand. Ownership of an apartment in a condominium includes co-ownership in the common areas such as the land, exterior of building, hallways and stairs, roof, swimming pools. Below some frequent asked questions relating to condominiums in Thailand and foreign ownership.

  • Foreign currency exchange form

    To qualify for foreign ownership under the Thailand Condominium Act a foreign purchaser of a condo unit is required to remit the full purchase price for the condo in foreign currency into Thailand, unless he is a resident in Thailand or eligible for foreign ownership under one of the other less common grounds of section 19 of the Condominium Act.

  • Condominium Act Thailand Section Foreign Ownership

    Foreigners are within the foreign ownership quota of a condominium allowed to own an apartment unit freehold in their own name. Foreigners must however qualify under condominium laws for foreign ownership. Section 19 of the Condominium Act is the relevant law section governing foreign apartment ownership in Thailand.

  • Apartments and Condominium License

    Buying a condo unit in a building registered under the Condominium Act is not the same as 'buying' a unit in a building having no condominium license under condominium laws nor a condominium registration with the Thailand Land Department. On the outside the buildings could look the same but a true licensed condominium offers actual legal ownership, the other offers possession of the units under a contract structure (not true ownership).

  • Condo in Thailand and inheritance

    Foreign ownership of a condo in Thailand is under condominium laws an individual right of the foreigner who qualified under condominium laws for ownership. Once foreign ownership is obtained it is not freely transferable between foreigners (not even by inheritance) and the land registry only allows registration of ownership to another foreigner if he is eligible for ownership pursuant to section 19 of the Condominium Act.