Who can buy & own a condominium in Thailand?
Any foreigner or expat can buy a condominium.
Currency how to Pay:
Most negotiable foreign currency can be used to purchase a condominium. The foreign currency MUST be transferred into Thailand as foreign currency and exchanged by the handling bank in Thai baht.
Documents needed for buying a condominium:
Proof to the Land Department that funds have been remitted from overseas in foreign currency. Without the Land Department will not permit the transfer of ownership to the foreign buyer.
1. Remittances must be sent in exactly to the same name as that on the purchase contract, bank account.
2. Transfers of funds MUST be made in foreign currency only NOT Thai baht.
3. Amounts transferred must be over $5,000 to obtain a Thor Tor 3 form. (The bank will NOT Issue a Thor Tor 3 form for amounts less than $5,000.) Make sure your installment schedule are over $5,000.
4. The purpose of the remittance MUST be stated. This should be “For the purchase of a condominium”. The Bank of Thailand’s code for this is 5.22. A condominium title (first established under the condominium act of 1979) is a title to a part of a building or buildings with multiple owners, and a fractional interest in the land (always a Chanot) and other common assets (such as a swimming pool) and common parts of the building (such as the stair well or lobby). The title will state the floor area of the private apartment, the ground area of the common land and the percentage interest which that apartment has in the common property. This percentage also represents the value of the voting interest in the condominium company or owners’ association.
Buildings “other than condominiums” do not have any form of title document, but their sale or long lease can be registered at the Amphur (district) land office. Proof of ownership, must be established either from proof of construction or document showing previous sale-purchase (not to be confused with the House Registration document, which is only a register of the house’s occupants).
Transfer of a building as distinct from its land requires the posting of 30 days public notice (to see if anyone wishes to contest the ownership).
Foreign nationals (aliens) may own a building (as distinct from its land) and may register such transfer of ownership into their names at the local district office.
5. Check plans if a new condo & the Company selling & in particular where the condos are situated & if any walls outside or future plans as you may be looking at a wall instead of th sea in future years. One guy lost 4m baht as he bought a lift shaft & although the Court ruled in his favour it may takes years to get his money reimbursed? He paid for a condo in Pattaya that was advertised as a condo??
OTHER IMPORTANT ASPECTS: Check security, how often changed; Sinking fund; Condo Management committee if any & be careful buying unfinished condos as the recession may see many more going against the wall in Thailand in 2009
[ MORTGAGES: CAN YOU BORROW MONEY ]
