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Condos in Thailand
For many foreigners in Thailand one of the most straightforward ways of enjoying property ownership is the right of Thai freehold title held in a Thai condominium. A foreigner owns his or her condo in Thailand outright with no need to worry about laws restricting land ownership in Thailand. Under the Thai Condominium Act, all legalities of foreign ownership of Thai condos are laid out. Below is a brief synopsis of Thai Condo ownership for foreigners.
There are some formalities regarding what types of condominium complexes will qualify a foreigner to obtain Thai freehold title. One of the major concerns is that the building receives proper certification as a Thai Condominium. Without this certification then, in the eyes of Thai law, the structure is not a Thai condominium and therefore does not qualify under the Thai condominium act to distribute Thai freehold title to foreigners residing in Thailand.
Aside from receiving certification under Thai law to be recognized as a proper Thai condominium, there is also the requirement that the foreign ownership of any condominium complex remain under 49%. This means that only if the occupancy of a Thai condo is minority foreign owned, then and only then will a foreigner be permitted to obtain a foreign freehold title under Thai law. Basically, Condominium complexes in Thailand “max out” their foreign ownership capacity at a certain point depending upon how many Thai condos they have available in the complex.
The issue arising with Thai Title is usually not one of legal ownership, but is instead related to performing due diligence and making sure that all of the Thai legal formalities are adhered to in order to ensure a foreigner will be vested with a foreign freehold Title in Thai Property. This sort of investigation should be conducted by a legal professional with a history of dealing with Thai property matters in Thailand. Also, it will be necessary for any good background check on Thai property for the prospective purchaser to have a Thai lawyer check with the land office in order to find out the Title history of the property in question and make sure that a proper Thai chanote underlies the Thai Title claim. All of this can be accomplished by obtaining a Thai professional who understands Thai legal matters and regulations. Contact Integrity Legal for more information about any form of property in Thailand.
To find out more please see: Thailand Condo
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