Define Thai Condominium - Condo Law in Thailand
| Purchase contract review (Thai/English) by lawyers |
4,800 THB |
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Condominium in Thailand is defined as a building or complex in which apartment units are owned by individuals and common parts (land on which the building sits, hallways, elevators, etc.) are owned jointly by the unit owners. The Thailand Condominium Act defines condominium as a building that can be separated into units for individual ownership which include personal and common properties.
A condominium in Thailand is usually a tall building divided into apartments but it may include a horizontal building structure or complex according to the definition of condominium by the Thailand's National Legislative Assembly.
A multi unit residential apartment block which is not registered under the Condominium Act is not defined as 'condominium', nor are condominium ownership title deeds issued by the land department. For a building to become a true condominium the building must comply with the Condominium Act and must be licensed under the Condominium Act as 'condominium' and in this case ownership unit title deeds have been issued by the Land Department.
Foreign ownership of condominiums in Thailand
Foreigners are permitted to own a condominium unit freehold in their own name in Thailand. The main requirements foreigners must comply with under the Thailand Condominium Act are:
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Not more than 49% of the total floor area of all units in a condominium block combined can be foreign owned.
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The money to purchase the condominium in Thailand must have been remitted into Thailand in foreign currency (not Thai baht). Any negotiable foreign currency is acceptable as long as it is transferred into Thailand as foreign currency and exchanged by the handling bank in Thailand into Thai Baht. The handling bank in Thailand will issue proof of the conversion in the form of a FET-form or a bank letter confirming the exchange transaction by the bank. No remittance is needed in case buying a condo leasehold.
The legal process of moving ownership of a condominium from one person to another in Thailand takes place and is registered at the local Land Department's office where the condominium is located. The actual transfer of ownership of a condo unit is straightforward if all the paperwork has been prepared properly.
- Condominium transfer services, contract review, legal advice and lawyer representation at the land department 19,800 THB
- Online drafting service or review of Thai/English condominium purchase agreements starts at 4,800 THB.
This website is offered by Siam Expat Law Co., ltd, a licensed law firm offering online legal services in Thailand.
Tags: Thailand condominium conveyancing lawyers, FET form, Copy source, Condo FAQ
