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Conveyancing (condominium) in Thailand
We offer traditional and online legal services for condominium acquisitions in Bangkok, Phuket, Hua Hin and Pattaya. We have the knowledge to assist individual purchasers as well as real estate developers (condominium development and condominium licensing procedure). We conduct due diligence on a condominium or condominium development project, draft agreements in Thai and English and review documents, offer general legal advice and obtain the required documents to register ownership and assist or transfer the condominium at the land department at a fair price.
We offer:
- Condominium sale and purchase agreements (review and preparation).
- Due diligence at the Land Department (for an existing apartment or a purchase off the plan).
- Condominium lease agreement drafting service (short or long term).
- Condominium unit conveyancing service for Hua Hin, Pattaya, Phuket and Bangkok (other areas on request).
- Condominium general legal services for purchasers and developers.
Not all apartments buildings in Thailand are registered under the Condominium Act and only condominium buildings registered under the Condominium Act offer recognized legal freehold ownership unit titles (a government issued condo unit ownership title deed is shown on the right). |
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A condominium in Thailand registered under the Condominium Act allows foreign freehold ownership in a unit and joint ownership in the common areas such as the land on which the building sits, hallways, elevators, etc.. To obtain ownership in a condominium foreigners must comply with the provisions in the Condominium Act and should be aware of the following main requirements:
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Foreign ownership in a condominium building is limited to 49% of the total floor area of all units in a condominium building combined (also referred to as aggregate unit space or 'saleable floor area'). In case of 100 equal units, 49 can be foreign owned, the other 51% must be owned by Thai nationals. To obtain foreign ownership the unit must fall within the foreign ownership quota of the condominium.
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The full purchase price for the condo unit must have been remitted into Thailand in foreign currency and NOT in Thai baht. The handling bank in Thailand must transfer the amount of foreign currency into Thai baht and will issue a Foreign Exchange Transaction form, previously Thor Tor 3 form. The foreigner must appear as the sender or the receiver on the FET-form. Without proof of remittance of foreign currency into Thailand the Land Department will not permit the transfer of ownership to the foreign purchaser (unless the foreigner is a resident in Thailand).
Buying a condo under a lease agreement
Apartment units exceeding the 49% foreign freehold ownership quota in a condominium project may be sold under a registered condominium lease in the foreigner's name of up to 30 years at the time. In this case no proof of remittance is required. There are no restrictions or specific requirements for foreigners leasing a condominium as opposed to freehold ownership of a condo unit, and the law (hire of property) is applied in the same manner if the hirer of the unit is a Thai or foreign national.
Legal services when buying a condo in Thailand
Buying a condominium in Thailand requires a certain care and assistance by a professional experienced in transferring ownership of condominiums. The pre-contract phase, before you hand over a deposit or sign a contract, should include due diligence to assure the seller is the owner of the condominium and is free to dispose of the unit and it has to be verified that there are no encumbrances registered against the title. The sale and purchase contract should drawn up or reviewed by an experienced condominium lawyer as the sale contract establishes the respective rights and responsibilities of the parties and is an important contract. Buying a condominium in an off plan condominium development or a re-sale of an existing condo requires a different approach. An experienced condominium conveyancing lawyer can guide you through the process and protect your interest. Try us! We are upfront on everything including after service support. E-mail us or fill out the form below.
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