Estate & Land Investment
Owning a Piece of Thailand: A Guide to Condo Ownership for Foreigners
Here at Ocean Law and Consultant, we’ll guide you through the process.
Understanding Condominiums
A condominium, or ” condo,” is a building divided into individual units. Each unit has a separate owner, while common areas like pools, gyms, and hallways are co-owned by all residents. Think of it as individual ownership within a shared community.
Benefits of Condo Ownership
- Foreigner-Friendly: Unlike land, Thai law permits foreign ownership of condominiums, making it a great option for international buyers.
- Investment Potential: Condos offer rental income opportunities, making them a sound investment.
- Personal Use: Enjoy your own Thai getaway or live in your condo full-time.
The Condominium Act
The Condominium Act regulates condominium ownership and ensures a smooth process for all parties. Only registered condominiums offer full ownership with a government-issued title deed.
Foreign Ownership Requirements
There are no nationality restrictions on condo ownership. As long as you can legally enter Thailand, you can likely qualify under the Condominium Act. Our legal team can verify your eligibility.
Foreign Ownership Quota (49%)
There’s a limit on foreign ownership within a single condominium building. No more than 49% of the total unit area can be owned by foreigners. When buying a condo, ensure the building falls within this quota.
The Sale and Purchase Agreement
This agreement outlines the rights and responsibilities of both buyer and seller. It covers details like payment schedules,transfer dates, and fees. Our lawyers can ensure a comprehensive and legally sound agreement.
Taxes and Fees
Transfer fees, withholding tax, and stamp duty are common costs associated with condo purchases. We’ll help you understand these fees and negotiate their allocation in the agreement.
Condominium Unit Title Deed
Upon successful registration, you’ll receive a title deed – your official proof of ownership. This document outlines your ownership rights and details of the unit.
Why Choose Ocean Law and Consultant?
Navigating Thailand’s condo ownership process can be complex. Our experienced lawyers will provide:
- Expert Guidance: We’ll ensure a smooth and compliant transaction.
- Due Diligence: We’ll thoroughly examine the property and ownership details.
- Legal Representation: We’ll protect your interests throughout the process.
Contact Us Today
Don’t go it alone. Contact Ocean Law and Consultant today. We’ll turn your dream of Thai condo ownership into a reality.
