Buying real estate in Thailand Thailand condominium acquisition and conveyance costs, tax and fees When ownership of a condominium apartment is transferred taxes and fees are collected at the time of transfer by the provincial branch or local land offices in Thailand where the transfer of ownership takes place. Transfer of ownership of a condominium unit in Thailand is subject to the following government fees and taxes: 1- transfer fee at the rate of 2% on the government assessed value 2- stamp duty at 0.5% over the appraised or actual sale price whichever is higher, except in cases where the
Continue readingTag: Thailand Condominium Act
Buying A Leasehold Condominium In Thailand
Foreigners may under the Condominium Act own up to 49% of the units (in floor space) in a condominium complex in Thailand. The remaining 51% of the units must be owned by Thai nationals. In the Thailand resort areas such as Phuket and Pattaya condo developments and sales are primarily aimed at foreigners. The 49% freehold units in a condo project are the first units to sell, but the remaining 51% units in the Thai side of the condominium are tough to sell. There is no interest from Thai nationals in these tourist resort condos and the remaining condo are
Continue readingProgress In Preparing The Draft Condominium Statute
Progress in preparing the draft regulations under the Thailand Condominium Act amended in 2009 with the purchase and sale agreement is almost completed and will be presented to the meeting of the Council of Ministers (Cabinet) in August 2011. The essence of the contract will be to declare the act as another measure to protect consumers, which requires that any project or condominium units which will be open to the public for sale must be certified or approved by the Environment Impact Assessment Committee (EIA) and must have a valid license for construction. The framework of this contract will provide
Continue readingBuying A Condominium In Thailand Legal Start
A condominium is an apartment building in Thailand is a multi unit building registered under the Thailand Condominium Act in which each unit is owned separately by the people living in it, but also containing shared common areas. Condos in Thailand are regulated in the Condominium Acts and registered with the Thailand Land Department. Each condominium unit has a condominium unit title deed. This document states the owner of the unit, the exact size, voting right in the condominium juristic person’s meeting and if there are any third party rights registered against the unit such as a lease or mortgage.
Continue readingForeign Condominium Ownership In Thailand And Sale-able Floor Area
Foreigners are not allowed to own land in Thailand in their own name but foreigners are allowed to own and buy condos in Thailand freehold in their own name. Buying a condominium in Thailand is a popular real estate investment for foreigners but foreign ownership is limited to a quota. Foreign ownership in a condominium or condominium development project is limited to 49% of the sale-able total floor area within that condominium. The remaining 51% of the floor area in the condominium must be owned by Thais. An important aspect of a condominium purchase is the fact that the unit
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