Ownership of a Unit in a Condominium Or Apartment Building in Thailand

Foreigners and foreign juristic persons are allowed to own a condominium unit in Thailand in their own name, but keep in mind that this refers to ownership of an apartment unit in a condominium building registered under the Condominium Act of Thailand. Not all apartment buildings in Thailand are registered under the Condominium Act. Unregistered apartment buildings are common in the tourist areas of Thailand and foreigners are often not aware of the difference between a unit in a condominium registered under the condominium act and a unit in an unregistered apartment building. Both buildings and units may look the same, however, in case of an unregistered apartment the legal protection is limited compared to the protection offered to the owners and purchasers under the Condominium Act, and only registered condominiums offer freehold ownership over the units.

In case of an apartment building which is not registered under the Condominium Act the units do not have ownership unit title deeds (ownership of the units is not legally separated from the building as a whole) and the units can only be leased as part of a building, or the building as a whole must be in joint ownership by all unit purchasers together, however, this will not include the land the building stands on, as foreigners can’t own land in Thailand. Only in case of a true condominium the individual units offer freehold ownership and the land is jointly owned by all the unit owners.

The main document of ownership in a true condominium is the unit title deed issued and administrated by the local Land Office. The local Land Office is responsible for the transfer of ownership and registration of ownership of the individual units in the condominium building. The apartment unit title deed is proof of ownership. Proof of ownership should not be confused with a ‘house book’ in Thailand or Ta.Bian.Baan, which is an official document issued by the local Administrative Office and contains the full address and the occupants of an apartment (not necessarily the owner of the building or apartment). Apartments in a building not registered under the Condominium Act the units may have a separate Thai ‘house books’, however this should not be confused with an ownership document.

Freehold ownership of condominiums by foreigners is restricted under the Condominium Act and the main restrictions / requirements for foreign ownership are:

1. Not more than 49% of the total floor area of all units in a condominium building added together may be foreign owned. In case of 100 equal apartments in a complex 49 can be foreign-owned, the remaining 51 must be owned by Thai nationals.

In case the 49% quota for foreign freehold ownership in a condominium project is ‘sold out’, the remaining units may be leased under a registered 30 year lease agreement. There are no lease restrictions and normal ‘hire of property’ laws (as for land or house) apply on condominiums.

2. To be eligible to register ownership the foreigner who buys a unit under the Condominium Act must bring foreign currency into Thailand, at least to an amount equal to the total purchase price.

The handling bank in Thailand must exchange the currency into Thai baht and will issue a (FET-form) Foreign Exchange Transaction form or Credit Note for smaller amounts. Without proof of remittance of foreign currency into Thailand the Land Office will not register the apartment unit into the foreigner’s name (unless you are a resident in Thailand).

As in all property investments (especially in a foreign country) it is important to hire the service of a reputable lawyer or trusted real estate agent who can advice and assist you in the purchase and who makes sure that everything is checked out, the condominium is registered under the Condominium Act and to ensure the unit is correctly registered into your name.

The units in an apartment building which is not registered under the Condominium Act the units can only be leased as ‘part of the building’ or jointly owned by all the purchasers. Both in case of a long term rent (over 3 years) over such units or joint ownership over the building as a whole by the unit purchasers this must be registered at the local Land Office where the property is located. Unregistered apartments require extra caution.

Robert Spelde (LL.M)
Legal Consultant For Thailand Law Online

http://www.thailandlawonline.com

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Phuket Holiday Villas – Your Perfect Family Vacation in Thailand

Phuket – The Island
Phuket, one of Thailand’s southern provinces situated alongside; Phang Nga and Krabi. Phuket is an island albeit with a large land bridge so to all intents and purposes it is part of the mainland.

The island is blessed with the Phuket International Airport which is located on the north of the island, and serves the province generally. Phuket is approximately the same size as Singapore and is not only Thailand’s largest island it is also the richest due to the tourism it generates as a result of its location in the Andaman Sea. Phuket Island offers wonderful bays, coves, white beaches and inviting seas. The island is known for its charming people, wide range of accommodation varying from villas, hotels to small family run guesthouses, and of course do not forget the fabulous food.

Getting Around Phuket
After arriving at the Phuket International Airport, there are a number of local transport choices. These include open air taxis, buses and even motorbike rentals for getting around most tourist destinations. Phuket is a tourist favourite, not only because of its natural beauty, but also for the many interesting attractions. These include the Phuket Aquarium, FantaSea, waterfalls, crocodile farm, butterfly farm, Simon Cabaret, The Wat Chalong Temple and last but by no means least the monkey sanctuary where Gibbon Monkeys are rehabilitated into the wild.

Accommodation
Needless to say for vacationers, accommodation is critical to your family enjoyment. Phuket offers a variety of holiday rentals. The Phuket Hotels start from about 2* and go right up to 5*++ this is matched by villa rentals and these can include a small 2 bed villa near the beach which is very affordable through to 8 bedroom villas with the most stunning views located right on the beach, what could be better than a Phuket villa rental to match every budget.

Phuket Villa Rental
“Villa” is a general term that refers to properties, frequently a one-storey or two-storey building on private land, most villas include all you will need in the form of pools, gardens, maids and house help. The majority of Phuket villa rentals are part of gated communities and are in management programmes and are thus well maintained and managed.

Of interest is the increasing popularity of villa rentals on Phuket no doubt due to the affordability – a family of 4 in one villa is significantly cheaper than the same family in hotel rooms.
There are also those vacationers who have so enjoyed their vacation that they have decided to buy that villa for themselves.

Whatever your budget is, there is a Phuket villa rental for you. Costs range from a reasonable $ 250 a night to a luxurious $ 2500 a night 5-bedroom seafront villa.

In addition most bookings can be done easily 24/7 through the internet. Nevertheless, as everywhere most Phuket villas are booked out quickly, especially during peak season, so reservations for your Phuket holiday rental are best done well in advance.

In conclusion – Why a Phuket Villa?
Besides being cheaper than any other Phuket property for rent, each Phuket villa for rent offers access to a pool, flourishing gardens, and the choice of having personal staff to serve your family’s needs for a hassle free vacation.
Thailand is one of Asia’s principal tourist destinations and Phuket is Thailand’s jewel in the crown.
The island of Phuket offers a refreshing vacation experience amidst gorgeous natural scenery. The beaches and facilities are fantastic and when allied to the choice of locations and villa rentals a Villa rental should definitely be on your vacation schedule.

If you are planning a family holiday in Thailand, then you better book your Phuket villa rental fast before they all go.

Phuket Villa Rental: Phuket Holiday Villas, Luxury Villa and Condos. Your choice of Luxurious Phuket Holiday Rental visit http://www.phuketvillarental.net
And if you want to stay for good, there are many
Phuket luxury villa for sale
For more info about
Phuket Villas for Sale visit http://www.phuketvillasales.net

Bangkok Condos – Living in the heart of Thailand

Bangkok – The city
The city of Bangkok (The capital of Thailand) lies in the heart of the country. It serves not only as Thailand’s capital it is also Thailand’s largest city. Bangkok is a hit among foreigners for its booming tourism industry. There is an array of famous and interesting destinations for example Chitralada, Royal Grand Palace, Erawan Shrine, Wat Pho, the Reclining Buddha, the Bangkok National Museum, the Bangkok University Art Gallery and many more. In Thailand Bangkok is indeed the place to be.

Bangkok condo rental
For those planning to stay for quite a while, Bangkok condominiums (or condos) are readily available. In addition the Condos for sale and for rent can be a good investment for the university student, the young professional, the bachelor, or event the foreigner who’s planning a long term visit.

Living in a condo in Bangkok
Living in a condominium in Bangkok has its benefits. For one, it is relatively affordable, upkeep is generally cheap and, safety is also somewhat guaranteed by the building security team prevalent in most condo projects.

Condo communities
A condo owner can become part of an exclusive community of fellow owner with most condo developments having spas, gyms, saunas, swimming pools and last but not least a library.

Condo investments
A lot of foreigners invest in condo units because it is the only form of asset a foreigner can claim legal possession of. Buying or renting a condo unit in Bangkok is also assisted as there are a myriad of resources in the form of real estate consultants and property agents there to assist in making the process less tiresome. Nowadays, buying or leasing a condo unit has become really expedient.

Condo listings
If you are particularly interested in condo living in Bangkok but you’re still in another country, you can easily check the listings over the internet. The listings of rental properties in Bangkok are usually and mostly located in the most pleasing districts for residential areas. So you can be assured that even if you don’t get to accomplish a viewing at least you know, the condo unit is situated favorably.

Bangkok Condo for Rent and Bangkok Condo for sale
Bangkok Condo Information Guide. Visit the following sites
http://www.rentbangkokcondo.com and http://www.bangkokcondosales.net

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