Purchasing a condominium is by far the most popular and relatively straightforward method for a foreigner to acquire a property in Thailand. A recent Bangkok research has shown that there are nearly 70,000 existing condominium units in Bangkok alone and this number is continually growing with new developments sprouting up all over the country. There are also a large number of condominium units in popular tourists destinations such as Phuket, Hua Hin, and Pattaya and the number of units in these regions is also steadily increasing. With such a great interest in condominium units among local and foreign nationals. It may be wise to shed some light on some of the post-implications of such an acquisition.
Many of us are familiar with condominium titles in our home country. Some jurisdictions refer to it as Strata title or a commonhold as it is known as in the UK, which in essence, is almost identical. In Thailand, the features of this ownership right are quite similar. A condominium is a planned development that has been created pursuant to and registered under the Condominium Act B,E 1979. It is characterised by the individual ownership of living units and the joint ownership of the common areas within the building.
Although purchasing a condominium unit in Thailand is a fairly simple process, there are nevertheless certain steps which should be considered as part of the due diligence. Standard due diligence will normally check for, among others, that the title is good, that the owner is who they claim to be and that there are no registered encumbrances on the property. While such checks are necessary, there are other steps which maybe just as necessary in order to prevent any harrowing nightmares impeding on your dream purchase.
When purchasing a condominium in Thailand, much time, money and effort can be saved if these steps are taken into account. Also, knowing your rights afforded by the Condominium Act would put you in better position if faced with unfair or unscrupulous treatment by your condominium management company!
Many of us are familiar with condominium titles in our home country. Some jurisdictions refer to it as Strata title or a commonhold as it is known as in the UK, which in essence, is almost identical. In Thailand, the features of this ownership right are quite similar. A condominium is a planned development that has been created pursuant to and registered under the Condominium Act B,E 1979. It is characterised by the individual ownership of living units and the joint ownership of the common areas within the building.
Although purchasing a condominium unit in Thailand is a fairly simple process, there are nevertheless certain steps which should be considered as part of the due diligence. Standard due diligence will normally check for, among others, that the title is good, that the owner is who they claim to be and that there are no registered encumbrances on the property. While such checks are necessary, there are other steps which maybe just as necessary in order to prevent any harrowing nightmares impeding on your dream purchase.
When purchasing a condominium in Thailand, much time, money and effort can be saved if these steps are taken into account. Also, knowing your rights afforded by the Condominium Act would put you in better position if faced with unfair or unscrupulous treatment by your condominium management company!
