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Follow on Google News | Phuket Real Estate - Property - Condominium act.Who can buy a condominium in Thailand , How does it work ? How to transfer the funds ?
By: All Phuket Real Estate Who can own a condominium: Basically any foreigner who can enter Thailand legally can buy a condominium. Currency: Basically any negoti able foreign currency can be used to purchase a condominium. The foreign currency MUST be transferred into Thailand as foreign currency and exchanged by the handling bank in Thai Baht. Documents needed when buying a condominium: For foreigners to be eligible to purchase a condominium in Thailand they must present proof to the Land Department that the funds have been remitted from overseas in foreign currency. Without such proof the Land Department will not permit the transfer of ownership to the foreign buyer. 1. Remittances must be sent in exactly ("to the letter") the same name as that on the purchase contract, i.e. if Tom Smith is the purchaser then the name Tom Smith must appear on the remittance advice. T. Smith or Smith Enterprises are unaccept able. 2. Transfers of funds MUST be made in FOREIGN CURRENCY only and NOT in Thai Baht, i.e. if you are working in US Dollars then remit in US Dollars. Do not remit in Thai Baht. 3. Amounts transferred must be more than $5,000 in order to obtain a Thor Tor 3 form. (The bank will NOT ISSUE a Thor Tor 3 form for amounts less than $5,000.) This may mean you will have to agree to a modified instalment schedule so that all amounts remitted are more than $5,000. 4. The purpose of the remittance MUST be stated on the remittance advice. This should be "FOR THE PURCHASE OF A CONDOMINIUM" A condominium title (first established under the condominium act of 1979) is a title to a part of a building or buildings with multiple owners, and a fractional interest in the land (always a Chanot) and other common assets (such as a swimming pool) and common parts of the building (such as the stair well or lobby). The title will state the floor area of the private apartment, the ground area of the common land and the percentage interest which that apartment has in the common property. This percentage also represents the value of the voting interest in the condominium company or owners' association. Buildings "other than condominiums" Transfer of a building as distinct from its land requires the posting of 30 days public notice (to see if anyone wishes to contest the ownership). Foreign nationals (aliens) may own a building (as distinct from its land) and may register such transfer of ownership into their names at the local district office. For more information contact your local legal representative # # # All Phuket real estate, for all your property needs on Phuket Island. If you need Thailand, Phuket Real Estate advice because you are interested in buying or renting a villa, condo or land in Phuket then we would very much like to hear from you. End
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