Another property title today that we explain to you 😍
A condominium title is the title to the part or parts of one or more multi-owner buildings 🏢 (condominiums), to the private part of the land, to other common assets and to the common parts of the building (the entrance hall or the stairwell). The title indicates the floor area of the private apartment, the total area of the common land and the percentage (thousandths) that this apartment represents in the common property. This percentage also represents the voting share in the condominium corporation or condominium.
Can a foreigner own a condo in Thailand? 🏝
Yes, there are no restrictions on nationality, and any foreigner can become a full owner of a condominium in Thailand (“Freehold”). The process of buying a freehold condo in Thailand is quite simple, and only a few conditions must be met:
▶️ Not all apartments in Thailand are involved. Only apartments registered under the Condominium Act. This can be easily checked with the authorities at the Land Office.
In a real estate project registered under the Condominium Act, only 49% of the total area of the project can be sold to foreigners in freehold.
The purchase of the condo must be made with money sent to Thailand from abroad, in the local currency and converted into Thai baht. An official document proving the origin of the funds will be required at the time of the purchase, this document is issued by the bank in Thailand, it is the “Foreign Exchange Transaction Form” (FET form, more details below). Without this document, you will not be able to register the condo in your name.