Buying a Condominium in Thaland
How are condominiums managed? Condominiums are regulated by 1 – its rules and regulations (internal), and 2 – the Thailand Condominium Act. The Condominium Act specifies for example the procedure and requirements for a multi unit apartment building to be licensed as a condominium. The internal regulations (set of Bylaws) of a condominium for example regulate how the building is run (e.g that the units cannot be used as a business or company address, rental restrictions and matters relating pets).
BUY, SELL, RENT, OWN AND MANAGE A CONDOMINIUM IN THAILAND – legal topics for expats. What is a condominium, buying a condo, who can own a condo, transfer tax, inheritance, management of a condo, leasehold condominium, sale and purchase and more. What are the requirement in size and number of units in a condominium? How are condominiums managed? Are all apartments – related webpage – governed by the Condominium Act? Condo manager and condominium meetings? What are condo special and common fees? Practical legal questions, Thai lawyer answered.
Condos can also have a special reserve fund for repairs and upgrades of the building. Learn more about the responsibilities of the condominium manager, the condominium committee, procedure for meetings and expenses of the condominium in the condominium handbook. Condo management and management fees, the size of the reserve fund (sinking fund) and possible future major repairs could be an additional financial burden to consider before buying a condo. Can a condo building in Thailand be 100% foreign owned? Every condominium shall have at least one manager who is appointed in the general meetings of the joint owners. Condo manager and condominium meetings?
The final size of the unit mentioned in the unit title deed could be significantly larger than the size mentioned in the contract which is based on the building plans. When buying an existing or re-sale condo the seller must supply a letter of guarantee issued by the condominium juristic person that the condo unit falls within the 49% foreign ownership quota of the condominium and a letter that there are no outstanding fees for the unit to the condominium juristic person. Other documents required at the transfer are among others the ID-cards or passports, a marriage or divorce certificate (if applicable), a land office Tor Dor 21 (form Or Chor 21 for condominium) power of attorney if you are not going to the land office yourself for the transfer of ownership, check guaranteed by a bank for payment of the balance of the purchase price to the seller (if applicable) and cash to cover the transfer fees and taxed.
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