What is the definition of a condominium?
In Thailand a condominium is defined as “a residential building that can have its individual units sold to private people for personal property ownership” The occupants of a condominium share ownership of areas of common use, i.e. swimming-pools, garden areas, a fitness center, the lobby area and so on. The main difference between condos and single homes is that there is no individual ownership of the land. All the land in the condominium project is owned equally by all the unit owners. Usually, the exterior maintenance is paid for with fees collected from the unit owners which should be managed according to strict rules. The exterior walls and roof are insured by the condominium association, while all interior walls and items are insured by each unit owner.
Can I personally own a Condominium in Thailand?
Buying a condominium would be the simplest and easiest way for foreigners to buy property. Purchases of condominiums by foreigners come under the jurisdiction of the Condominium Act B.E. 2535 (1992). Foreigners can own Condominiums in their own names, provided that the total number of foreign held units does not exceed 49% of the total number of units in a particular condominium block. The money used to buy the condominium should be remitted from abroad in foreign currency to a bank in Thailand, (in the name of the person that will be registered on the title deed), with the remark „to purchase a condominium“. The prospective buyer should also obtain a “Thor Tor Sam” form from the bank where the transferred money arrives. The owner of each condominium obtains a certificate of unit ownership
What are the Service Charges (maintenance fee) for Condominiums?
Service charges are rather low in Thailand. They are used to maintain the common areas of the building like lifts, pools and corridors. Also the sinking fund that is set up when the condo units are initially purchased, is in many cases replenished by the service charges which are payable every year. Service charges are quite moderate, however, they vary considerably according to the degree of luxury provided by the existing infrastructure.
