Foreigners or expatriates prefer to lease or buy condominiums in Thailand. Some buy it for retirement while others buy it to rent out and only use it as a holiday home. There are different options with regards to property in Thailand.
Buying a condo in Thailand is much easier that trying to buy a villa or a house as a foreigner may not own land in Thailand. You can own the structure but not the land that it is located on. This does present many problems hence people prefer to buy a condo unit. some of the most popular locations tend to be Jomtien in Pattaya and Phuket. Bangkok is not that high on the list when it comes to the number of expats living in Thailand who own their own homes.
The condo that you buy has to be certified as a condo. The Condominium Act defines what a condo is and the certification process. If you are buying a secondhand property it is always best to have an attorney view the agreement and the title deed which the owner more likely than not has as very few condo units sold between foreigners have mortgage bonds on them. Now, this is very important. The amount of units in the condominium complex may not be owned by more than 49% foreigners. Many foreigners register the condominium in the name of a Thai registered company and this does not affect the ration as it is viewed as being Thai owned.
Due diligence should always be performed before you sign any agreement in Thailand with regards to property. Consult any of our attorneys in Thailand with regard to having due diligence completed on the property before purchase.
