Condominium Purchase in Thailand0
Thailand is one of the most popular tourist and resort destinations in Asia, attracting millions of short-term and long-term guests annually from Europe, North America, Australia, and elsewhere. Many of these guests have selected Thailand as a vacation or retirement home, and many others have established small businesses here.
Whether you are young or old, whether you are still engaged in business or retired, condominium living in Thailand is very attractive for a number of reasons. One of these: Thai law, which generally does not allow foreigners to own landed property, does permit foreign ownership of condominiums. The process is simple and easy, but sound legal advice is needed to insure your interests are fully protected.
Whether you are seeking a condominium along a Bangkok mass-transit line; an ocean-side unit in Phuket, Pattaya or Hua Hin; or a condo in the cool mountains of northern Thailand, the procedure is the same: you should insure a title search is performed on the property, and a review of the legal contracts is conducted, before making any commitment. You then need to follow accepted procedures for the inward remittance of funds for the purchase; and finally you may attend the formal title deed transfer at the Land Department or delegate your legal advisor to do so on your behalf.
As a condo owner, you also have rights and responsibilities concerning management of the condominium complex, about which you need to be fully informed.
Insuring all legal steps are handled efficiently will be difficult if you do not already reside in Thailand on a full-time basis, so your choice of an advisor acting on your behalf is critical to a successful outcome.
Many property developers will suggest you use their own legal department to handle the paperwork; however, given the investment you are making in this foreign land, retaining an independent advisor insures your interests are fully protected.