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What is a Condominium under Thai law?
– According to the Condominium Act (the Joint Ownership Houses Act), a condominium is defined as a building comprising individual and jointly owned property, divided into units that can be sold to individuals or groups…
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Can I buy or sell real estate in Thailand remotely?
– Yes. Anyone wishing to buy or sell property, including foreigners, can do so through an authorized representative who will represent them at the Land Department. To do this, a power of attorney in the…
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Can I take money out from Thailand after selling my property?
– Regarding the actual withdrawal, you can take not more than the amount indicated in the official document confirming the funds from selling your property. To transfer the money abroad, you will need to bring…
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Can a foreigner acquire land in Thailand by registering it under a Thai company?
– One method foreigners can use to acquire land is to establish a company in which Thai nationals hold the majority of the shares. In this case, special mechanisms are in place to protect the…
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Can a foreigner inherit condominium ownership?
– Yes, if the apartment is in a foreign quota or can be transferred to one. If not, it must be sold within one year of inheritance.Important: To simplify the inheritance process, it’s best to…
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What are the maintenance fees used for?
– Annually collected maintenance fees are used to maintain the condominium building and grounds, including security, cleaning, and garbage collection. The fee is collected in advance, usually once a year and is calculated at a…
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What is a chanot?
– A chanot is a title deed confirming ownership of real estate located in Thailand. It is issued only by local land departments. A chanot contains all the details about property, including a layout, as…
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If I buy an apartment in a condominium, do I co-own the land that belongs to the condominium?
If I buy an apartment in a condominium, do I co-own the land that belongs to the condominium? – The land and surrounding area of a condominium are owned by a legal entity (a Thai…
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What is a Sinking Fund?
– The Sinking Fund is created immediately after the condominium is built. It is intended to cover unscheduled repairs to correct structural defects in the building that may arise during operation, as well as repairs…
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What is the Thai and foreign quota?
– The land under a condominium is owned by the condominium legal entity, meaning each condominium apartment owner is a co-owner of the land on which it is built. According to Thai law, only Thai…
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