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Purchase a Condominium

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Purchase a Condominium

The legal framework governing foreign ownership of condominiums in Thailand primarily relies on the Condominium Act B.E. 2522 (1979) and its subsequent amendments. According to Thai law, foreigners can own a condominium outright, subject to certain restrictions and requirements.

Restrictions:

Foreign Quota Limit: The Condominium Act stipulates that no more than 49% of the total sellable area of condominium units in a registered project can be owned by foreigners. This limitation ensures that the majority of units are available for Thai nationals.

Source of Funds: Foreign buyers must use foreign currency to purchase a condominium. The funds should be remitted from overseas, and the transaction must be documented with a Foreign Exchange Transaction Form (FETF) provided by authorized banks.

Approval from the Board of Directors: In some cases, the condominium's juristic person or management committee may need to provide consent for a foreigner to purchase a unit.

Process:

1) Due Diligence: Before entering into any transaction, it is crucial for foreign buyers to conduct thorough due diligence. This includes verifying the developer's reputation, checking the property title, and understanding the terms and conditions of the sale.

2) Reservation and Booking: Once a suitable condominium unit is identified, foreign buyers typically need to make a reservation by paying a booking fee. This step is non-binding and allows buyers to secure their chosen unit temporarily.

3) Sales Agreement: After the reservation, the buyer and seller will enter into a Sales and Purchase Agreement (SPA). This legally binding contract outlines the terms and conditions of the sale, including the payment schedule and transfer date.

4) Transfer of Ownership: The transfer of ownership occurs at the Land Department, where the foreign buyer must present the required documentation, including the FETF, the Sale 

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