Foreign Condominium Ownership In Thailand And Sale-able Floor Area-www.xxsy.net

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Legal Foreigners are not allowed to own land in Thailand in their own name but foreigners are allowed to own and buy condos in Thailand freehold in their own name. Buying a condominium in Thailand is a popular real estate investment for foreigners but foreign ownership is limited to a quota. Foreign ownership in a condominium or condominium development project is limited to 49% of the sale-able total floor area within that condominium. The remaining 51% of the floor area in the condominium must be owned by Thais. An important aspect of a condominium purchase is the fact that the unit falls within the 49% foreign ownership quota within such condominium. With sale-able floor area is referred to the floor area of the condo, and not the .mon areas within a condominium. The floor area of a condominium unit is stated in the condominium unit title deed, which again relates to the voting rights in the condominium juristic person and co-ownership in the .mon areas. Condominium projects in Thailand are often sold during the construction and prior to .pletion of the building and issuance of the official government issued ‘condominium unit title deed’. The foreigners buying a condominium under construction in Thailand will find in the sale and purchase agreement that the purchase price is based on the square meters of such unit to be built or .pleted. The purchase price usually contains the condition that the purchase price will be adjusted based on the final floor area as will be measured by the Thailand land office surveyor when the unit is finished. Upon .pletion of the condominium building in Thailand the final floor area will be stated in the official ownership condominium unit title deed. This size is based on the official survey by the Land Department. It is not un.mon that the final purchase price is adjusted with up to 10% difference from the purchase price in the condominium sale and purchase agreement. It is important to be aware of this aspect. The final floor area is measured by the Land Department and stated in the condominium unit title deed which is administrated and issued by the Land Department. In the Thailand Condominium Act the floor area of a condominium is referred to as private ownership and the wall dividing apartment units shall be joint ownership between the adjoining units. .mon ownership in the condominium is among other the land on which the condominium is situated, the frame structure of a condominium, the office of the condominium juristic person. When buying a condominium in Thailand it is important to understand the legal procedure and restrictions for ownership in a condominium based on the saleable floor area. For more information samuiforsale offers free Thailand property related legal information for foreigners. About the Author: – – – – – – – – – – 相关的主题文章: