Everything You Need To Know About Thailand Condominium Ownership Laws

Here at Wing Samui Condominium, we will handle all the legal processes for you to ensure a hassle free condo purchasing experience.  However, for those who are curious and would like to know more about condominium ownership here in Thailand.  We have made a summary to better educate our international investors on what the laws are here in Thailand with regards to freehold ownership.

After your purchase of a Wing Samui Condominium, upon transfer of the property you will receive a blue book or a tabieen baan which indicates your house number as well as a Chanote which is a title deed to the property.

A Chanote Title Deed.  Above is the Chanote for Wing Samui showing that Wing Samui Condo owns the land, all owners will receive one as well

1999 INTRODUCTION OF FREEHOLD CONDOMINIUM FOR FOREIGNERS

The freehold condominium laws in Thailand were introduced in 1999 with the enactment of the Condominium Act of 1999. This law replaced the previous Condominium Act of 1979, which only allowed for leasehold ownership of condominiums by foreign nationals.

The 1999 law made significant changes to the rules and regulations surrounding condominium ownership in Thailand, including the introduction of freehold ownership rights for foreign nationals. This amendment has been instrumental in attracting foreign investment to the Thai real estate market, particularly in the condominium sector.

Under the freehold ownership system, foreign nationals are permitted to own up to 49% of the total area of a condominium building, with the remaining 51% reserved for Thai nationals. This allows foreign nationals to have greater control and security over their real estate investments in Thailand, as they are not subject to the complexities and restrictions of leasehold agreements.

2008 IMPROVEMENT OF LEGAL ASPECTS OF CONDOMINIUM OWNERSHIP TO BETTER PROTECT OWNERS 

The Condominium Act in Thailand was amended in 2008 to provide greater protection for buyers of condominium units for dwelling purposes and to address issues related to law enforcement. As per the amended law, when a buyer enters into an agreement or contract to purchase a unit, any ambiguous provisions in the agreement will be construed in favor of the buyer. Advertisements made by condominium developers will also be considered an integral part of the agreement.

To be enforceable, agreements and contracts must be executed in accordance with the prescribed form and must be advantageous to the buyer. The ownership of condominium units is indivisible and includes joint ownership of common property such as the land on which the condominium is situated. The ownership in common properties is determined based on the ratio of the price of each condominium unit to the total price of all units.

In summary, the ownership of a condominium is the simplest way that a foreigner can invest in the booming Thailand real estate market.  Furthermore it is important to note that there are many other factors such as location, rental as well as management that should play critical roles in the decision when deciding on the condominium that you would like to invest in.

For us at Wing Samui Condominiums, we aim to ensure that every aspect is well met and executable such that you have a rewarding and fruitful real estate ownership experience here in beautiful sunny Koh Samui!

Own your very own slice of paradise with Wing Samui Condo

• Prime Location
• Rental Management
• Resort Style Facilities
• 5 Year Buy Back Guarantee
• 8-10% estimated annual yield

Contact Us Today To Book A Unit

Visit Our Website : http://bit.ly/41tXO7Y

WeChat Service: wingsamuicondo

Line ID: bit.ly/3F1C89z

E-mail: [email protected]

Tel.: +66 (0) 88 887 7877