Condo Means Any Flat/apartment/room?

[sas_cars]

Hi Guy,

Just wanted to know if any simple room/flat/apartment in a resedential building would be classified as a condo thus a foreigner is eligible to purchase and transfer it in his/her name as being the owner of it? What's the procedure for it? You just go with the existing owner to the land department and transfer it in your name and be issued a yellow tabien bahn showing you as the owner? What documents are required for it?

Please let me know.

Thanks in advance

[Jingthing]

No, there is a legal definition of condo and an extensive Thailand condo law. A condo is a unit in a condominium building. This could be a simple room, as long as it is in a condo building, it is a condo. If the same type room was in an apartment building, it would not be a condo. If you have any doubt that what you want to buy is actually a condo and that you can buy it under the 49 percent rule, best to seek professional advice.

Edited May 22, 2009 by Jingthing

[sas_cars]

Thanks for the reply. I didn't get you by 49 percent rule? A condo is supposed to be owned 100% by a foreigner and be registered under his name isn't it?

[Jingthing]

Yes, you can own the unit in your name. However there is a restriction to what percentage of the units in any building can be foreign owned. For example a building with 100 units, 49 could be in foreign name. There is a "loophole" to buy units not in your name, the phony shell company option. Please no matter what slick salesman tells you, don't do that.

[sas_cars]

Jingthong, thanks mate for the helpful reply. I don't think that in any normal condominiums ( not in pattaya or foreigner majority areas) they would ever reach the 49 percent restriction in a building. THere are hardly any foreigners buying that much condo units in a normal thai type condominium building.

Correct me if I am wrong.

[Jingthing]

There are likely heavily foreign owned condos in all the popular with foreigner areas, as this is the only way we can truly buy "real estate" in our name. Its a building by building thing. Obviously in a non tourist area of Bangkok, its going to be mostly Thai owned.

[sas_cars]

That's what I was thinking. Purchasing a condo in a non tourist area, there's very low possibility of it being reaching the 49 percent foreigner restriction. Thanks mate for the helpful reply.

So it's as simple as that, just go with the owner and transfer it in your name at land department and get issued yellow tabien bahn with your name as owner immediately?

[Jingthing]

Actually it shouldn't be much of a problem buying a condo in most ANY building you want, even those full with the 49 percent quota. In those cases, you simply buy an already existing foreign owned condo. I can't comment on transfer mechanics. I bought one condo and my broker's lawyer handled everything while I was out of Thailand. My overall perception though was buying a condo in Thailand is simpler than buying a new car in the US. You will want to transfer money in from abroad and get the proper document from your Thai bank to prove that.

Edited May 22, 2009 by Jingthing

[pkrv]

Yes, you can own the unit in your name. However there is a restriction to what percentage of the units in any building can be foreign owned. For example a building with 100 units, 49 could be in foreign name. There is a "loophole" to buy units not in your name, the phony shell company option. Please no matter what slick salesman tells you, don't do that.

You moved to help - Noted - Not quite correct though. Foreigners can and do own their own condos 100% outright in their own name(s) - But can only own up to 49% of the saleable space within the structure itself. So for example penthouses (that I don't own) take up quite a fraction of the saleable space within a condo. It is sort of pro-rata.

[Jingthing]

Yes, I think you are right. I kind of knew that but simplified the concept. Its the same difference really, when you buy a unit you need to figure out if you can buy the unit you want in your own name, or not. That is the real bottom line for most buyers, they don't have to become experts in condo law. As the OP said, if the building doesn't have many foreigners, that already answers the question. My other point is that if the OP wants to live in a heavy foreign building, don't worry, you can almost always find one for sale to buy in such buildings in a foreign name (from another foreigner).

Edited May 22, 2009 by Jingthing

[pkrv]

Yes, I think you are right. I kind of knew that but simplified the concept. Its the same difference really, when you buy a unit you need to figure out if you can buy the unit you want in your own name, or not. That is the real bottom line for most buyers, they don't have to become experts in condo law. As the OP said, if the building doesn't have many foreigners, that already answers the question. My other point is that if the OP wants to live in a heavy foreign building, don't worry, you can almost always find one for sale to buy in such buildings in a foreign name (from another foreigner).

Yes buy a Farang quota condo. That's it!

[RAZZELL]

That's what I was thinking. Purchasing a condo in a non tourist area, there's very low possibility of it being reaching the 49 percent foreigner restriction. Thanks mate for the helpful reply.

So it's as simple as that, just go with the owner and transfer it in your name at land department and get issued yellow tabien bahn with your name as owner immediately?

Remember about the TT3

RAZZ

[sas_cars]

Thanks a lot for all helpful replies guys. It really seems very easy to buy a condo for a foreigner

[Jingthing]

It is. Another caveat is that in buildings with high percentage of foreigners, market forces generally make these condos have a somewhat higher price. Supply and demand. But you can hope that value will also be there if you sell later. Also, as another poster pointed out and I touched on, you will need to transfer the money into Thailand from abroad to buy the condo, and do it properly.

[Digitalbanana]

TT3 ended in 2004 I think? Also the TT3 replacement called a FETF can only be issued for amounts over 20kUSD and they must equal the value of a condo to buy it at the Land Dept.

[sas_cars]

TT3 ended in 2004 I think? Also the TT3 replacement called a FETF can only be issued for amounts over 20kUSD and they must equal the value of a condo to buy it at the Land Dept.

What If we use our local funds which were not originated from abroad?

[PattayaParent]

TT3 ended in 2004 I think? Also the TT3 replacement called a FETF can only be issued for amounts over 20kUSD and they must equal the value of a condo to buy it at the Land Dept.

What If we use our local funds which were not originated from abroad?

No can do unless you have Permanent Residence or the unit is in a Thai (or Thai company) name.

You could send the funds overseas and bring them back in though, and lose out on trnsfer fees and excahane rate differences.

[sas_cars]

Even working here and having a work permit still requires funds to be originated from abroad in order to purchase a condo? Do the amount of the wire transfer has to be EQUAL as per purchase value?

[PattayaParent]

Even working here and having a work permit still requires funds to be originated from abroad in order to purchase a condo? Do the amount of the wire transfer has to be EQUAL as per purchase value?

No, the amounts of wire transfers can be greater than the purchase value, but not less than.

[Jingthing]

Any allowance for foreigners to own real estate in Thailand is difficult to sell politically here so clearly the hard currency importation rule for purchasing condos was a way to sugar coat the legislation when it was passed.

[hhgz]

One other consideration. You simply can't just transfer money to Thailand to buy a condominium - it must be specifically noted on the foreign exchange transfer as for that purpose. For example, when the money is transferred to Thailand, it needs to be noted as:

"This money will be used to buy condominium unit #2105, building #B, in the Down by the Riverside Project, located at <address>.

The person from whom you buy it, or the condominium management/juristic person, can provide you with the legal nomenclature of your unit.

Edited May 25, 2009 by hhgz

[MikeWill]

What is that yellow tabien bahn ?

If I'm already an owner of a condo, how I can get one?

What documents are required for it, and where to apply?

Edited May 25, 2009 by Condo_bk

[PattayaParent]

What is that yellow tabien bahn ?

If I'm already an owner of a condo, how I can get one?

What documents are required for it, and where to apply?

There's a pinned topic on this at the top of the Forum

[MikeWill]

Thanks PattayaParent.