Rules for buy and own a condo

[Ron2]

Hi,

after my Thai wife she own land, i´m thinking about to do the next step, mean to buy and own a (used) condo, but under my Name.

I know about that a Farang can buy and own condo, i also know about this 49%/51% rule, but is there any rule else?

Next Point is, i not yet have a address in Thailand. However, Can i buy that Condo with my Passport only? Or how to do? What documents i need for buy?

After i own the Condo, i will get a yellow housebook, it mean also a address,right? Could i bring a Thai friend of mind also inside this yellow housebook (as reside address for him)?

regards

ron

Edited July 26, 2015 by Ron2

[blackcab]

You need your passport and a form from your bank showing the money was transferred into the county.

You also need a form from the condo manager saying the property is within the 49% foreign quota.

I'll let other people answer your other questions.

[Ron2]

You need your passport and a form from your bank showing the money was transferred into the county.

You also need a form from the condo manager saying the property is within the 49% foreign quota.

I'll let other people answer your other questions.

Thank you.

In case i will pay cash, i no need any form from bank, right?

49%/51% quota mean: A Condo House have for example 20 Condos.......11 piece need to be thai owner and max 9 piece can be farang owner...right?

regards

ron

[Langsuan Man]

You will need a foreign exchange certificate from your bank to prove the money was sourced from outside of Thailand if you want to purchase a condo under the Condominium Act

Generally your quick and dirty explanation of the 51/49% rule is correct although you can still find condos that were grandfathered into a greater farang percentage during the Asian economic crisis on 1997. Thai companies can also make up part of the 51% quota

Only you as a foreigner can be listed in a Yellow Book, Thais are listed in a Blue Book. If you should buy a Condo you will receive a Blue Book but cannot be listed in it. Neither a Blue Book or a Yellow Book indicate ownership of the property, it just shows the legal address / location of the property.

A Yellow Book may be easy or hard to obtain depending upon you local Amphur who have their own interpretations on the rules for issuing it

[Ron2]

You will need a foreign exchange certificate from your bank to prove the money was sourced from outside of Thailand if you want to purchase a condo under the Condominium Act

Generally your quick and dirty explanation of the 51/49% rule is correct although you can still find condos that were grandfathered into a greater farang percentage during the Asian economic crisis on 1997. Thai companies can also make up part of the 51% quota

Only you as a foreigner can be listed in a Yellow Book, Thais are listed in a Blue Book. If you should buy a Condo you will receive a Blue Book but cannot be listed in it. Neither a Blue Book or a Yellow Book indicate ownership of the property, it just shows the legal address / location of the property.

A Yellow Book may be easy or hard to obtain depending upon you local Amphur who have their own interpretations on the rules for issuing it

Thank you.

I not yet have an Thai Bank account, and i also not reside in Thailand, so i will get that money cash from my Bank account in Europe. Not yet 100.000 THB, a standard Bank Statement should be ok for proof?

After buy that Condo i will receive BOTH, yellow (with my Name) and a blue house book (here i could bring my Thai friend in it?), right?

What will proof the ownership from that Condo after i buy it, if it´s not the housebook?

regards

ron

[Langsuan Man]

No, a standard bank statement is not a currency exchange certificate which is a special form issued by a Thai Bank showing that the funds for the purchase of a condo in Thailand was from funds received from outside of Thaialnd. You will have plenty of time to set up a bank account to receive your funds once you decide to make a purchase

No, once your receive the Chanote (deed) for the condo then you will be issued a Blue Book which merely shows the legal address of the condo. The book will be blank except for the address and any Thai Nationals that may live at that address. A Yellow Book is completely different in that you must apply for it. What documentation is needed for the Yellow Book is set by the local Amphur, some make it easy to get, others make it more difficult, but none are automatic, it must be applied for

Once again the proof of ownership is the Chanote issued by the Land Office, a Blue or Yellow Book is issued by the local Amphur, two distinct and different branches of government

Edited July 26, 2015 by Langsuan Man

[Ron2]

No, a standard bank statement is not a currency exchange certificate which is a special form issued by a Thai Bank showing that the funds for the purchase of a condo in Thailand was from funds received from outside of Thaialnd. You will have plenty of time to set up a bank account to receive your funds once you decide to make a purchase

No, once your receive the Chanote (deed) for the condo then you will be issued a Blue Book which merely shows the legal address of the condo. The book will be blank except for the address and any Thai Nationals that may live at that address. A Yellow Book is completely different in that you must apply for it. What documentation is needed for the Yellow Book is set by the local Amphur, some make it easy to get, others make it more difficult, but none are automatic, it must be applied for

Once again the proof of ownership is the Chanote issued by the Land Office, a Blue or Yellow Book is issued by the local Amphur, two distinct and different branches of government

So, i have to come thailand for open a thai bank account.....after that go back europe for send 100.000 THB to my Thai bank account...after that i have to come thailand again, get that 100.000 THB money from my thai bank account and apply for that currency exchange certificate? Sounds crazy and complicated. Really no any short and more easy way?

So, after i buy that condo i will get a blue blanc housebook, in there i can bring my thai friend in it (as reside address for him)...right?

[WorkingTourist]

So, i have to come thailand for open a thai bank account.....after that go back europe for send 100.000 THB to my Thai bank account...after that i have to come thailand again, get that 100.000 THB money from my thai bank account and apply for that currency exchange certificate? Sounds crazy and complicated. Really no any short and more easy way?

Are you for real?

Which European bank requires your physical presence for transferring €2,600 to Thailand?

And where do you get a condo for ฿100,000?

[Langsuan Man]

Sounds like your not thinking it through logically. You make whatever arrangements that need to be made with your European bank for a SWIFT wire before you come to Thailand and provide them with your new Thai Bank account information later on if you decide to buy a condo. The request for the wire from Europe should include the statement : "For purchase of a condo" and the bank will automatically issue the currency exchange certificate.

Any Thai can be in the blue book but you have to question why your condo. Most Thais register where they want to vote. Most Thais continue to use the family Blue Book for years

[blackcab]

No, a standard bank statement is not a currency exchange certificate which is a special form issued by a Thai Bank showing that the funds for the purchase of a condo in Thailand was from funds received from outside of Thaialnd. You will have plenty of time to set up a bank account to receive your funds once you decide to make a purchase

No, once your receive the Chanote (deed) for the condo then you will be issued a Blue Book which merely shows the legal address of the condo. The book will be blank except for the address and any Thai Nationals that may live at that address. A Yellow Book is completely different in that you must apply for it. What documentation is needed for the Yellow Book is set by the local Amphur, some make it easy to get, others make it more difficult, but none are automatic, it must be applied for

Once again the proof of ownership is the Chanote issued by the Land Office, a Blue or Yellow Book is issued by the local Amphur, two distinct and different branches of government

So, i have to come thailand for open a thai bank account.....after that go back europe for send 100.000 THB to my Thai bank account...after that i have to come thailand again, get that 100.000 THB money from my thai bank account and apply for that currency exchange certificate? Sounds crazy and complicated. Really no any short and more easy way?

So, after i buy that condo i will get a blue blanc housebook, in there i can bring my thai friend in it (as reside address for him)...right?

You can travel to Europe if you want, but most people find Internet banking more convenient.

[Ron2]

Thank to all, you are right i have to thinking about Internet Banking.

@WorkingTourist. There are a couple of Condos not far from Bangkok for about 100.000 THB. Of course, there are old one, and don´t have Air Con, but that´s Ok for me.

Regards

Ron

Edited July 28, 2015 by Ron2

[donx]

Thank to all, you are right i have to thinking about Internet Banking.

@WorkingTourist. There are a couple of Condos not far from Bangkok for about 100.000 THB. Of course, there are old one, and don´t have Air Con, but that´s Ok for me.

Regards

Ron

You need to check that these "condos" are legally defined as condos. If they are not legally defined as condos then you as a foreigner can't purchase it. Only officially registered condos can be owned by foreigners. My guess is that what you are thinking about buying is an apartment. If this is the case, then just have the Thai friend buy it. Think of the 100,000 baht as a gift provide it as a personal loan.

[Ron2]

Thank to all, you are right i have to thinking about Internet Banking.

@WorkingTourist. There are a couple of Condos not far from Bangkok for about 100.000 THB. Of course, there are old one, and don´t have Air Con, but that´s Ok for me.

Regards

Ron

You need to check that these "condos" are legally defined as condos. If they are not legally defined as condos then you as a foreigner can't purchase it. Only officially registered condos can be owned by foreigners. My guess is that what you are thinking about buying is an apartment. If this is the case, then just have the Thai friend buy it. Think of the 100,000 baht as a gift provide it as a personal loan.

"Legally defined as condo"....hmmm....don´t know how to check this. :-/

In fact, it have 1 room,1 small bathroom and a small balcony.....so,in my mind it´s a condo. :-/

Owner is a big Thai Property Company, today my wife already talk with them on phone.

[blackcab]

Thank to all, you are right i have to thinking about Internet Banking.

@WorkingTourist. There are a couple of Condos not far from Bangkok for about 100.000 THB. Of course, there are old one, and don´t have Air Con, but that´s Ok for me.

Regards

Ron

You need to check that these "condos" are legally defined as condos. If they are not legally defined as condos then you as a foreigner can't purchase it. Only officially registered condos can be owned by foreigners. My guess is that what you are thinking about buying is an apartment. If this is the case, then just have the Thai friend buy it. Think of the 100,000 baht as a gift provide it as a personal loan.

"Legally defined as condo"....hmmm....don´t know how to check this. :-/

In fact, it have 1 room,1 small bathroom and a small balcony.....so,in my mind it´s a condo. :-/

Owner is a big Thai Property Company, today my wife already talk with them on phone.

You check it by asking the Land Office, not the developer.

Beware. A building is either registered with the Land Office as a condominium or it is not. There is a huge difference.

With a building that is registered as a condominium you can own a unit in the property. With a building that is not registered as a condominium you cannot own a unit in the property, BUT you can pay for the unit. There is a huge difference here.

You do want to buy a unit in a condominium. You do not want to pay for a unit you do not own in an unregistered building.

Do not be fooled. Your name will be on all of the documents in both transactions. If you own the unit you will receive a Chanote as proof of ownership. If you do not own the property you will get a lease or maybe some shares in a company. You will not get a Chanote.

Get your wife to ask the property company if the unit comes with a Chanote.

[Ron2]

Thank to all, you are right i have to thinking about Internet Banking.

@WorkingTourist. There are a couple of Condos not far from Bangkok for about 100.000 THB. Of course, there are old one, and don´t have Air Con, but that´s Ok for me.

Regards

Ron

You need to check that these "condos" are legally defined as condos. If they are not legally defined as condos then you as a foreigner can't purchase it. Only officially registered condos can be owned by foreigners. My guess is that what you are thinking about buying is an apartment. If this is the case, then just have the Thai friend buy it. Think of the 100,000 baht as a gift provide it as a personal loan.

"Legally defined as condo"....hmmm....don´t know how to check this. :-/

In fact, it have 1 room,1 small bathroom and a small balcony.....so,in my mind it´s a condo. :-/

Owner is a big Thai Property Company, today my wife already talk with them on phone.

You check it by asking the Land Office, not the developer.

Beware. A building is either registered with the Land Office as a condominium or it is not. There is a huge difference.

With a building that is registered as a condominium you can own a unit in the property. With a building that is not registered as a condominium you cannot own a unit in the property, BUT you can pay for the unit. There is a huge difference here.

You do want to buy a unit in a condominium. You do not want to pay for a unit you do not own in an unregistered building.

Do not be fooled. Your name will be on all of the documents in both transactions. If you own the unit you will receive a Chanote as proof of ownership. If you do not own the property you will get a lease or maybe some shares in a company. You will not get a Chanote.

Get your wife to ask the property company if the unit comes with a Chanote.

Thank you for Point it out. Now it´s more than clear. I will let my wife ask the Property Company if the unit comes with a chanote or not.

But i guess it will be, because last time my wife talked with them they said something about quota is ( Farang) 41% / (Thai)59%, and the Homepage also Display "Condo" not "Apartment".

[blackcab]

Seriously, 100k is an extremely low price for a condo.

The question you have to ask yourself is why are there any units left for sale at such a low price?

If you post the link to the developer's website we may be able to help a bit more.

[theguyfromanotherforum]

I doubt you can get a condo for 100,000k.

I know for a fact that some of these condos are reserved for low income Thai families where government helps with financing (my gf explained this to me). There are some of these condos available on Ramkhamheang where I live, but I think the price is higher now.

Anyway, once you go through your bank with the exchange rate the condo will probably cost closer to 110,000 baht.

Also, there is a difference between an apartment and a condo.

This looks like a high risk purchase. I have seen some badly run down apartments for around 250-300k sold by banks.... never ever an apartment this low.

[Ron2]

_{It´s a Condo, not a Apartment. It´s around 15 Kilometer far from BKK. I will let you know the Details after i buy that condo. :-)}

Edited August 8, 2015 by Ron2