Would you buy a condominium? Do you consider it safe? Purchasing a condominium unit is the most straightforward option for foreigners looking for a piece of real property in a specific region. A foreigner could own a condominium in Thailand without any hassle. Under the law prevalent in Thailand, it is not prohibited for a foreigner to purchase and possess a condominium in the nation. However, their title to the property should not exceed 49% of the condominium De Lapis Charan 81(เดอ ลาพีส จรัญ 81, which is a term in Thai).
Therefore, a foreigner might purchase one or more condominium units but not exceed 49% of the total number of teams in the entire De Lapis Charan 81 building.
Funds For The Acquisition Of Property Should Come From Overseas
The law requires that the funds for buying a condominium in Thailand by a foreigner should come from abroad. It should be duly recorded in the Thai bank as a foreign exchange transaction form or a TT3 form. The latter has to be presented when the transfer of ownership is registered.
The foreigner would be required to –
- Open an account with the Thai bank
- Transfer the foreign currency funds to the newly opened bank account in Thailand
- Written declaration mentioning the reason for transferring the funds for buying a condominium
- Inquire the Foreign Exchange Transaction Form or TT3 Form from the bank
Procedure To Buy A Condominium
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Let Us Delve Into Purchasing A Condominium In De Lapis Charan 81.
It would be imperative for a foreigner contemplating buying a condominium to search for a clean title. The foreigner should ensure that the land over which the condominium is, the building, and the unit is not mortgaged. Consider it vital that the foreigner transacts with the duly authorized representative or the property’s legitimate owner.
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Sale Agreement
It is an agreement between the foreigner and the seller mentioning the subject condominium unit being transferred from the seller’s ownership to the buyer for an agreed-upon specific price by both the parties to the agreement.
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The Payment
The foreigner could pay the price in full to the seller for buying a condominium in De Lapis Charan 81 while adhering to the sale agreement.
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Registration Of Ownership
After paying full payment to the seller, the parties would proceed to the land office to complete the transfer of the land title deed.
Condominium purchases in Thailand have become immensely popular with foreigners. It is also a significant investment.
