Condominium Apartment payment terms

Contract terms for a resale apartment unit in Thailand

In case of a resale condo unit/ apartment in Thailand the purchase price for the unit could be paid by cashier's check to the seller at the time of transfer of ownership of the unit at the land office. In this case the buyer of the condo must obtain a cashier's cheque and the foreign exchange documents (FET form) from his bank inside Thailand required for registration of foreign ownership under condominium laws.

Foreign currency exchange form

To qualify for foreign ownership under the Thailand Condominium Act a foreign purchaser of a condo unit is required to remit the full purchase price for the condo in foreign currency into Thailand, unless he is a resident in Thailand or eligible for foreign ownership under one of the other less common grounds of section 19 of the Condominium Act.

Condominium Act Thailand Section Foreign Ownership

Foreigners are within the foreign ownership quota of a condominium allowed to own an apartment unit freehold in their own name. Foreigners must however qualify under condominium laws for foreign ownership. Section 19 of the Condominium Act is the relevant law section governing foreign apartment ownership in Thailand.

Apartments and Condominium License

Buying a condo unit in a building registered under the Condominium Act is not the same as 'buying' a unit in a building having no condominium license under condominium laws nor a condominium registration with the Thailand Land Department. On the outside the buildings could look the same but a true licensed condominium offers actual legal ownership, the other offers possession of the units under a contract structure (not true ownership).

Condo in Thailand and inheritance

Foreign ownership of a condo in Thailand is under condominium laws an individual right of the foreigner who qualified under condominium laws for ownership. Once foreign ownership is obtained it is not freely transferable between foreigners (not even by inheritance) and the land registry only allows registration of ownership to another foreigner if he is eligible for ownership pursuant to section 19 of the Condominium Act.