Foreigners and foreign juristic individuals are permitted to individual a condominium device in Thailand of their individual name, but preserve in mind this refers to ownership of the condominium unit in a condominium developing registered beneath the Condominium Act of Thailand. Not all condominium structures in Thailand are registered beneath the Condominium Act. Unregistered condominium buildings are common inside the vacationer parts of Thailand and foreigners in many cases are not informed with the distinction between a unit within a condominium registered beneath the condominium act as well as a device in an unregistered apartment building lake grande. The two buildings and models could appear exactly the same, however, in case of an unregistered apartment the lawful defense is restricted as opposed into the defense supplied into the homeowners and purchasers below the Condominium Act, and only registered condominiums offer freehold possession over the models.
In the event of an apartment making which can be not registered less than the Condominium Act the models will not have ownership device title deeds (ownership on the units is just not legally separated with the developing like a complete) as well as units can only be leased as a part of a developing, or even the making as a complete needs to be in joint ownership by all unit purchasers alongside one another, on the other hand, this will not include things like the land the creating stands on, as foreigners cannot have land in Thailand. Only in the event of a real condominium the individual units provide freehold possession and also the land is jointly owned by all of the device proprietors.
The main document of ownership within a true condominium would be the unit title deed issued and administrated from the community Land Business. The nearby Land Office is accountable for your transfer of possession and registration of ownership with the unique units in the condominium setting up. The apartment unit title deed is proof of ownership. Proof of ownership mustn’t be baffled using a ‘house book’ in Thailand or Ta.Bian.Baan, which is an formal document issued because of the area Administrative Office and incorporates the complete deal with as well as occupants of an apartment (not necessarily the operator of the developing or apartment). Residences within a developing not registered beneath the Condominium Act the units could possibly have a separate Thai ‘house books’, even so this should not be perplexed using an ownership document.