Foreigners and international juristic people are allowed to personal a condominium unit in Thailand inside their possess name, but bear in mind that this refers to possession of an condominium unit in a very condominium creating registered under the Condominium Act of Thailand. Not all condominium properties in Thailand are registered underneath the Condominium Act. Unregistered apartment buildings are widespread from the vacationer parts of Thailand and foreigners are frequently not mindful of the main difference involving a unit within a condominium registered under the condominium act and a device within an unregistered condominium setting up. Both buildings and models might look the same, even so, in the event of an unregistered condominium the authorized protection is limited when compared with the protection supplied to the entrepreneurs and purchasers under the Condominium Act, and only registered condominiums offer freehold ownership in excess of the units forest woods.
In case of an condominium setting up which is not registered under the Condominium Act the units would not have possession device title deeds (possession with the units just isn’t lawfully separated with the building being a entire) along with the units can only be leased as aspect of the creating, or even the developing as a full should be in joint ownership by all device purchasers collectively, nonetheless, this could not include the land the building stands on, as foreigners cannot individual land in Thailand. Only in the event of a true condominium the person units give freehold ownership as well as the land is jointly owned by each of the device house owners.
The main document of possession in the true condominium is definitely the unit title deed issued and administrated from the local Land Business office. The local Land Business is accountable for the transfer of ownership and registration of ownership of your person models from the condominium making. The condominium device title deed is proof of possession. Proof of possession should not be bewildered using a ‘house book’ in Thailand or Ta.Bian.Baan, which is an formal doc issued through the area Administrative Office and includes the full deal with along with the occupants of the condominium (not necessarily the operator on the making or condominium). Residences inside of a constructing not registered beneath the Condominium Act the units could have a different Thai ‘house books’, having said that this should not be baffled using an possession document.