The Condominium Act (B.E. 2522) – Buying a Condominium in Thailand

The Condominium Act in Thailand (B. E. 2522) has been amended in 2008 to solve the problem arising out of the law enforcement and to provide protection over the people purchasing the condominium units for dwelling purpose.

Here are the highlights of this law:

• When a buyer enters into an Agreement to Sell a Unit or a Contract of Sale of a Unit, any ambiguous provision thereon shall be construed in favor of the buyer.
• If the condominium developer has made advertisements to sell the units in the condominium, such advertisements shall be deemed to be an integral part of the agreement.
• To be enforceable, an Agreement to Sell a Unit or a Contract of Sale of a Unit must be executed in accordance with the form of the Agreement or Contract set forth by the Minister of Interior and must be advantageous to the party buying the unit.
• The ownership of the condominium unit is indivisible. The owner has the ownership in the personal property which is his own and has the joint ownership in the common property such as the land on which the condominium is situated.
• Ownership in the common properties is according to the ratio of the price of each condominium unit and the total price of all units.
• The following aliens (foreigners) may own or  buy a condominium in Thailand:
1. Aliens permitted to have a residence in the Kingdom under the immigration law;
2. Aliens permitted to enter into the Kingdom under the investment promotion law;
3. Juristic persons as provided in Section 97 and 98 of the Land Code and registered as juristic persons under Thai law;
4. Juristic persons which are aliens under the Announcement of the National Executive Council No.281 dated November 24, B.E. 2515 and have obtained promotion certificate under investment promotion law;
5. Aliens or juristic persons regarded by law as aliens who have brought in foreign currency into the Kingdom or withdraw money from Thai baht account of the person who has a residence outside the Kingdom or withdraw money from a foreign currency account.
• Condominium units that foreigners can collectively own in each condominium are up to forty-nine percent (49%) of the spaces of the whole units.
• A duly registered Juristic Condominium has the status of a juristic person and has the objectives to manage and maintain the common property in accordance with the resolution of joint-owners.

 

Category: Condominium, Land, Property