All About Daily Utah News

Acquisition of Condo by Thai National Married to Foreign Spouse

Dec 9

Purchasing a condominium by a Thai national who is married to a foreigner is an excellent way to invest in the property market in Thailand. However, there are certain things to consider before committing to a purchase.

Thai Real Estate Laws

Buying a condominium in Thailand is a complex process. There are numerous requirements to meet to ensure a smooth transfer of ownership. It is recommended that you consult a qualified property lawyer who is well-versed in Thai Real Estate Law before you purchase. Fortunately, local authorities are more than willing to work with foreigners.

One of the most important requirements for acquiring a condo in Thailand is a legal, formal agreement between the two parties. A standard sale / purchase contract must meet the requirements set forth in the Condominium Act. Consumer protection laws and other land code laws must also be complied with.

The other requirement is to register your purchase with the Land Department. This requires you to fill out a Foreign Exchange Transaction form, which must include the name of the foreigner buying the unit. You must also provide an original copy of the form to the Bank of Thailand. This is considered proof of compliance with Section 19 of the Condominium Act.

Condominium Act B.E. 2522 1979

Those who are married to foreigners have the right to acquire condominium units in Thailand as the property of their spouse. However, there are some restrictions to this right under the Condominium Act B.E. 2522, 1979.

The first requirement for those seeking to acquire condominium units in Thailand is that they meet the criteria under Section 19 of the Condominium Act. They also have to pay the applicable fees. These fees are payable in accordance with the Land Code Chapter 11 - Fees.

Then, the applicant must file an application with the Competent Official, who will accept the condominium registration application. He or she must record the transfer of ownership of each apartment and the mortgage of the immovable property. Moreover, the Competent Official shall make a memorandum of consent. Then, the condominium shall be registered in the Government Gazette.

After the registration, the condominium corporate manager must prepare a balance sheet at least once every twelve months. He or she must provide the annual report to the Competent Official. This report shall be available to joint owners.

Property Due Diligence

Buying a condo in Thailand is a financial transaction that requires considerable thought. The best way to make sure you are armed with all the information is to seek the advice of an experienced and reputable legal practitioner. If you are a foreigner, you may also want to hire a property lawyer in Thailand to assist you with the due diligence process.

It is also important to conduct a physical inspection of the property you are considering purchasing. This can help verify the quality of workmanship and marketing materials. You should also check with previous buyers to get a sense of how long it takes to complete the purchase.

For a condominium unit to be considered as a joint-marital asset, the property must be acquired by both the husband and wife. This is true for both Thai nationals and foreign nationals. However, the Thai spouse has the sole management and control of the property. This also means that there is no legal requirement to have the property registered in the name of the foreign spouse.

Contract Review in Purchasing Property

Purchasing a condominium by a Thai national married to a foreign spouse can be a tricky affair. The first thing to do is to meet a property lawyer. The lawyer will help you review the contract and understand the intricacies of the law in the country where you are buying. He will also provide you with a Due Diligence report. He will check the relevant government offices to make sure you are fully protected.

You will have to sign a sale and purchase agreement. This usually takes about 30 days. The sale and purchase agreement will specify the responsibilities of the buyer and seller. You may also have to pay a reservation fee to the developer.

After you have signed the sale and purchase agreement, you should be ready to transfer the ownership of the condominium unit. This can be done at the local land office branch. You should have your lawyer represent you at the Land Department. A joint declaration between the foreign national and the Thai spouse must be made. This must state that the Thai spouse purchased the land using personal funds.