Apartments & condos for sale & rent in Chiangmai Thailand

Purchasing a Condominium:
Before, foreigners could only own (40%) of the aggregate unit space. This has been amended to 49% of the aggregate unit space although the ministerial regulations governing this change have not yet been issued. The new Act allows foreigners or alien juristic persons (majority foreign-owned companies) to own up to 100% of the aggregate unit space registered in a condominium up to 27th April 2004. The total development area in that case must be under 5 rai (8000 m2) and located in Bangkok, all municipal districts and "such other areas as shall hereafter be announced by the Minister of the Interior to be foreign owned, provided always (this is unchanged) that the funds for the purchase have been remitted from abroad". Foreigners are allowed to purchase condominiums in Thailand. There is a maximum quota of 49% foreign ownership ratio which is calculated on an area basis. In order to purchase a condominium, foreigners are required to transfer funds from overseas with funds denominated in foreign currency. Once the funds are transferred, they are required to be marked as a condominium purchase and needs to be verified through obtaining a "Tor Thor 3" document from the receiving bank in Thailand. The "Tor Thor 3" document is required when transfering the Title Deed at the Land Department for foreigners. Who can own a condominium: Basically any foreigner who enters Thailand legally can buy a condominium. If in doubt ask our lawyer: [ LAW SERVICE ]

The government has made amendments to the Condominium Act which is aimed to give condominium buyer's better legal protection.The amendment will become effective on July 04, 2008 and will punish developers who use misleading advertising to boost sales. "If they do not deliver facilities as advertised the land department is empowered to charge them with giving false information".
The amendment gave in to many complaints from buyers whose purchase did not include what has been promised. Most complains regarding condos where made because construction was not finished on time, disputes about common areas, charges for general services as elevators etc.Under the new law, condo developer will need to keep and offer for inspection all their promotional material and not just a selection which suites them.We urge condo buyers to keep every brochure, leaflet, promotion material from the developer on case of dispute

If you wish us to list your property, building, house or land for sale please send us a copy of the title certificate as we will not list any properties in Thailand any longer unless you fax a copy or scan & email to us.

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