Buying A Property in Thailand
Thailand is one of the world’s most renowned holiday destinations, with a wide variety of things to see and do, from culture, religion, food, nature, water, adventure, sports and also relaxing activities. The beauty of Thailand’s islands and beaches are definitely breathtaking. With all these, foreigners are attracted to buy properties in Thailand whether for permanent settlement or for holidays.
Buying a property in Thailand involves considerable factors. These factors include (a) the type of property, (b) price of the property, (c) location of the property and (d) the legal aspects involved in acquiring the property.
A condominium under Thai law is defined a building whereby persons are able to hold ownership separately according to units whereby each unit consists of personal ownership and joint ownership in common areas. A condominium building once registered shall become a juristic person and oftentimes referred to as the Juristic Condominium.
Thailand condominium developments are so vast in the different key cities in Thailand. Many foreigners who decide to purchase real estate in Thailand look at purchasing a condominium. Foreigners can own a condominium unit in Thailand.
When buying a condominium unit, it is necessary that the Condominium Sales Agreement between the Seller and the prospective Buyer must be made in the same standard as set by relevant laws and regulations. One of the most important considerations in purchasing a condominium is the selling price. As a buyer, it is very important to determine the value and rental potential of the property. It is also recommended to do the necessary due diligence on the subject property before signing any contract to effect the purchase.