Buy a property
in Thailand and especially for foreigners to buy condos having 100% ownership is the best solution if wanting to live in Thailand & ideal for retirees. The situation allows outright sales to foreigners who can own 49% condos in a building. But as at 2019 Banks have applied new rules on property owners borrowing as too many condos available & vacant & unfinished in Bangkok & Chiangmai.
NEWLY built condos & unfinished condos check details but never buy off a plan an unfinished or yet to start condo complex. Many foreigners have been caught out & lost their funds with no recourse.
AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2
= 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai
To date foreigners may
- a unit in a registered Condominium
building (as distinct from its land)
registered leasehold of up to 30 years for all types of titled land
- a company can purchase land and buildings 49% foreign shareholding but
must carry out business as well.
- more than 40% of a condominium unless done in Company form.
- 49% max of land/ buildings in a company
- 1 Rai of land if they invest 40m baht in Thailand.
- Usufract Interest or (sidhikepkin) allows a foreigner to have
temporary ownership to certain things in Thailand. Its really limited to
30 years but can be renewed just like a lease.
However, a 30-year lease can be a good idea
with right to renewal to a freehold purchase, or a Thai company (7
PARTNERS) can be established with Thai majority shareholders. Foreigners
own 49% shares in the company buying land but we can assist you to make sure your
company is safeguarded. Remember if you need advice check first before
you commit yourself.
FOREIGNERS & BUYING
YOUR CONDO IN CHIANGMAI:
Who can buy & own a condominium in Thailand?
Any foreigner or expat can buy a condominium. Check Chanote [Title ] at the Land Office before passing over any funds.This is important as now some condominiums owe money to the Bank or under anti laundering so ownership is controversial.Do not go on what a realty agent says but check yourself the position of the chanote with theland office for safety. In Bangkok many projects are incomplete & hard to sell & Banks as at Dec 2018 have changed their rulings on loans etc.
Currency how to Pay:
Most negotiable foreign currency can be used to purchase a condominium. The foreign currency MUST be transferred into Thailand as foreign currency and exchanged by the handling bank in Thai baht. Do this in your country as if you have extra then you can take out again. Always pay for a condo by cashiers cheque. Do not pay cash?? You can negotiate the tax fee between yourself and the seller 50-50% is normal. Pay at the Land Office tax and payment.
Documents needed for buying a condominium:
Proof to the Land Department that funds have been remitted from overseas in foreign currency. Without the Land Department will not permit the transfer of ownership to the foreign buyer.
1. Remittances must be sent in exactly to the same name as that on the purchase contract, bank account.
2. Transfers of funds MUST be made in foreign currency only NOT Thai baht.
3. Amounts transferred must be over $US5,000 to obtain a Thor Tor 3 form. (The bank will NOT Issue a Thor Tor 3 form for amounts less than $US 5,000.) Make sure your installment schedule are over $5,000.
4. The purpose of the remittance MUST be stated. This should be “For the purchase of a condominium”. The Bank of Thailand’s code for this is 5.22. A condominium title (first established under the condominium act of 1979) is a title to a part of a building or buildings with multiple owners, and a fractional interest in the land (always a Chanot) and other common assets (such as a swimming pool) and common parts of the building (such as the stair well or lobby). The title will state the floor area of the private apartment, the ground area of the common land and the percentage interest which that apartment has in the common property. This percentage also represents the value of the voting interest in the condominium company or owners’ association.
Buildings “other than condominiums” do not have any form of title document, but their sale or long lease can be registered at the Amphur (district) land office. Proof of ownership, must be established either from proof of construction or document showing previous sale-purchase (not to be confused with the House Registration document, which is only a register of the house’s occupants).
Transfer of a building as distinct from its land requires the posting of 30 days public notice (to see if anyone wishes to contest the ownership).
Foreign nationals (aliens) may own a building (as distinct from its land) and may register such transfer of ownership into their names at the local district office.
5. Check plans if a new condo & the Company selling & in particular where the condos are situated & if any walls outside or future plans as you may be looking at a wall instead of the sea in future years. One guy lost 4m baht as he bought a lift shaft & although the Court ruled in his favour it may takes years to get his money reimbursed? as the Court system of appeals can last years. He paid for a condo in Pattaya that was advertised as a condo?? In fact do not buy off a pal if it hasn't been built and don't believe 50% are sold as normally the builder/owner will keep some aside in THEIR name for rentals and later sell for higher prices
6/. Check management and if foreigners are on this committee and how often meetings take place. Check if a sinking fund for future renovations, security etc is paid by all and make sure you check the compliment of foreigners in the condo complex--being no more than 49% ownership.
7/. Avoid underground parking as in 2017 Chiangmai had flooding esp near the river and Bangkok in Sukhumvit as well as many places now. We know of a recent case near Sritana2 condo which flooded in June 2018 and this condo is new?? If you leave a vehicle in this park make sure you are covered for flood damage. Check history of the area for flooding as many places in Bangkok and Chiangmai now flood yearly.
8/. Talk to other owners in the complex about security; noise, office fees and charges; water pressure & supply, security, sewerage blockages and also check if you have an empty space outside that could turn into a wall with another condo in the future. Therefore future planning and if the condo complex assists with the 24 hour online report for the owners to notify Immigration.
9/. Check security---check rubbish removal --- the cleaners and gardeners if they work daily. Do not buy on the ground floor and avoid the top floor of a condo ---check the toilet and water that the toilet has a venting system otherwise do not buy on the ground floor.
10/. Check management if they inform you via email or LINE app on what happens in the condo. Some condos like Srithana 2 next to Central Dept have LINE app and tell folk anything that happens even if you are overseas. They also have a good parking area on each floor to the 8th & many foreigners stay here. Total security doors on each fllor installed in 2018. Check any leaks and yearly fees if you only stay for 6 months of the year so all is well for advanced payments for utilities.
[ Better still have a look ]
11/. FOREIGNERS GET A YELLOW BOOK with title from the Tessa Baan City Council Building which is near Tanin Market not at City Hall on the Mae Rim Road. This can take up to 1 month to uplift but please ask us although you do need to be on a 1 year retirement visa to get one. The benefit is it has your name in the book but also allows retirees to have health insurance but also other options like buying a car, motorcycle if asked??
12/. Check old hotpoints and power and also internet connection you can use 3BB Internet or such like and TV coverage also is good with TRUE or WEE TV or SINET but check what they have to offer. WEETV can supply CCTV as well as Internet & TV. Remember also TRUE at Central Dept or any other outlet have Internet on smart phones for as low as 22 baht a day or 300baht a month specials as at 2017. Sritana2 condo can supply inhouse for 450 baht a month unlimited--- if you need a router booster an additional 500 baht. 3BB is also in Central next door to Sritana2 condo. Most condos allow alterations to be made but again ask & some have their own workers or directory for you to use
13/. Change the locks if buying.
14/. Check the lifts and fire escapes are not locked etc and all fire equipment tested and workable.Some have dry risers so rely on the mains???
15/. Check hospitals. Chiangmai Ram is 5 minutes walk from Srithana2 condo. Airport 10 minutes away.
Security gates locked at night at Sritana2 condo both entrances.Excellent security
OTHER IMPORTANT ASPECTS: Check security, how often changed; Sinking fund; Condo Management committee if any & be careful buying unfinished condos & never buy condos NOT built
FOUR RULES TO REMEMBER
1/. Do not lend money--- easy to give you never get back!
2/. Do not lend your car to anyone
3/. Do not sign a guarantee for anyone
4/. Do not allow anyone to buy in your name
LIVING IN CHIANGMAI--MAKE SURE YOU HAVE A WILL:
It is happening more often and in 2019 we have seen so many foreigners who do not have a will and have left no monies for their partners or wives who cannot even afford the burial. Do not let this happen to you. More foreigners are also being abandoned by their next of kin back in their home country who cannot afford to pay for their hospital fees outstanding and for repatriation back to their country. [ Check Wills & Long term Care Help ]
WELCOME TO THE EXPAT RETIREE HELPLINE FOR FOREIGNERS COMING TO LIVE IN CHIANGMAI--WHERE TO BUY AND WHY?
NOW CHECK ON THE BEST CONDO: Sritana2.condo FOR FOREIGN RETIREES in Chiangmai SHOULD BUY & WHY ] [ Sritana2condo ] [ Internal views ] [ Car Parking ] [ Central entrance ] [ Sritana2condo safety ]
WHY USE OUR SERVICES:
We work for you (Both Thai &
foreign consultants )
No hidden charges-everything is up
Guaranteed conveyancy help &
Company, work permit & land setup for foreigners
Because you have the benefit of
foreign help with our Thai lawyers and expat consultants
house onsite appraisals. Cost is 3000 baht for a house under 2 years
old & 5000 baht for older houses plus travel. This 5 page report
with pics and recommendations is a must if you want to know what your house is really like..