The certificate of condominium ownership specifies the rights of the foreign owner with respect to common areas. The common areas include not only parking or recreational facilities but also the physical structure of the building itself which is not included in any residential units as well as the parts of the building such as hallways or stairways allocated for common use.

A condominium unit may be leased by foreigners, in the same manner that they may lease land, i.e., up to 30 years with a right to renew. Leases of more than 3 years must be registered. A foreigner may sell a condominium to either Thai nationals or to other foreigners.

Property Financing & Sales Agreement for Foreigners

As referenced above, in general, a foreigner must purchase property in cash because financial institutions will usually not lend to foreigners to buy property. For purchase of a condominium, normally 1% of the unit price is required as a deposit with 25-30% as the initial down payment. The buyer's monies to purchase the condominium must be transferred into the buyer's Thai bank account from abroad.

Fees, stamp duties and taxes There are no property taxes as such for mere ownership of property. However, every person regardless of nationality is responsible for various fees, stamp duties and taxes due on the transfer by sale or lease or mortgage of land, buildings and condominiums:

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