Lets look at what you need to know about buying a condo in Hua Hin or for that matter Thailand according to the Condominium Act (No. 4), B.E. 2551 (2008). What is on that title deed and what does it mean? The Condominium Act was amended in 2008 to add additional protection for buyers and the Escrow Act, B.E. 2551 (2008) even though optional has further added protection to real estate buyers in Thailand.
The Condominium Act explains the difference between condominium, being defined as a building that can divided and holding a title deed. Where as personal property is defind as the unit itself and the land or structures provided to each condominium units owner. Common property is structures or land used by all for the common purpose of living in the condominium block. The title deed of the condo unit tells you where the unit is located and on which land and area. The width, length and height of the unit, the ratio of property to common property, the names of the persons holding the title deed and the signatures and stamp of the Thai Land Department.
The following issues are also covered by the Condominium Act being that if you inherited the property you need to notify the Land Department. This reporting also needs to be done if you have been deported from Thailand or lose your current status such as your BOI status if you bought the property using the BOI status. If you need to know more about buying real estate in Thailand or for that matter Hua Hin, then speak to any of our real estate lawyers in Hua hin, Bangkok, Pattaya, Chiang Mai or Phuket about the correct procedures for real estate purchases and any of the usual pittfalls which buyers could expect. Talk to us now!