Buying a Condo in Thailand

[confused]

Does anyone have success in applying loans for condos.? I do have a work permit and have been here in Thailand for >2years now. I have seen many conditions to be satisfied before buying a condo on the department of land website and so, dumbfounded on the process.

And also, can a Thai co-own a condo. with a foreigner? What are the implications?

[PC]

Yes. I am a foreigner and have success with obtaining a loan to purchase a condo. My down payment is 50% and the loan is 10 years.

[confused]

Thanks PC. Which financial institue did you go to?

[Southpaw]

Hey PC, can you shed any light as to where to go for such a loan, as I am wanting to buy a condo in BKK!
Many thanks

[Ian Beale]

There are two problems with buying condos in Thailand - compared to buying them in the West.
Number One - on the Body Corporate Thais, by Law, have to have 51% of the vote.
That's probably not a major problem, in most cases.
Number Two - a far bigger problem, in many cases - is that if you are refused a visa to Thailand, obviously you can do NOTHING with your condo. You can not live in it, you can not sell it. Your "wife" has it !! This is an obvious loophole, which many Thai women exploit.
They simply launch a lawsuit against their farang condo owner - alleged domestic violence, anything they concoct - and hey presto : they've effectively got that condo.

[pat]

thats SCARY! I have a question:
Is it true that if foreigners buy a condo in
thailand for over 3 million baht, they become
eligable for the one year tourist visa renewable every year after?
please e mail me if you have heard anything
about this. thanks

[Rooster]

I would recomment that you contact the nearest Thai Embassy close to you or go to the Thai Embassy website. They would provide you with correct information about your immigration/resident visa. You have to have certain and significant amount of bank saving deposit and intention to live in Thailand and or doing business in Thailand.

[Mi]

Selling land 100 talangwah @ Sam Pran district, Nakprn Prathom country.

- It is in Soi Peter (5/2) - Mission Roman
Cathelic area.

- Near BKK and the good atmosphere /
weather

- Selling @ 750,000 B.

- For more details, pls. contact me @ 09-
2068186 or 02 - 6390189 (Mon - Sun / 9.00
am. - 9.00 pm.)

[Ian]

I sometimes disagree with Rooster. But respect him - and he's giving you good advice here.

[africanfarmer]

You forgot the largest problem: That foreigners must buy condos with money "imported" through the Bank of Thailand (who will issue a certificate confirming the import).

At the same time, Thai financial institutions are not allowed to lend to foreigners to finance purchase of real estate - I thus doubt the statement that by a farang that he has obtained finance in his own name.

Some Thai banks offer financing through their off-shore (i.e., Singaporean) branches. So, the loan is taken off-shore and the money certified by BoT as being "imported".