A condominium title is a title to part of a building or buildings with multiple owners, and a fractional interest in the land which always will have a chanote title attached, and other common assets such as a swimming pool and common parts of the building such as the stairwell 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 within the condominium act five years ago.
Foreigners may also own up to 40% by floor area of the units in a registered condominium subject to certain important qualifications. The condominium Act has recently been amended to show that it is now possible for 49% of the units in all condominiums and for 100% of the units in condominiums with a total development area of under 5 rai located in Bangkok and all municipal districts and such other areas shall hereafter be announced by the Minister of Interior to be foreign owned, providing that all the funds for the purchases have been remitted from abroad. The qualification most likely to enable an alien to purchase a freehold condo is by providing the right evidence to show that the funds used for such a purchase will have come from abroad. Before making any large transfer relating to a condo purchase be sure to check with vendor, lawyer or local bank for the correct procedure for remitting funds or you may not qualify for foreign freehold.