There is often uncertainty when it comes to property ownership in other countries. Foreigners that seek to own real estate in Thailand will often find the most convenient and accessible option is condos. Destinations like Pattaya are quite popular for their beautiful beaches, warm climate and friendly atmosphere. Being the closest coastal city to Bangkok also makes it appealing for those that may need to travel back and forth to the capital.
Thankfully, Pattaya offers an array of accommodation for those seeking to relocate, including condos registered and licensed under the Condominium Act. These are condos that foreigners can legally own, within the foreign quota permitted.
There is always the possibility that something may happen that may make it difficult for you to attend to your normal obligations as a condo owner. You may be hospitalized, arrested or even die. In case of such occurrences, you may be concerned as to what would happen to your property. Here are some things you can do to better safeguard your investment, whether it is for yourself, or your heirs.
As said, foreigners cannot own just any property in Thailand. For the most part, a foreigner cannot own land or houses in Thailand. The most direct form of property ownership permitted is condos. Ensure that the building you are buying into has been duly registered and licensed under the Condominium Act.
Also, ensure you fall within the permitted 49% foreign quota. If the quota has been achieved, look for another condo to invest in. Ensure that the funds you use to make the purchase are brought in foreign currency from abroad to allow registration by the Land Department. These are just the basics of buying a condo in Thailand. Be sure to consult with a professional to ensure you get all details right and avoid legal disputes in future.
Write A Will
Many foreigners in Pattaya are retirees who are looking to spend their sunset years in comfort. They do not plan or expect to go back to their home countries. In such cases, it is advisable to write a will so that your wishes concerning your property will be followed after you are gone.
Without a will, any number of possible heirs can make a claim against your estate, which can complicate matters. A will makes clear your wishes. You can state who gets what assets. So you can declare the person you want to inherit your home when you are gone.
Be sure to consider the consequences should your heir be a foreigner or a local. A foreigner will have more restrictions like a time limit of one year to sell the property if they do not qualify to have it transferred into their ownership. They may however be able to hold on to it for longer if acting as executor. Consult with a lawyer to understand the best options and ensure your wishes are clearly laid out.
Maintenance fees are a key issue for condo owners. If you are sick or imprisoned, you need to find a way to keep up with these payments. This is because the longer they remain unpaid, the more financial penalties you will suffer. You may even lose access to utilities and voting rights at general meetings. It can also interfere with your ability to sell and transfer the property later as a letter of being debt-free is