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What does Freehold mean?

Category : Buying | Posted On 2018-11-10 18:41:05

In Thailand, freehold is the most complete and absolute ownership interest that can be held in property. Freehold property belongs to the owner indefinitely and therefore represents absolute ownership of real property.

In Phuket, with the exception of "condominium freehold", the most common forms fo freehold generally relate to the purchase of land or structures built on the land.

 While it is true that foreigners can own "condominium freehold" and structures on the land (homes, townhomes, villas), Thai law contains no provision for foreign individuals to own a direct freehold interest in land. 

Made possible by the Thailand Condominium Act of 1979, buying a "condominium freehold" unit is one of the easiest ways for foreigners to acquire direct property ownership in Thailand. This is a special legal type of freehold that foreigners can directly and legally own in Thailand, just as they would own a freehold property in their own country. Hence the term "condominium freehold" title.

Buying a condominium registered property provides a degree of consumer protection for buyers. For instance, purchase contracts for the sale of a condominium unit by the developer are standardised and are required to be in the form established by the Ministry of the Interior. Marketing materials from the developer must not fail to deliver on such promises as to avoid misrepresentation to buyers.

There are other significant benefits for purchasing Condominium registered property. Condominium units recieve a five year stuctural guarantee and a two year non-structural defects warranty. The condominium act also provides provisions relating to the management fo condominiums, together with penalties for violations.

For more information about ownership call us today at +66 93 606 0906.

David Henry
David Henry
David Henry is known for his integrity, high energy and hard work which goes into every detail or your real estate transaction at Phuket Realtor. David grew up in the Boston area and started as a realtor in his 20's. With over 30 years of experience in real estate he has now started one of the best independent real estate agencies in Thailand.

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