FAQ
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What is the difference between an 'apartment in a condominium' and a standalone 'apartment'?
A standalone 'apartment' is a set of rooms in an apartment building. Owning an apartment of this sort only provides ownership rights to this particular part of the building and excludes joint ownership of any common property.
In contrast, a condominium is a single complex of real estate which includes; a land plot and any buildings, residential or otherwise, located in the complex. Any property owned or leased long-term in the complex such as an 'apartment in a condominium' includes shared ownership rights of common property (e.g. swimmings pools, playgrounds, gyms etc).
Maintenance of the condominium (such as cleaning common territory, solving water supply issues, landscaping etc) is carried out by its own management company. The cost of managing common property is divided according to the share acquired living space.
Condominium utility payments are included in the general communal fees as well as the management company fee.
The condominium also includes strict rules of residence regarding things such as garbage collection or the keeping of pets.
The main advantage of an 'apartment in a condominium', or 'condo', over a standalone 'apartment' is its infrastructure. The accompanying infrastructure of a 'condo' is somewhat reminiscent of a traditional resort. Owning a Layan Green Park condo automatically provides you with access to all the amenities of the complex. The more infrastructure facilities there are, the more prestigious the complex is and, consequently, the more expensive the housing is.
It is also important to note that in Thailand, realtors and developers often use the word 'apartments' casually in conversation to mean 'condo'.
What forms of ownership are available at Layan Green Park?
Apartments can be registered in two ways:
- Leasehold - a long-term lease agreement
- Freehold - full ownership
According to the current legislation, non-Thai citizens can only possess full ownership of 49% of the living space of an apartment (the so-called 'foreign quota'). However, the remaining part of the living space can be acquired on the basis of a long-term lease (leasehold) with the possibility of extension: at the moment, the maximum term of one extension permitted by law is 30 years. The maximum number of extensions for a single individual is 3 totaling 90 years (30 + 30 + 30). However if the apartment is sold to another person the extension count is reset.
What is the cost of registering a long-term lease and full ownership?
The state registration fee currently amounts to 1.1% of the price of the apartment in the case of a leasehold and 6.3% of the price of an apartment in the case of freehold. The state duty is payable to the Land Department upon registration.
Note: The indicated rates are valid at the time of writing and are subject to change.
Do I have to pay the developer in the future to extend the lease term?
No, two lease extensions are included in the initial price of the apartment.
Is it possible to transfer ownership or a long-term lease?
Yes, transfer of ownership rights is possible in accordance with the terms of the specific contract. In this case, a fee of THB50,000 is required. Please note that the new owner assumes the obligations of the previous owner as set out in the terms and conditions of the original lease.
Can I donate or bequeath an apartment?
Yes, in case of donation it will be necessary to pay a fee of THB50,000. In the event of the death or disability of the owner, the developer unconditionally agrees to conclude a new contract with the heir without any additional charge.
Can I buy an apartment for long-term rent, and subsequently re-register for full ownership?
Yes, subject to a foreign quota and at an additional cost.
When will the registration and transfer of the facility take place?
About 30 days after receiving the full payment and the completion of construction, the developer will be ready to transfer the apartment to the owner or his representative by proxy.
Approximately 90 days (maximum 6 months) after receipt of the full payment amount and completion of construction, re-registration of ownership / lease rights occurs. We will notify the owner of what documents and fees are required for registration.
Can owners use the apartment until the transfer of ownership/lease?
Yes, after full payment and if there is a residence permit in this building from the developer.
Is a contract review and reservation by a lawyer required?
All agreements have been reviewed by a law firm. However, if you wish to receive personal legal advice about your investments, we advise you to contact a legal and/or financial professional.
What types of visas allow a foreigner to stay in Thailand?
For foreigners who wish to enter Thailand, a variety of visa options are provided depending on the purpose of the visit. These visas range from 90 days to 1 year and provide the right to multiple entries into the country. They include:
- Student visa - when enrolling in a registered educational institution in Thailand;
- Business visa - for managers or employees of companies;
- Retirement visa - for people aged 50 years and older who meet financial requirements;
- A marriage visa - for citizens of other countries who marry a citizen of Thailand;
- Visa "Thai Elite" - this visa comes with numerous privileges as outlined in the state program including being issued for a period of 5 years.
Will the condotel receive a hotel license?
Yes. Design and construction of the condotel has taken into account the necessary requirements for short-term apartment renting.
What types of apartment are available and how many are for sale?
The project includes: 249 type A apartments (30.3 m2 studios), 132 type B apartments (45.4 m2 one-bedroom apartments), 8 type C apartments (91 m2 two-bedroom apartments), 8 type D apartments (122 m2 three-bedroom apartments).
How long will the construction last?
According to Thai law, construction can begin only after the relevant state environmental (EIA - environmental certificate) and building permits have been issued. Construction begun in October 2020 and is scheduled to end Q1 2023.
Is there a warranty period?
Yes. From the moment construction is completed, a 1-year warranty is provided which covers both structural and non-structural details.
What is included in the base price of an apartment?
The base price includes built-in furniture (cabinets, kitchen cabinets), air conditioning and landscaping (where applicable).
What is included in the furniture package?
Mobile furniture, household appliances, curtains, mirrors, decor, dishes and bedding.
Is it possible to personalize the layout and/or interior design?
Buildings must be constructed in accordance with documents and permits issued by the relevant state bodies, therefore changes to external zones and structural elements are unacceptable. Changes to the internal design may be permitted after a statement of transfer and acceptance has been issued as well as written permission has been obtained from the developer. When buying an apartment at the project stage (when design work is still underway), planning changes are possible at the request of the buyer (for example, it is possible to connect two studios or two one-room apartments). If the interior design changes, the apartment cannot take part in the guaranteed profitability program.
What infrastructure and general facilities are provided and who will manage them?
The infrastructure and general facilities provided include: roads, sewers, lighting, landscape areas, water and electricity supply systems and pools.
Management services will be provided by the management company and include: round-the-clock security, shuttle services, laundry services, reception, garbage collection, cleaning and maintenance of infrastructure and public facilities and any other necessary services.
What are the estimated fees for public property maintenance?
There is a public property service fee of THB75 per square meter per month. Payment for the subsequent year is due on the date of registration of rights. Every following year an annual fee must be paid one month before the anniversary of the registration date. The public property service fee may change from time to time at the owners' discretion in accordance with the rules set forth in the Law on Condominiums BE 2522 and/or a later version with subsequent amendments.
There is also a mandatory lump sum payment to the Depreciation Fund of THB650 baht per square meter. The purpose of this fund is to plan for the overhaul of infrastructure and/or improvements that will be made in the future. Payment of this lump sum is due on the date of registration of ownership/lease. If the funds are not enough to cover the costs of large-scale repairs, owners may need to pay an additional amount at the request of the management company.
Following the registration of the utility meters, the owner must make a final payment equal to the amount paid to the authorities providing electricity, water supply, telephone company and TOT Public Company Limited.
Does a permanent resident pay for light and water?
Yes. The cost of water and electricity for permanent residents will be calculated according to meter readings.
What property management services are provided?
The management company will provide a full range of property management services for individual owners, including preventative maintenance, general repairs, cleaning and other relevant requests. Prices vary depending on the frequency and volume of services.
Is there a rental program?
Yes. The tenant has the right to lease only by joining the Guaranteed Rental Program or the Rental Pool Program. To take part in either program, the owner must purchase an 'Exclusive Furniture Package'.
Will the condotel receive a hotel license?
Yes. The condotel will receive a hotel license and will operate under the supervision of a management company for the next 15 years.
When does a rental program start?
After the full transfer of ownership/lease rights to all apartment owners, once the condotel has received a hotel license and the owners have concluded additional agreements with the management company.
How does the Guaranteed Rental Program work?
Under the Guaranteed Rental Program, the management company will guarantee the owner payments of rental income of 5% of the apartment price in accordance with the option specified in the Reservation form (approved upon purchase).
For 15 days a year in the summer season the apartment is reserved for the owner and his family members/friends. Reservation dates are pre-agreed with the management company.
Guaranteed rental income is paid yearly within 30 days of the end of the reporting year.
The owner can exit the Guaranteed Rental Program or switch to the Rental Pool Program by notifying the management company 60 days in advance.
How does the Rentals Pool Program work?
The management company will independently rent apartments and organize maintenance. At the end of the reporting period, the management company will calculate the net income (rental income minus management, marketing and upkeep expenses) and pay the owners 60% of this amount.
For 30 days a year in the summer season the apartment is reserved for the owner and his family members/friends. Reservation dates are pre-agreed with the management company.
Payments are made once a year within 30 days of the end of the reporting year.
The owner can exit the program by notifying the management company 60 days in advance.
What taxes must the owner pay as part of the rental program?
Rental income transferred to non-resident (foreign) owners is taxed according to the amount:
For an individual
0 - 150,000 THB - 0%
151,000 - 300,000 THB - 5%
301,000 - 500,000 THB - 10%
500,001 - 750,000 THB - 15%
750,001 - 1,000,000 THB - 20%
1,000,001 - 2,000,000 THB - 25%
2,000,001 - 5,000,000 THB - 30%
> 5,000,000 THB - 35%
For a legal entity
0- 300,000 THB - 0%
300,001 - 5,000,000 THB - 15%
> 5,000,001 THB - 10%
Please note: These tax rates are valid at the time of writing and are subject to change. The owner of the apartment is responsible for paying any taxes levied by the relevant authorities in connection with the lease and sublease.
Is it possible to rent out an apartment on a short-term basis?
No. Leasing is possible only through the management company. Short-term rental should only be done through the management company that owns the hotel license.
Can I choose my own furniture?
Yes. However, for apartments entering the rental program, a standard set of furniture is needed.
Can I stay at any time?
Yes, subject to the conditions of your rental program. At the same time, booking for owners depends on the availability of apartments.
Can I stay for more than 15 days a year?
Yes. In this case, the management company will recalculate and reduce the annual rental program payment.
How many days in advance should I submit a notice of residence?
Owners should notify the management company about their stay as early as possible because apartments can be booked by other guests.
Can my friends use my right to reside?
Yes, subject to the terms of the lease agreement (for example, guests of the owners must first register with the management company).