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What is an apartment in a condominium? How does it differ from apartments?
An apartment is, in fact, an apartment (as a room or part of a house) in an apartment building. Obtaining rights to own apartments, you only receive rights to own this particular part of the apartment building, excluding the joint ownership of any common property.
A condominium is a single complex of real estate, including a land plot, a residential building located on it, and other real estate. At the same time, separate premises (including apartments) intended for residential or other purposes (for example, restaurants, shops) are owned or long-term leased, and common property (such as a swimming pool, playgrounds, gym) is in common shared ownership.
Maintenance of the condominium (maintenance of cleanliness in the adjacent territory and inside the building, solving water supply problems, landscaping, etc.) is carried out by its own management company. In accordance with the share of the acquired living space, the costs of managing common property are also divided.
Utility payments are divided into the communal itself (payment for electricity, water) and the management company fee.
In the condominium there are always rules of residence, such as, for example, separate collection of garbage or keeping pets.
Thus, the main advantage of a condo (more precisely, “apartments in a condominium”) over a separate apartment (more precisely, “apartments”) in an apartment building is its infrastructure. According to the living conditions, the condominium is somewhat reminiscent of a resort, offering its residents special conditions. Owning an apartment in Layan Green Park condo, you automatically get access to all the amenities of the complex. The more infrastructure facilities there are in the complex, the more prestigious it is, and the housing in it is more expensive.
It is also important to note that in Thailand, realtors and developers often use the word “apartments” in conversation, meaning “apartment in a condominium”.
What forms of ownership are available at Layan Green Park?
An apartment can be decorated in one of two ways:
- Leasehold (leasehold) - long-term lease;
- Freehold (freehold) - full ownership.
According to the current legislation, non-Thai citizens can only purchase 49% of the living space of apartments with full ownership (the so-called foreign quota). At the same time, the remaining part of the area can be acquired on the basis of a long-term lease with the possibility of extension: at the moment, the maximum term of one extension permitted by law is 30 years. Such periods of legislation presupposes 3, that is, 30 + 30 + 30 years, totaling 90 years. If you sell the apartment later to another person, the term 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 an apartment in the case of a lehol 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 moment and are subject to change.
Do I have to pay the developer in the future to extend the lease term?
No, 2 lease extensions are already included in the price of the apartment.
Is transfer of ownership or long-term lease possible?
Yes. Transfer of rights is possible in accordance with the terms of the contract. In this case, a fee of 50,000 baht is required. In addition, the assignee must assume obligations in accordance with the terms and conditions contained in the original lease.
Can I donate or bequeath an apartment?
Yes, in case of donation it will be necessary to pay a fee of 50,000 baht. 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 in 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 amount of the payment and the completion of construction, the developer will be ready to conduct the procedure for accepting the apartment with 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, they can, after full payment and if there is a residence permit in this building from the developer.
Is a contract review and reservation required by a lawyer?
The agreements were tested by a law firm. At the same time, if you want to receive specific recommendations regarding the structuring of your investments, we advise you to turn to a professional legal and / or financial consultant.
What types of visas allow a foreigner to stay in Thailand?
For citizens of other countries who wish to enter Thailand for educational, business or investment purposes, for retirement and other purposes, various forms of visas are provided, valid from 90 days to 1 year and providing the right to multiple entries into the country, including:
- 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 / citizen of Thailand;
- Visa "Thai Elite" - issued for a period of 5 years in the framework of the state program, which also provides for other privileges.
Will the condominium receive a hotel license?
Yes, design and construction is being carried out taking into account the necessary requirements for renting out apartments for short-term rent.
What types of real estate are available for sale and what is their quantity?
The project includes: 156 type A apartments (studio 30.5 m2), 100 type B apartments (one bedroom apartment 46 m2), 8 type C apartments (two bedroom apartment 92 m2), 6 type D apartments (three bedroom apartment 122 m2).
How long will the construction last?
Under the law, construction can begin only after the relevant state environmental permits (EIA - environmental certificate) and building permits are received. Start of construction is planned in the second half of 2020. The ending is in the second half of 2022.
Is there a warranty period?
Yes. From the moment of completion of construction, a warranty period of 1 year is provided for the absence of non-structural defects and for 5 years for the absence of structural defects.
What is included in the base price of real estate?
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, bedding.
Is it possible to change the layout and / or interior design in accordance with individual requirements?
Buildings must be constructed in accordance with construction 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 official acceptance - transfer of the apartment to the owner and obtaining written permission 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 studios). 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?
Infrastructure and general-purpose facilities include roads, sewers, lighting, landscape areas, water and electricity supply systems, sites and pools.
Management services will be provided by the management company, they include round-the-clock security of the territory, shuttle service, 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?
A public property service fee is charged at 65 baht per square meter per month. Payment is due on the Date of Registration of Rights one year in advance. Further, the payment will be annual, covered for a 12-month period, and must be paid one month before the anniversary of the Registration Date. The amount of the payment for servicing the common property may change from time to time by decision of the owners in accordance with the rules set forth in the Law on Condominiums BE 2522 and / or a later version with subsequent amendments
A lump sum payment to the Depreciation Fund is charged at a rate of 650 baht per square meter. The purpose of the depreciation fund is to accumulate funds for the overhaul of infrastructure and / or improvements that will be decided to be made in the future. Payment 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.
After the registration of utilities measuring instruments in the name of the owner is completed, the owner agrees to make a payment in an amount equal to the amount paid to the authorities providing electricity, water supply, telephone company and TOT Public Company Limited.
Do I have to pay for light and water for permanent residence?
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 enter the program, the owner must purchase an “Exclusive Furniture Package”.
Will the condominium receive a hotel license?
Yes, the condominium will receive a hotel license and will operate as a condotel under the supervision of a management company for the next 15 years.
When does a rental program take effect?
After the full transfer of ownership / lease rights to all owners of apartments in the condominium, the condominium received a hotel license and the owners concluded additional agreements with the management company.
How does a guaranteed rental program work?
Under the Guaranteed rental program, the management company will guarantee the owner payment of rental income in the amount of 7%, 8% or 10% of the apartment price in accordance with the Option specified in the Reservation form (approved upon purchase).
At the same time, 14 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 once a year for 30 days after the end of the reporting year.
The owner can exit the guaranteed program or switch to the Rental Pool program by warning the management company 60 days in advance.
How does the Rentals Pool program work?
The management company will independently rent apartments and organize the maintenance of real estate. Upon 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 70% of this amount.
Moreover, 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.
Payments are made once a year for 30 days after the end of the reporting year.
The owner can exit the program by warning the management company 60 days in advance.
What taxes paid by the owner are related to the rental program?
Rental income transferred to non-residents (foreign) owners is taxed on the source of income.
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%
Note: Applicable tax rates apply at the date of publication of answers to frequently asked questions and are subject to change. The owner of the apartment is responsible for paying any income and other taxes, fees and duties of any kind established 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 a management company that owns a hotel license.
Can I choose furniture on my own?
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 live more than 14 days a year?
Yes, in this case, the management company will recalculate and reduce the annual payment of the rental program.
How many days should I submit a notice of residence?
Owners need to inform about their stay as early as possible, as 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).