Buying a condominium is the easiest way for a foreigner to buy real property in Thailand. When you buy a condominium, you are buying two things. First and foremost you are buying ownership of your actual condominium unit.
This includes the interior volume of the condo unit and any partition walls. In addition to their condo unit, a condominium buyer also buys a percentage ownership of common property The common property includes the land the building is built on, the exterior walls of the building, and common areas such as the lobby or swimming pool. The only way for a condo owner to exercise their ownership rights over this property is to vote in the condominium association.
Condominiums have a special title which shows both the ownership of the condo unit itself and the share of common property that is sold with the unit. The condominium title, or Or Chor 2, lists the location and deed number of the plot of land the condominium is built on. The title also includes a sketch of the condo unit, its dimensions and area, and identifying information such as the unit name, number, floor, and building. Finally, the title lists the ownership ratio of common property. This is calculated by dividing the area of the condominium unit by the total combined area of all the units which will be sold. Condominium titles, or Or Chor 2, are originally issued in the name of the property developer. When you close on your condominium purchase, the official title will be amended to record the sale and reflect your ownership.