Foreigners can own 100% of a condominium unit and up to 49% of the total floor area of a condominium project.

Proof (Foreign Exchange Transaction Certificate) must be presented to the Department of Lands that funds have been remitted from overseas in foreign currency and correctly recorded as such by a Thai Bank.

However, foreigners are NOT allowed to own/buy land or landed properties. (Exception for Board of Investment approved business).

Usually appointing a lawyer is not really necessary.

Bank financing is not available to foreigners within Thailand. However, we understand that the S’pore branch of Bangkok Bank and other Singapore banks with presence in Thailand may provide housing loan for property purchase in Thailand.

There is no capital gains tax imposed on the sale of a property in Thailand. Gains are taxed normally as income.

Taxes involved in a property transaction will include :
Transfer Fee of 2% - on the declared sales price or the assessed value whichever is higher.
Personal Income Tax - which is withheld at source at progressive rate
Stamp Duty of  0.5% - for properties held for 5 years or more than 5 years
Special Business Tax of 3.3% - for properties held for less than 5 years. If this is paid, stamp duty is waived (vice versa)

There are no restrictions on foreign property owner renting out their property. Usually, a property agent can be employed to take care of all matters pertaining to the lease of a condominium unit (there may be ways to handle tax issues). However, answering your question, the House and Land Tax (annual tax), which is imposed on an individual who owns or possesses land and buildings and use them for commercial or rental purposed is levied at 12.5% of the annual rental value of the property.