"Condos" are actually co-ops ?

bow · November 25, 2017

I heard some years ago that there are no condos in thailand. They are all co-ops. I was not surpriced because i come from a country in europe where there are no condos, only co-ops. There is no legal framework that would make it possible to form a condo. Its co-op or nothing. I looked at the pinned condo law thread and yes, i agree, its more correct to call thai "condos" co-ops. I hope everybody agrees. :)

Jingthing · November 25, 2017

I think you're wrong.

I own a condo in Thailand. Not a coop.

https://www.realtor.com/news/real-estate-news/what-is-the-difference-between-condos-and-co-ops/

Peterw42 · November 25, 2017

You do not buy shares in a company to own a condo here as per the US/European definition of a co-op.

A Condominium is defined by the Condominium Act and you have individual ownership, title, Shared common property etc. A Condominium.

trogers · November 25, 2017

Buy it while you are married to a Thai girl and it would be a coop...

trogers · November 25, 2017

Jokes aside, a co-op would give you a share certificate, while you get a title deed from the Land office here.

KittenKong · November 25, 2017

I own my condo for which I have a title deed. But I also indirectly own x percent of the land that the building sits on, and of the co-owned areas (pool, car park, gardens, corridors, roof, fire escapes). I also indirectly own x percent of all the equipment like office furniture, elevators, pumps etc., and our bank accounts. The same applies to any liabilities and debts.

Though I dont have any sort of document that says I own any of that, apart from the title deed of my unit. And the unit and the co-owned parts of the building cannot be disassociated from each other.

So I would say that condos here are a mixture of condo and co-op.

trogers · November 25, 2017

1 hour ago, KittenKong said:

I own my condo for which I have a title deed. But I also indirectly own x percent of the land that the building sits on, and of the co-owned areas (pool, car park, gardens, corridors, roof, fire escapes). I also indirectly own x percent of all the equipment like office furniture, elevators, pumps etc., and our bank accounts. The same applies to any liabilities and debts.

Though I dont have any sort of document that says I own any of that, apart from the title deed of my unit. And the unit and the co-owned parts of the building cannot be disassociated from each other.

So I would say that condos here are a mixture of condo and co-op.

Yes, but you can mortgage, sell or lease out your condo unit without first getting approval from the Juristic Office because you have a title deed to prove your ownership over the property.

Can't do the same with a share certificate.

Jingthing · November 25, 2017

Again, they are indeed CONDOS but Thai CONDO law is not 100 percent the same as CONDO laws in other nations.

wirat69 · November 26, 2017

As many say, you own the condo room.... the operation of the building's common areas by the "Juristic Person" is by an elected committee, so in that sense the common areas are co-op operated

dotpoom · November 26, 2017

Just wondering why you "hope everybody agrees".....why does it matter whether they do or not?

..

hawker9000 · November 26, 2017

Isn't a co-op a mutual ownership construct where everyone owns shares in the entire collective object, whatever it is? Farm; crop storage facility (e.g., grain elevator); utility; etc. How does private ownership of the units in a condominium complex fit that definition at all? There is a "co-operational" aspect to overall facility governance and maintenance of the common areas, etc., but it's no more a "co-op" than an HOA (Homeowners Assn) in the states. I'm trying to imagine why OP even thinks of this as a "co-op" . Some detailed info here.

jippytum · November 26, 2017

12 hours ago, trogers said:

Yes, but you can mortgage, sell or lease out your condo unit without first getting approval from the Juristic Office because you have a title deed to prove your ownership over the property.

Can't do the same with a share certificate.

Not true you need permission from the condo juristic person to sell a condo

hawker9000 · November 26, 2017

10 minutes ago, jippytum said:

Not true you need permission from the condo juristic person to sell a condo

'Mostly as a formality or for purposes of documentation. But you're nitpicking. A share certificate and a title deed are simply not the same thing and do not confer the same rights.

Jingthing · November 26, 2017

3 hours ago, wirat69 said:

As many say, you own the condo room.... the operation of the building's common areas by the "Juristic Person" is by an elected committee, so in that sense the common areas are co-op operated

I owned a condo in the U.S. Not really that different. There was an elected committee of owners and a management company paid by homeowner's monthly payments that dealt with similar things as a condo management in Thailand, such as maintenance of the common areas. They also had occasional special assessments for unbudgeted expenses of the building. That happened to me in the USA and Thailand, both in CONDOS. Again, to call condos coops is just wrong and silly to boot.

To add, the potential for assessments should be a concern for all potential condo buyers.

Like if you're in a high rise, if the elevators break your units higher than the first few floors become rather worthless. You're connected to huge potential liabilities.

Jingthing · November 26, 2017

59 minutes ago, jippytum said:

Not true you need permission from the condo juristic person to sell a condo

Not "special" permission at all. You're free to sell your owned units. You need clearances about fees due of course. If you're saying CONDO ownership is not exactly the same thing as owning a house on land, duh, that's true, in Thailand and elsewhere.

trogers · November 26, 2017

1 hour ago, jippytum said:

Not true you need permission from the condo juristic person to sell a condo

No, you don't need permission. You only need a debt clearance certificate which you would get without question if your payments of common fees are not in arrears.