Does a condo owner have any rights when a condo building is being demolished?

[flyDelight]

Or with other words what does a condo owner actually owns, other than use of a part of a building? Eg. when building owner decides to sell the land to a developer?

[Delight]

  A condo or more correctly a Condominium Juristic Person is always Jointly owned

 

There can never be a   single building owner who decides to sell against the wishes of the majority of the other  co -owners.

 

For more information I suggest that  you read Section 6 of the Condominium Act

[dotpoom]

13 hours ago, Delight said:

  A condo or more correctly a Condominium Juristic Person is always Jointly owned

 

There can never be a   single building owner who decides to sell against the wishes of the majority of the other  co -owners.

 

For more information I suggest that  you read Section 6 of the Condominium Act

Thank you kindly for your information, my own wife was asking me about this recently.

[AlQaholic]

Section 51 tells how a condominium can be terminated. It has to be a unanimous decision by all co-owners, i.e. by a legally binding vote in an AGM or EGM.

[david555]

So the last owner resisting can drive his price up.....?

........Or fall of his balcony/ eager jump....?     

Edited January 11, 2018 by david555

[natway09]

Most of the advise above is sound.

Stay close to your Juristic Committee & ensure that you do not miss any meetings of owners called.

You may find that if it is a big developer wanting the land & that it is in your interests to

agree to the sale. Keep a close  watch out on receipts of same sale if goes ahead

[YT3k72Em]

6 hours ago, AlQaholic said:

Section 51 tells how a condominium can be terminated. It has to be a unanimous decision by all co-owners, i.e. by a legally binding vote in an AGM or EGM.

So a building with 800 rooms could in practise never be redeveloped?  What happens if some owners are uncontactable?  I imagine that's the case after a building is 5 years old, let alone 30 years old.

 

Has a large high-rise condo ever been terminated in Thailand?  Some of them must be getting on in age now.

If it's impossibly difficult to get 800 people to agree, does that mean all the high-rise condos are doomed to slowly decay like some post-apocalypse movie set?

Edited January 11, 2018 by YT3k72Em

[dpdp]

If the location is good, the land price could be enough to refund all coowners the price paid for their condo.

 

 

[Delight]

19 hours ago, YT3k72Em said:

So a building with 800 rooms could in practise never be redeveloped?  What happens if some owners are uncontactable?  
 

 If the building is damaged -then a simple majority at  a general meeting can agree to revoke the Juristic Person status

 

After due process  beyond that decision -then  what  remains is just a simple building sat on  some land

 

For damaged I read beyond economic repair

[AlQaholic]

On 1/11/2018 at 3:34 PM, YT3k72Em said:

So a building with 800 rooms could in practise never be redeveloped?  What happens if some owners are uncontactable?  I imagine that's the case after a building is 5 years old, let alone 30 years old.

 

Has a large high-rise condo ever been terminated in Thailand?  Some of them must be getting on in age now.

If it's impossibly difficult to get 800 people to agree, does that mean all the high-rise condos are doomed to slowly decay like some post-apocalypse movie set?

I have often wondered the same, is there a precedent? A case where the building cannot be considered legally lost or damaged, but in such a poor condition it is basically worthless and it is impossible to sell units? The swimming pool is empty and full of garbage and stray dogs everywhere, homeless living in the dirty corridors, birds nests everywhere and paint falling of the walls....

Edited January 13, 2018 by AlQaholic

[wordchild]

I know of one oldish condo in the ploenchit area where the site land value is almost certainly very significantly above the collective market value of the individual units. A friend of my owns a small condo there and would love to buy another ,larger unit, but it’s proving very difficult. The main reason, as he discovered, is that the original developer (controlled by a wealthy Thai family) is prepared to buy any unit that comes up for sale in that building.

I know of another,somewhat  newer condo , in the Asoke area , where something similar is also happening. A party with links to the original developer, again a wealthy Thai family, is prepared to offer a guaranteed minimum price to any owner who wishes to sell.

Clearly , in both these cases, some inside money is suggesting that the land value  is not being fully reflected in the price of the indevidual units. And they seem to be prepared to take a long term view about how this might be realised.

 

 

 

 

[Cashboy]

On 1/11/2018 at 8:14 PM, dpdp said:

If the location is good, the land price could be enough to refund all coowners the price paid for their condo.

 

 

That is exactly what I was thinking a few years back.

Buy a really old condo of only say 4 floors (no lifts to avoid service charges) with a few condos on prime freehold in Bangkok and wait for a developer to offer mega bucks for the freehold land for a new development.

[wordchild]

2 hours ago, Cashboy said:

That is exactly what I was thinking a few years back.

Buy a really old condo of only say 4 floors (no lifts to avoid service charges) with a few condos on prime freehold in Bangkok and wait for a developer to offer mega bucks for the freehold land for a new development.

Great idea in theory, problem is finding them. To make it worthwhile it has to be super prime bangkok ie ploenchit to ratchadamri and say parts of sathorn. But not many freehold condos in that area that fit the brief. 

 

[banagan]

I'm in Chiang Mai, and would rather buy in an older building and renovate. It's hard to know though, what will eventually happen to these older buildings, 20+ years old.

 

I'd plan to live in mine, but of course would like the option to sell 5 - 10 years down the line, who knows what condition it would be in then.

 

If there was no other option, than to sell, then I'd expect to get a fair price for it.

[impulse]

On 1/13/2018 at 9:04 PM, wordchild said:

I know of one oldish condo in the ploenchit area where the site land value is almost certainly very significantly above the collective market value of the individual units. A friend of my owns a small condo there and would love to buy another ,larger unit, but it’s proving very difficult. The main reason, as he discovered, is that the original developer (controlled by a wealthy Thai family) is prepared to buy any unit that comes up for sale in that building.

I know of another,somewhat  newer condo , in the Asoke area , where something similar is also happening. A party with links to the original developer, again a wealthy Thai family, is prepared to offer a guaranteed minimum price to any owner who wishes to sell.

Clearly , in both these cases, some inside money is suggesting that the land value  is not being fully reflected in the price of the indevidual units. And they seem to be prepared to take a long term view about how this might be realised.

 

If that's the case, someone can always come in and offer more than the old Thai money when they come up for sale. 

 

Before I'd risk it, I'd make sure my visa was squeaky clean and my >3rd floor windows and balcony doors were bolted shut, and I'd regularly change up my daily routine.  Better yet, I'd change my name and move to a town up north.  Like Hong Kong, or even Seoul.

 

 

Edited January 23, 2018 by impulse