Foreigner quota exceeded at The Base

[PascalB]

Dear all, 

I understand the concept of foreigner quota being reached but what about exceeded? How is it possible? A mistake? 

 

Thanks

 

Best regards 

[madmen]

I keep reading in the pattaya forums no buyers they cant give property away lol

[gk10002000]

6 minutes ago, madmen said:

I keep reading in the pattaya forums no buyers they cant give property away lol

Yeah, but I suspect some of the units/complexes that are somewhat known as good or that are well maintained may be drawing in foreigners who hear such good news, however they then get top heavy with foreign owners

[KittenKong]

1 hour ago, PascalB said:

How is it possible?

If the quota has been exceeded then there has been incompetence and/or fraud. The JPM is responsible for checking this.

 

Given that the management of The Base has only very recently changed I expect that the new management are now discovering things that were previously not public knowledge.

 

[madmen]

Its just poor translation . 

[Briggsy]

Call the new Big Joke.

[stanleycoin]

3 hours ago, Briggsy said:

Call the new Big Joke.

I see the call has gone out. 

 

 

[PascalB]

8 hours ago, madmen said:

Its just poor translation . 

Here is the Thai version. 

Google makes a pitiful job in translating that one... Any help welcome

 

[thaitero]

8 hours ago, KittenKong said:

 

 

Given that the management of The Base has only very recently changed I expect that the new management are now discovering things that were previously not public knowledge.

 

I think you are right,,

I am glad place i stay ( Unixx) we have had Savills all the time..

[Peterw42]

10 hours ago, madmen said:

I keep reading in the pattaya forums no buyers they cant give property away lol

You can also read that the Thai economy is about to collapse, Thais hate us, there are no tourists, Chinese dont spend money, everyone is packing their bags. etc.

Most of us realise its just the perception and rantings of tired old sex-pats, the vocal minority, often based on nothing more than barstool observations..

[Henryford]

I am very surprised they even got to 49%. Often if one is prepared to offer a financial incentive you can get a condo above the 49%. Very risky IMO though. 

[mokwit]

9 hours ago, KittenKong said:

If the quota has been exceeded then there has been incompetence and/or fraud. The JPM is responsible for checking this.

 

Given that the management of The Base has only very recently changed I expect that the new management are now discovering things that were previously not public knowledge.

 

I heard (guy on the next barstool, several tours) that if you as a foreigner inadvertently bought an over quota unit it is YOUR problem.

[NCC1701A]

16 minutes ago, mokwit said:

I heard (guy on the next barstool, several tours) that if you as a foreigner inadvertently bought an over quota unit it is YOUR problem.

did you ask the other guy next to you, because you might be getting only one side of the story. 

[KittenKong]

23 minutes ago, mokwit said:

I heard (guy on the next barstool, several tours) that if you as a foreigner inadvertently bought an over quota unit it is YOUR problem.

I think that barstool guy is right. As far as I know you can continue to own your unit in your name indefinitely but if you want to sell it on you can only sell it to a company or Thai name. Unless of course the ratio rights itself which it probably will over time.

Seems very unfair to people who bought valid farang name units in good faith long before the problem started. They are the ones who will take the hit in lower selling prices if they want to sell before the problem is resolved.

[newnative]

     KittenKong is right--incompetence or fraud.  Likely the latter but possibly both.  And from my observation, likely not the only condo where this has been done and is being done, along with other abuses.  

      I wish Thailand would take a fresh look at the 49% quota for condos as it needs work. Obviously, it is there so Thais will theoretically maintain control of a condo project with 51% majority but in reality it's not always working that way.  I know of some condo projects where foreign owners are the majority on the condo board.  

     If the 49% quota is so important, why isn't there a rule in the condo law that Thais have to always be a majority on condo boards, with the only exception being if no Thai owners are willing to serve?  Sort of an inconsistency there but perhaps when they wrote the law they just assumed Thais would always be the majority on condo boards.

     I would like to see a change where foreigners would be allowed to own more than 49% of a condo project but their voting percentage would be adjusted to keep it at 49% or less.  If it seems unfair to have one owner's vote worth more than another's, remember that it's already the case with owner vote percentages determined by room size.  

      

     

[newnative]

1 hour ago, Father Fintan Stack said:

This ridiculous law is another reason not to buy a condo (like you needed one, I know).

 

Now if you are a foreign Base condo owner you can only sell to a Thai...

 

Good luck with that. 

Well, we sold our Base condo to a Thai, at a profit, so it is possible.

[newnative]

1 hour ago, thaitero said:

I think you are right,,

I am glad place i stay ( Unixx) we have had Savills all the time..

Unixx is managed by JLL.

[thaitero]

10 minutes ago, newnative said:

Unixx is managed by JLL.

Ups, Brain malfunction, That is true,, Sorry for misinfo..????

Nevetherless good company,,

[Peterw42]

Wife worked in a condo office and its not that un-common, in a popular block, especially if the developer is still involved, a couple of sales get cancelled at the last minute, a buyer changes their mind at the land office and buys in the quota instead of a company, developer doesn't inform condo office etc.

Most of the time the quota becomes available again after a couple of company or Thai sales.

 

Its a little contradictory to the nobody is buying narrative.

[Peterw42]

10 hours ago, KittenKong said:

If the quota has been exceeded then there has been incompetence and/or fraud. The JPM is responsible for checking this.

 

Given that the management of The Base has only very recently changed I expect that the new management are now discovering things that were previously not public knowledge.

 

Three parties are involved, Condo office, land office, and often the developer. Sales and quota information needs to be exchanged in a timely manor to keep it accurate. The office can check the quota and give a "quota ok" letter etc, the sale doesn't go ahead or is delayed, the condo office needs to be informed if the sale went ahead etc. Yes JPM is responsible but only after being advised of sales from Land office or developer.

 

[KittenKong]

18 hours ago, Peterw42 said:

Three parties are involved, Condo office, land office, and often the developer. Sales and quota information needs to be exchanged in a timely manor to keep it accurate. The office can check the quota and give a "quota ok" letter etc, the sale doesn't go ahead or is delayed, the condo office needs to be informed if the sale went ahead etc. Yes JPM is responsible but only after being advised of sales from Land office or developer.

Actually in most buildings only two parties are involved: the Land Office and the JPM. As far as I know the Base is finished and is only resales now so the developer should not be concerned.

In all cases I have ever been involved with the condo office does nothing and the JPM does it all (or should do as his signature is on the documents - if he chooses to trust others, more fool him).

 

I know of several buildings in which the ratio has gone askew many years after the developer left the building completely. And it happened due to the JPM acting incorrectly, because sales cannot happen without his knowledge and agreement.

[PascalB]

Right. And before the management company (Plus!) and the promotor (Sansiri) belong to the same group.

[Emdog]

Somewhat related question: I bought my condo before I met my Thai wife. She will get it when I die. Will she be able to sell it under foreigner quota or will transfer to her after my death make it automatically Thai?

[thaitero]

16 minutes ago, Emdog said:

Somewhat related question: I bought my condo before I met my Thai wife. She will get it when I die. Will she be able to sell it under foreigner quota or will transfer to her after my death make it automatically Thai?

No,

But One option would be transfer condo to tax free offshore corp before you die and paperwork for this corp so wife will get full control when you pass away. Then whenever needed condo can be transfered under foreign quota ( or without transfer costs just sell this offshore corp if o.k to buyer).

[newnative]

4 hours ago, Emdog said:

Somewhat related question: I bought my condo before I met my Thai wife. She will get it when I die. Will she be able to sell it under foreigner quota or will transfer to her after my death make it automatically Thai?

    My Thai partner and I just bought a condo in Bangkok in foreign quota. The developer, one of the largest in Thailand, was able to put both of our names on the chanote.  If I die first, the foreign quota is preserved and he can sell it in foreign quota.  Previous to this, we didn't realize this could be done.  

[Pravda]

Chinese money bought into this. Is this not the problem of developer to make sure foreign quota has not been exceeded?

 

I remember a few years ago window shopping for a certain development by Pruksa and when I went to the sales office they told me straight up they can't sell to foreigners anymore as quota has been reached.

 

So again, how is this management's company fault?

[Fairynuff]

On 4/12/2019 at 4:26 AM, Father Fintan Stack said:

This ridiculous law is another reason not to buy a condo (like you needed one, I know).

Funny innit, I can’t find a reason not to buy a condo. All I’ve ever done is make money on the ones I’ve sold (except for one at break even) ...and live rent free. 

[Benmart]

On 4/12/2019 at 9:48 AM, Peterw42 said:

You can also read that the Thai economy is about to collapse, Thais hate us, there are no tourists, Chinese dont spend money, everyone is packing their bags. etc.

Most of us realise its just the perception and rantings of tired old sex-pats, the vocal minority, often based on nothing more than barstool observations..

The barstool brigade has a battalion of naysayers, a company of complainers, a platoon of pontificators and a squad of sexaholics. I'm just a retired soldier enjoying the time I have left before taps is played for me.

[ncc1701d]

16 hours ago, Pravda said:

Chinese money bought into this. Is this not the problem of developer to make sure foreign quota has not been exceeded?

 

I remember a few years ago window shopping for a certain development by Pruksa and when I went to the sales office they told me straight up they can't sell to foreigners anymore as quota has been reached.

 

So again, how is this management's company fault?

Exactly. They are the only ones that think condo sizes this small are remotely acceptable.

[Fairynuff]

55 minutes ago, Father Fintan Stack said:

 

I doff my cap at thee.

 

I have use of a serviced apartment, free laundry, wi-fi etc. through my company so no need for me to buy in Thailand. My job pays well so no need to invest in property here either to make returns. Too risky imo.

 

I bought the ex a couple of houses, one in Bangkok and one in Baannok, whatever she does with them is up to her.

 

I still maintain buying any property in Thailand as a foreigner in the current climate is a massive risk.

 

Rent and have your plan B ready when it sll goes tits up.

I’ve never worked here so never had a free place to live. My investment in condos have all been for personal use.

so we’re both lucky in different ways. I still maintain it’s possible to buy well and sell at a profit.