Freehold condo, own portion of land its built on?

[Caine]

Forget it, not worth a carrot, I wouldn’t buy a box of matches in Thailand 

[inThailand]

16 hours ago, ThomasThBKK said:

 

 

No they are entirely different titles, the title dead for your condo is just for your condo. The land is owned by the condo building owner(s).

Yup.

To be more specific they are both chanote title deeds and the owner listed on the land title deed is the name of condominium complex. 

 

If the condo owners vote to sell the entire condo complex, ie all condos and common area property, each condo owner will be paid out according to their ownership of the common area property, ie land, parking, pool, etc. In the Condo Act this is termed Ownership Ratio, which is also used to determine each condo owners fees and their vote value. Everything is decided or determined based on OR.

Edited October 2, 2019 by inThailand

[wordchild]

Thai condominium law is pretty comprehensive and affords a high degree of protection for all owners with appropriate legal title, whether  they be a Thai national or a foreign national. To answer the OP directly, just as in many western countries, ALL  condominium owners (on each and every floor, incl those above the ground! 555) have “an effective” share of the condominium’s ownership of the underlying freehold land , in proportion to their ownership ratio. 

In Bangkok, there are a handful of condominiums (my estimate) where the value of the underlying land exceeds the total likely resale value of all the units in the condo, in certain cases, by a significant amount. These condos tend to be (probably obviously) in central Bangkok ie Ploenchit as opposed to Bang Na!

Unsurprisingly there has been a degree of interest in these condos from developers and individuals who have been purchasing units in the anticipation that eventually something will happen. Patience likely required!

[smutcakes]

On 10/2/2019 at 2:50 PM, Card said:

A foreigner cannot own land in Thailand but can lease it for a limited period, usually max 30 years. Only the ground floor units of a condo block own the land beneath the block, and fir that reason foreigners cannot own any condos on the ground floor. They can rent them, but not own them. So you as a foreigner cannot buy a whole block of condos and expect to own the land as well. 

Why respond to a post when you obviously have absolutely zero knowledge of what you are talking. Your post is just 100% nonsense from start to finish. The bottom condo owners, own the land? Complete rubbish. All Co-owners own a share per their ownership entitlement which is linked to their unit size. Does not matter if its bottom or top. If there are condo units on the ground floor there is nothing stopping a foreigner owning them.

[inThailand]

13 hours ago, smutcakes said:

Why respond to a post when you obviously have absolutely zero knowledge of what you are talking. Your post is just 100% nonsense from start to finish. The bottom condo owners, own the land? Complete rubbish. All Co-owners own a share per their ownership entitlement which is linked to their unit size. Does not matter if its bottom or top. If there are condo units on the ground floor there is nothing stopping a foreigner owning them.

Agreed, his post is a great example why there is so much misinformation on TV and then others repost this rubbish and it becomes a TV myth.

Whose a.. do they pull this s.... from?

[Nyezhov]

On 10/3/2019 at 9:27 PM, wordchild said:

Thai condominium law is pretty comprehensive and affords a high degree of protection for all owners with appropriate legal title, whether  they be a Thai national or a foreign national. To answer the OP directly, just as in many western countries, ALL  condominium owners (on each and every floor, incl those above the ground! 555) have “an effective” share of the condominium’s ownership of the underlying freehold land , in proportion to their ownership ratio. 

In Bangkok, there are a handful of condominiums (my estimate) where the value of the underlying land exceeds the total likely resale value of all the units in the condo, in certain cases, by a significant amount. These condos tend to be (probably obviously) in central Bangkok ie Ploenchit as opposed to Bang Na!

Unsurprisingly there has been a degree of interest in these condos from developers and individuals who have been purchasing units in the anticipation that eventually something will happen. Patience likely required!

If I was to buy a condo (ultimately to go to my squalling brat now wending her way through Lao on nightbuses and such like) it would be one of those, I have had the same thought.

 

 

[inThailand]

I have to recheck to confirm, but it requires 100% of all owners to sell or demolish a condo complex. Thats not to likely to occur.

[wordchild]

On 10/4/2019 at 9:36 PM, inThailand said:

I have to recheck to confirm, but it requires 100% of all owners to sell or demolish a condo complex. Thats not to likely to occur.

Very true, 100% of all the owners need to agree; it does happen , from time to time ,with small condo developments.  but its very rare, as you suggest.

I do know of one  condo in central Bangkok where the family associated with the original developer will offer to buy (at their price) any unit that comes up  for sale . Its one of the older Bangkok condos and  it shows it's age a bit  these days. it does , however,  sit on, what has become,  a very valuable land plot.  I guess the family concerned are prepared to be very patient.

Even if a buyout is unlikely it is comforting to know , if one buys a condo, that the underlying land value accounts for a high proportion of the price paid. This is not likely to be the case with newer high rise developments away from the center but is more likely to be the case with low rise, older projects  in central Bangkok.

Edited October 6, 2019 by wordchild