Condo Ownwership

[llso]

Was talking with a friend who is considering buying a condo. I explained the freehold purchase as long as the project is more than 51% Thai majority owned. He asked what happens if condos are sold and the project becomes less than 51% Thai owned what happens then. Not sure how that would work but

I couldn't answer.

LL

[PattayaAddict]

Wouldnt it just go by the date of when the contract was signed ?

[percy2]

Wouldnt it just go by the date of when the contract was signed ?

I think it would go with the transfers at the land transfer office.

They are supposed to get an up todate statement from the Juristic person of the condo on ownership ratio before making the transfers.

This in theory should mean that the ratio never slips to more than 49-51.

Cheers

[Irene]

Was talking with a friend who is considering buying a condo. I explained the freehold purchase as long as the project is more than 51% Thai majority owned. He asked what happens if condos are sold and the project becomes less than 51% Thai owned what happens then. Not sure how that would work but

I couldn't answer.

LL

I don't think it can happen in practice since the Land Department has to monitor each registration as not coming under 51% Thai-owned otherwise the officials could be accused of derelict in his duty.

[quiksilva]

Irene is correct, the lands department wouldn't transfer the units in the first place.

[monty]

Every time a condo changes ownership, the juristic person of the condo has to prepare a document stating that there are no debts on the condo towards the juristic person (i.e. outstanding maintenance fees), along with ownership structure indicating the 49% owned by foreigners is not yet reached.

Without this document Land and House department will not register the transfer.

[tominchaam]

The law is quite clear and no Condominium juristic person or Department of Land Office is expected not to follow it. But to me it does not mean it works like this all the time……………………!