Please help settle an argument

[Delight]

An apartment in the condominium where I live is in the Thai 51%

The 1st name on the Condominium  Title Deed is that of a Thai person(female).

The 2nd name is that of a Farang(male).

Does this Farang have any rights?

Is he a co -owner?

What happens if she dies before him?

[DrJack54]

Moved to this forum

[J Branche]

Just trying to clarify the Condo in question is Thai Ownership?

 

The Usufruct would need to be created and recorded at the Land Office to give the foreigner rights to the condo is my understanding.

 

Regarding if the Thai Owner dies then if they have a Will and Condo is listed as being left to X person and that person is a foreigner than I understand after probate the foreigner would either need to sell or transfer ownership to a Thai in the set amount of time.

 

If no will then family succession of the deceased assets happens and you would get nothing unless Married.

 

I am not current on the option of a Foreigner loaning a Thai money for the Condo I can see many difficulties in the structure of the loan.

 

[Digitalbanana]

The key factor is the overall foreign ownership percentage of the entire condominium project. As long as the total foreign ownership percentage remains below 49%, the individual unit can be 100% foreign-owned.
It's only when the total foreign ownership percentage of the project reaches or exceeds 49% that the foreign ownership of individual units may need to be adjusted to comply with the law.

 

As a foreigner would have no control over the 49% ownership of entire project, then if the current partner was dead or left the ownership said foreigner would need a new Thai partner.

[1FinickyOne]

27 minutes ago, Delight said:

Does this Farang have any rights?

He has the right to remain silent... [that works well in my marriage] 

[BritManToo]

1 hour ago, J Branche said:

Regarding if the Thai Owner dies then if they have a Will and Condo is listed as being left to X person and that person is a foreigner than I understand after probate the foreigner would either need to sell or transfer ownership to a Thai in the set amount of time.

 

Not true,

They would just re-register the condo as being in the foreigner owned section. If that put the foreigner quota over 49%, they'd just wait until an opening occured.

 

There is no absolute right for any individual condo to be registered in either section, just availability at that moment in time.

[scubascuba3]

If it's in the 51% Thai quota, it's not in his name, but the Thai lady, but confirm with the Juristic office and land office.

 

Logic to me if it was in both names it would be in half foreign quota half thai quota