A Condominium has come open in my Building, nicely done, opens to the pool, 2 bedroom 2 bath. I own one other in same building upstairs but 1 bedroom, and am ready to upgrade. Real estate agent is well known to ppty management, we went thru, and I found out no one has lived there in over 2 years - the “Owner” is in Middle East and can't travel anymore. Talk further I find out it is owned by a ‘Company', in a Thai Quota and to buy it all we have to do is change the name of the ‘Owner’ ‘Boss', to mine and Land office does not get involved at all. Now at risk of all the naysayers - "Don’t buy in Thailand", I have owned and sold two condo’s already, so am not exactly a rube, first one I did with lawyer and another I did with myself, Lawyer only to observe transfer at Land Office. My question, with all the hype in news about these ‘Company Owned’ Properties, is this Legal?? They all told me there is no problem for Condominiums, only for Businesses and Land or Building ownerships. Color me suspicious but I’d like a second opinion from those that have done this sort of transaction before. The “Company” has been in JomTien about 15 years, has bought over 30 Condominiums and according to Mgt, has never lost one yet. So do you think this is legit and legal according to Thai Law? Please, constructive comments only, but I am sure the “Don’t buy in Thailand’ crowd will be first to respond. Peace

No, don't buy, it's a hot potato now, crazy to get involved

I find out it is owned by a ‘Company', in a Thai Quota and to buy it all we have to do is change the name of the ‘Owner’ ‘Boss', to mine and Land office does not get involved at all.

If it's in the Thai quota, how can the OP buy it unless he/she is Thai, or a company registered in Thailand? And if he/she is a company registered in Thailand, is that by way of Thai nominees (that they're currently cracking down on)?

If it's in the foreigner quota, go for it. If it's not, let someone else take the risk...

Now the part that stumps me... They don't apparently allocate specific units to the Thai/Foreign quota. It seems that they just look to see if over 49% are owned by foreigners when the transaction takes place. Someone else is going to have to 'splain those risks to my pinhead.

4 minutes ago, impulse said:

Now the part that stumps me... They don't apparently allocate specific units to the Thai/Foreign quota. It seems that they just look to see if over 49% are owned by foreigners when the transaction takes place. Someone else is going to have to 'splain those risks to my pinhead.

What do you need explaining?

This how it always works. 49% of the total floor surface of a condominium can be in foreign name.

As long as the foreign quota is not fully used, units in Thai quota can be moved to foreign quota at the time of transfer.

Once foreign quota is depleted, only Thai quota is availabe

5 minutes ago, impulse said:

If it's in the Thai quota, how can the OP buy it unless he/she is Thai, or a company registered in Thailand? And if he/she is a company registered in Thailand, is that by way of Thai nominees (that they're currently cracking down on)?

If it's in the foreigner quota, go for it. If it's not, let someone else take the risk...

Now the part that stumps me... They don't apparently allocate specific units to the Thai/Foreign quota. It seems that they just look to see if over 49% are owned by foreigners when the transaction takes place. Someone else is going to have to 'splain those risks to my pinhead.

Tks for the response: Thai Mgt told me that the unit is actually considered two units under Thai Law, so both units are under Thai Quota. Even if I changed my 1 bedroom to Thai Quota, only half the Condo will be Foreign and other half is Thai - Bizarre, but they have been doing this for twenty years, so I have to believe them. I suspect this is like one poster said - A Hot Potato and the “owner “ wants out - hasn’t lived there in two years, read the news, and decided to cut & run…….I’m out!! Peace

17 minutes ago, scubascuba3 said:

No, don't buy, it's a hot potato now, crazy to get involved

I suspected something like that - it’s listed at 3.4 Mil, but agent said you can offer 3 mil and I am sure he will accept it…….normally they don’t advise that when selling, that would cut into their own profit. I’m out. Tks

9 minutes ago, Explorator en Action said:

I suspected something like that - it’s listed at 3.4 Mil, but agent said you can offer 3 mil and I am sure he will accept it…….normally they don’t advise that when selling, that would cut into their own profit. I’m out. Tks

No ones buying in thai company name now, some transfer in thai friends name but of course that's a risk also. I'd wait and see if govt increase foreign quota to enable a legal route

What do you need explaining?

This how it always works. 49% of the total floor surface of a condominium can be in foreign name.

As long as the foreign quota is not fully used, units in Thai quota can be moved to foreign quota at the time of transfer.

Once foreign quota is depleted, only Thai quota is availabe

I understand that. But what happens if one of the foreign units sells to a Thai? Who gets to move their Thai unit to the foreign quota? Is there a queue? Is it first come, first serve? What happens if someone at the Land Office screws up and they end up with more units in the foreign quota than allowed (does the next seller get hosed?)

15 minutes ago, impulse said:

I understand that. But what happens if one of the foreign units sells to a Thai? Who gets to move their Thai unit to the foreign quota? Is there a queue? Is it first come, first serve? What happens if someone at the Land Office screws up and they end up with more units in the foreign quota than allowed (does the next seller get hosed?)

If someone in foreign quota moves to Thai quota, which I doubt ever happens, those exact sqm become available again if foreign quote.

To move your property from Thai to foreign quota you will have to make a transfer at the land department, and pay all the fees.

On top of that you have to close the company that held your condo, which again involves costs.

Land office doesn't mess up, because the juristic person has to declare the total floor surface and how many sqm in foreign quota

Edited 16 minutes ago16 min by CallumWK