What Is The Name Of The Condo Foreign Freehold Licence/document?

[eddiemonster]

Hi

Does anyone know the name of the licence/document/approval/registration (not sure which!) that a developer must hold before his condo can be sold to foreigners freehold?

Can the developer get it retrospectively (ie after the project has started or completed)?

Cheers

EM

[Tammi]

Hi

Does anyone know the name of the licence/document/approval/registration (not sure which!) that a developer must hold before his condo can be sold to foreigners freehold?

Can the developer get it retrospectively (ie after the project has started or completed)?

Cheers

EM

The Condominium Act B.E. 2522 (1979) Section 6: Any person having ownership in land or dwelling who wishes to register such land and building in order to make them a condominium under this Act, shall submit an application for registration to an authorized official together with:

1. Land Title Deed

2. Condominium diagram

3. Ratio of which each owner of an apartment has the ownership in common properties under Section 15.

4. Details of the apartment, personal properties and common properties.

5. Acceptance of the person submitting such request and citing that the building under the request for registration as a condomonium is not mortgaged property except it is a mortgage of the building along with all the land.

6. Other evidence as prescribed in the Ministerial Regulations.

There is a new Condominium Act (No. 4) B.E. 2551 (2008) due to come into force, I have heard, on 4 July 2008.

Section 4 of the new Act: The provision of Section 6 of the Condominium Act B.E. 2522 (1979) shall be repealed and replaced by the following provisions:

Section 6. Any person who holds the ownership of a real estate and wishes to register such real estate as a private commonly-owned housing under this Act shall apply to the cpmpetent officer for the private, commonly-owned housing registration together with:

1. the title deed to the land;

2. the private, commonly-owned housing diagram including the access way to and from the public road;

3. the particulars pertaining to the private and common property such as space volume, nature of benefit usage, and other particulars as prescribed by the Minister;

4. information on the ratio of ownership of the common property pursuant to Section 14 granted to the owner of each housing unit.

5. the Applicant's testimony to the effect that the building for which the private, commonly-owned housing registration is applied is not under mortgage with the exception of the mortgage of the building together with the land;

6. a draft of the condominium regulations;

7. other evidences as specified by a Ministerial Regulation.

Section 6/1 If the owner of real estate under the provision of Section 6 advertises the sale of a condominium, all copies of sales brochures or pictures that being commercialized or sale letters that were pulicized by any methods must be kept in his office until all units are sold out, at least one copy of each such material must be kept at the juristic person office for future reference.

Advertising of a condominium for sale must be identical to the evdence and specification stated under Section 6. Advertising text or pictures made available to the public must be matched up with the registered evidence and details of common properties. In addition, the items stipulated under Section 15. must also be clearly shown.

It is regarded that all advertising materials, text, photos, sale letters, are part of the Condominium Sale Agreement as the case may be. If the advertising material differs from the Sales Agreement, it shall be interpreted fot the benefit of the buyer.

Section 6/2: The Condominium Sales Agreement between the Seller who is the owner of the real estate under Section 6, and the prospective Buyer or Buyers, must be made in the same standard as set by the Minister of the Interior.

Any paragraph of the Sales Agreement that appears in contradiction to the Ministry's standard or has any disadvantage to the buyer, that portion shall be null and void.

[eddiemonster]

Hi Tammi

Thanks for that.

Am I right then to assume the term 'Condominium' means that the individual units are available for sale freehold to foreigners? Whereas 'apartments' are not?

I also read elsewhere that an owner of an apartment block could apply to convert to a condominium (assuming I am correct above!) after construction. Do you know if this is true?

Cheers

EM

[MikiPlus]

Am I right then to assume the term 'Condominium' means that the individual units are available for sale freehold to foreigners? Whereas 'apartments' are not?

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Simple Explanation will be like this.

Condos can be both freehold and leasehold.

Apt. are for rent only. You don't have any right nor ownership in the unit that you stay. You can not rent out / sell / buy any unit in Apt.

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I also read elsewhere that an owner of an apartment block could apply to convert to a condominium (assuming I am correct above!) after construction. Do you know if this is true?

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Actually everything can do.

Many bldg. are convert from Htl. <=> Condos <=> Apt. <=> Office. etc.

For example, Trendy Condo which converted from Htl.

But it has to be done for the whole bldg. or else you have to register the usuage of that bldg. before it finish.

For example, Urbana Sathorn, which the owner registered the usuage of the bldg. as half Service Apt. half Condo before it finish.

[Tammi]

Hi Tammi

Thanks for that.

Am I right then to assume the term 'Condominium' means that the individual units are available for sale freehold to foreigners? Whereas 'apartments' are not?

I also read elsewhere that an owner of an apartment block could apply to convert to a condominium (assuming I am correct above!) after construction. Do you know if this is true?

Cheers

EM

Sorry for the confusion. Condominium unit and condominium apartment are the same. I have seen different translations of the Condominium Act where sometimes the translation is apartment and sometimes unit.

[eddiemonster]

MikiPlus & tammi:

Thanks for your help