20 Year Ownership Rule On Condo Room?

[Digitalbanana]

Looking at buying into a condo unit and a lawyer we hired said foreigners can own but for only upto 20 years? Is this possible, maybe something peculiar to the condo in question or should I get another lawyer? Anyone heard of this kind of restriction before or possible reason behind it?

[mark5335]

I've never heard of such a rule. I'm a foreigner owning freehold condo units in Thailand and there has been no restriction on my ownership tenure. I have used Bangkok based lawyers on 2 condo purchases, one was a small local firm, and the other a large international name legal firm...neither firm mentioned anything about a 20 yr restriction.

Perhaps the particular condo unit you are considering is leasehold and has only 20 yrs remaining, however, I would think this unlikely. I recommend you change lawyers.

Edited April 21, 2009 by mark5335

[DonTron]

There is no such rule. If you are under the 49% you can own the condo fully in your own name. If you are in the 51% thai pool you can own it thru a thai company.

[thaiwanderer]

never heard of that

only thing i can think of is its a resale after 10 years of the remainder of a 30 year lease????

[ChiangMaiFun]

get a new lawyer

[Digitalbanana]

Thnks, yes got a 2nd opinion and seems like the 20yr story wasn't the case... all comments above confirmed by another lawyer ... thanks for your help.