Condo Has Under 49% Foreign Ownership

[Digitalbanana]

How exactly does one go about knowing whether a condo has below or equal 49% foreign ownership? Is this data kept at any governing body or just with the condo management? This question came up recently at the land dept when a spokesman there said we should be sure beforehand. I thought it might have been their job to be sure?

What happens if a foreigner buys into a condo that already has 49% allocated to foreigners?

[ballbreaker]

How exactly does one go about knowing whether a condo has below or equal 49% foreign ownership? Is this data kept at any governing body or just with the condo management? This question came up recently at the land dept when a spokesman there said we should be sure beforehand. I thought it might have been their job to be sure?

What happens if a foreigner buys into a condo that already has 49% allocated to foreigners?

You need to get in contact with juristic person for condo. They will be able to provide that info and generate a letter stating percent of foreign ownership.

You cannot buy a condo in your name if over 49% foreign owners. I for one would not buy a condo that prevents me from having in my name.

[thailife69]

How exactly does one go about knowing whether a condo has below or equal 49% foreign ownership? Is this data kept at any governing body or just with the condo management? This question came up recently at the land dept when a spokesman there said we should be sure beforehand. I thought it might have been their job to be sure?

What happens if a foreigner buys into a condo that already has 49% allocated to foreigners?

There are a number of ways to establish this:

Land Registry Office: The office will not accept the sale if the sale takes the foreign ownership over 49%

Condo Juristic Manager

Condo Committee Board Members

Condo Manager

The Owner of the Condo.

The Real Estate Company Selling the property should know

[briley]

I suppose that this point needs to be considered before getting to land registry if a deposit is going to be paid. It can be difficult to get deposits back if land registry refuse to register.

Otherwise do as I did and do not pay even 1 Baht until the land registry has OK'ed everything.

[Digitalbanana]

Land Registry Office: The office will not accept the sale if the sale takes the foreign ownership over 49%

So the land office is responsible to some extent? That's what I 'd have thought. How could they allow sale if it was illegal? But they were telling me to go check and to make sure they (the land office) didn't perform an illegal transfer?

[InterestedObserver]

Land Registry Office: The office will not accept the sale if the sale takes the foreign ownership over 49%

So the land office is responsible to some extent? That's what I 'd have thought. How could they allow sale if it was illegal? But they were telling me to go check and to make sure they (the land office) didn't perform an illegal transfer?

No, they were telling you to perform your due diligence and not get ripped off! Lots of people, over the 49% limit, can be paying for a "foreign owned" condo in a particular building, but in the final analysis somebody will get ripped off when the Land Office won't register their unit to a non-thai.

[ballbreaker]

So the land office is responsible to some extent? That's what I 'd have thought. How could they allow sale if it was illegal? But they were telling me to go check and to make sure they (the land office) didn't perform an illegal transfer?

That's why you get a letter from the juristic person for the condo building so the land office will know percentage of foreign ownership. Its the juristic person responsibility to generated this letter and yours to obtain from him.

This same person can provide you with a letter that condo management does not have lien on condo of interest for non-payment of condo maintenance fee's or other assessments. This may also be needed by land office.

Edited May 16, 2009 by ballbreaker

[jumnien]

Either way its a crap shoot. I know my condo unit has more that 49% foreign ownership. The previous juristic person arranged the sales to the land depts. satisfaction (false docs). He's dead now. We're sorting it out slowly...

Never believe the juristic person on the ownership percentages, or believe at your own risk; you'll never find out the real answer.

[thaiwanderer]

not clear whether the OP buying off plan or this is a resale?

IMHO

if (for whatever reason) a farang 'buys' a condo that exceeds the foreign quota officially this cannot be registered in their name - obviously you do not want to part with cash without being sure - depending on the circumstances above its a matter for the contract with the developer (if off plan) or (if a resale) ascertaining with the condo juristic person first then the land office (i hope the OP is not carrying out 'due dilligence' him/herself - if OP is, this might explain the land office officials face saving response) - the real estate agent or anyone else's opinion on foreign quota should only be relied upon in choosing which condos to begin looking into

it is possible for a farang to be incorrectly registered as owner of a unit when that ownership exceeds the quota - hence on a resale it is not totally safe to rely on the fact that the farang seller is registered as the owner

technically if a farang is incorrectly registered as owner in such circumstances they have to (rather 'should') sell to a Thai jursitc person (natural Thai person or corporate identity)

here and generally (not just condos) there is NO recourse IF the land office provides any information or documents that are not correct (whether intentionally or inadvertently correct or where they subsequently find that the information eg. title was incorrectly issued) - that of course does not mean checks at the land office should not be made or that they should not be relied upon to a certain extent BUT if the 'competent official' is subsequently found not to have been competent or made an error for whatever reason there is no come back (something just to be aware of)

[Digitalbanana]

He's dead now.

LOL, did they show you the body?

[jumnien]

He's dead now.

LOL, did they show you the body?

Yes, I was at the funeral. Can confirm fully burned.

[frenchFARANGbkk]

Hi,

Can you tell me what is the name in Thai of the document stating that less than 49% is foreign owned ?

Thanks.

[thailife69]

Land Registry Office: The office will not accept the sale if the sale takes the foreign ownership over 49%

So the land office is responsible to some extent? That's what I 'd have thought. How could they allow sale if it was illegal? But they were telling me to go check and to make sure they (the land office) didn't perform an illegal transfer?

The safest method would be to secure a lawyer to handle the conveyance, as you would do in most western countries. Then you would just sue the Lawyer if the transfer were fraudulent.

In my case I went to the Land Registry Office with the Condo Manager, my real estate agent and the supposed owner. I was amazed and thrilled to see how thorough the Registry Office was. The Condo Manager provided the wrong title. I almost ended up owning a 2-bedroom apartment and not the one bedroom I was intending on buying. Registry Office picked up on the error.

Once the correct title was produced, they would not allow the transfer to proceed because the signature on the title did not match the signature on the transfer document. A delay of two hours as we waited for the real owner to arrive.

The real owner arrived in a chauffeur driven Mercedes. Turns out to be a high-ranking Government official. He tries dressing down the registry officer for forcing him to appear in person and to rush the transfer through.

The registry officer tells him to sit and wait inline until his number is called out and of course we are now at the back of the line. Number called, the officer checked all documents against the ones on record including the letter from the Juristic Manager who is legally bound to declare % of foreign ownership and any outstanding debts, checks the new signature and then hands me the title with my name and signature on it.

I would have just wasted good money on a lawyer as the registry office did it all. I then went to the electricity office and telephone company and changed them into my name and started off with a zero balance.

If the owner and the condo manager had of provided the correct documents from the outset, it would have all been over in less than 2 hours instead of 6.

[briley]

I agree with Thalife69 - you do not need a lawyer if you are sensible and check things. But I doubt you could sue them successfully if things go wrong.

But EVERYTHING is in Thai, including numbers so unless you are totally fluent and read and write Thai you must have a Thai speaker who you totally trust.