Condo Joint Ownership

[charles]

My (Thai) wife and I are considering purchasing a condo - at the LPN development near Onnut BTS. We would be booking (off-plan) now and then paying about 90% of the total purchase price upon completion and transfer.

If possible, I'd like to use funds largely from within Thailand. I assume this prevents me from owning it solely myself? However, would it be possible for it to be owned jointly in both our names? (Our marriage is registered and my wife has my surname).

If I was to use solely my wife's name, is there any need for me to declare "no interest in the property" similar to as required when a Thai married to a foreigner buys land?

I'm also interested in what happens in various scenarios if one of us dies but I've probably already asked enough questions! Basically, I'm happy for either or preferably both of us to own the condo, but if someone dies I'd rather it didn't go straight into her families hands. We do have a child, currently an infant.

Any advice on how the law stands/works greatly appreciated.

Edited February 21, 2005 by charles

[nokmdk]

you are buying in the same place my wife and i are and the same way to.

Wish i knew the answeres but im not worryed about whos name its in. I feel if something does happen then i have done my duty and provided a place for her and im free to leave as i please. The fact is something happens is easy enough for us as well. its called a will. Her family have the paper (copy) that i am to live in have full use of the place until the day i die. At that time i reverts back to her family name. If they try to sell from under me or take away its in there also they must pay back all money spent from my wife (you know its me) back to me as its a debt owed to me. I think this covers my worries.

we are getting the 2 bed room 68 sqm in A building. what about you?

[Bobcat]

Joint ownership (thai/foreign) is possible in Thailand for condominiums. If you are a foreigner without permanent residence, however, you will probably need to show the land department that the entire amount came from abroad before they will allow you to put your name on the title deed as the joint owner. I do not believe that a "no interest" letter will be required with respect to a condominium becuase foreigners are permitted to own condominiums under the law.

[Sunny Valentine]

Anyone knows how this joint Condo ownership (half farang half Thai) complies with the max. 49% farang ownership rule?

Sunny

[charles]

I do not believe that a "no interest" letter will be required with respect to a condominium becuase foreigners are permitted to own condominiums under the law.

From reading the law myself (i.e. not expert) in the case of a Thai national married to a foreigner buying a condominium, it refers you back to the rules for buying land i.e have to declare no interest.

Anyway, probably just best to transfer the money in, own it myself and have done with it.

Edited March 7, 2005 by charles

[charles]

you are buying in the same place my wife and i are and the same way to.

its called a will. Her family have the paper (copy) that i am to live in have full use of the place until the day i die. At that time i reverts back to her family name. If they try to sell from under me or take away its in there also they must pay back all money spent from my wife (you know its me) back to me as its a debt owed to me. I think this covers my worries.

we are getting the 2 bed room 68 sqm in A building. what about you?

<{POST_SNAPBACK}>

We're going for a 2 bed too, but 60 sq.m. in C building. I'd get some good advice on the will option if I were you, I don't know if it will be that simple.

[spacebass]

Anyone knows how this joint Condo ownership (half farang half Thai) complies with the max. 49% farang ownership rule?

Sunny

<{POST_SNAPBACK}>

Sunny the 49% farang ownership rule is really another subject.

i.e. a condo complex is built with 100 units in it, 49 of those units (or their value) can be held by farangs, the other 51% by Thais. Get it?

[Sunny Valentine]

Anyone knows how this joint Condo ownership (half farang half Thai) complies with the max. 49% farang ownership rule?

Sunny

<{POST_SNAPBACK}>

Sunny the 49% farang ownership rule is really another subject.

i.e. a condo complex is built with 100 units in it, 49 of those units (or their value) can be held by farangs, the other 51% by Thais. Get it?

<{POST_SNAPBACK}>

Got it, but: In the case of joint ownership, will this be considered as one of the 51% Thai owned, or of the 49% farang owned? Question remains as is.

Sunny

[spacebass]

Anyone knows how this joint Condo ownership (half farang half Thai) complies with the max. 49% farang ownership rule?

Sunny

<{POST_SNAPBACK}>

Sunny the 49% farang ownership rule is really another subject.

i.e. a condo complex is built with 100 units in it, 49 of those units (or their value) can be held by farangs, the other 51% by Thais. Get it?

<{POST_SNAPBACK}>

Got it, but: In the case of joint ownership, will this be considered as one of the 51% Thai owned, or of the 49% farang owned? Question remains as is.

Sunny

<{POST_SNAPBACK}>

Good question!

[nokmdk]

Yeah should do but really im not worryed about who gets the place if something happens to the marriage. She should have something out of it right. As far as if something happens to her then i'd really not be staying any longer as well so it can go to the family if they want it that badly.

We are buying the one in A building as my wife hates them parking lots under the condos lol. give me a pm we can at least know each other for neighbors when its done in july 2006.

[Bobcat]

In the case of joint ownership, will this be considered as one of the 51% Thai owned, or of the 49% farang owned? Question remains as is.

I have been informed by the Land Department that a jointly owned condominium will be considered as foreign owned for the purposes of calculating the Thai/foreign ratio of condominiums in any particula building.

[Sunny Valentine]

Thanks for that info, Bobcat. May I ask at which Land Office you got that information?

Sunny

[Bobcat]

The office in Srinakarin Road, near Seri Centre.