Condo Ownership

[sned]

All,

I have been paying off my Condo for the past 3 years now. I have to put the property under a Thai Company/Thai Nationals name when the payments complete as 49% of the building was already owned by Foreigners when I bought/entered the agreement.

My question is, lets say for whatever reason during the initial period of agreement to the time I pay the Condo off the Percentage of Thai ownership increases (a Thai buys a foreign owned Condo in the building) do I have the right to buy/finalise the Condo in my own Foreign name?

I have just contacted the Condo management asking for confirmation of the percentage of Thai ownership in the building. Im not sure if they are legally obliged to inform me of this.

Any experiences of this would be gratefully appreciated.

[quiksilva]

If, after your transfer into your name, the total amount of foreign ownership does not exceed 49% then there should be no problem, however there will be the matter of transfer costs associated with changing ownership from your Thai entity to yourself.

[chivo]

i wonder how it works though if a 'foriegner' unit is sold to a 'thai', does the thai have the right to keep it as a 'foriegner' unit so they can protect the resale possibility to foriegner in future? quik?

[BEENTHEREDONETHAT]

Check at the land department, they should be able to tell you the % and answer your questions.

[thaiwanderer]

i wonder how it works though if a 'foriegner' unit is sold to a 'thai', does the thai have the right to keep it as a 'foriegner' unit so they can protect the resale possibility to foriegner in future? quik?

Depends on Thai being stupid enough to pay farang price. Even if looking to flip margin narrow.

[sned]

Update: I had a reply asking why I wanted to know this!!!! it sounds like they have something to hide.

On BEENTHEREDONETHAT's advise I have replied and informed them of my intentions to approach the Land Registry Office, good advise by the way, never thought of that, lets see the response.

I am out the country so cant go to the Land Office for details.

[thaiwanderer]

Update: I had a reply asking why I wanted to know this!!!! it sounds like they have something to hide.

On BEENTHEREDONETHAT's advise I have replied and informed them of my intentions to approach the Land Registry Office, good advise by the way, never thought of that, lets see the response.

I am out the country so cant go to the Land Office for details.

Even if they gave the answer straight away still check with the land office.

You seem a little suspicious as they don't have anything to hide anyway since its a matter of public record and your agreement appears to have been to purchase a Thai quota appartment.

[nitram]

It is not up to the Land Department to keep track of or know the percentage of foreign ownership in any condominiums.

It is the responsibility of the Juristic person of the Condo Management to issue a letter that is taken to the Land Department.

The fact that your condo has a lease, then you do not own it. The only way they will give you that information is if the "Thai owner" agrees that you may change the ownership of the condo into your name depending on the percentage of foreign owners.

You will be paying transfer fees again though.

[thaiwanderer]

It is not up to the Land Department to keep track of or know the percentage of foreign ownership in any condominiums.

It is the responsibility of the Juristic person of the Condo Management to issue a letter that is taken to the Land Department.

The fact that your condo has a lease, then you do not own it. The only way they will give you that information is if the "Thai owner" agrees that you may change the ownership of the condo into your name depending on the percentage of foreign owners.

You will be paying transfer fees again though.

As I understand it from the OP's post (may be incorrect) he is not leasing. He is buying (admittedly paying over a period)?

[-noodles-]

Check at the land department, they should be able to tell you the % and answer your questions.

Does anyone know where the Land Dept is located in Pattaya / Chonburi?

I'd like to go in and ask a few questions.

[nitram]

Yes...you are right transit. I misread the first thread. Sorry

[monty]

Check at the land department, they should be able to tell you the % and answer your questions.

Does anyone know where the Land Dept is located in Pattaya / Chonburi?

I'd like to go in and ask a few questions.

Suksabai Villa, Soi 17.

If coming from South Pattaya, travel on 3th road towards Bali Hai pier. At the first traffic lights past the 3throad traffic lights (Soi 17) turn left and follow till you hit Suksabai Villa. Follow signposts to Land Registry Department...

[monty]

It is indeed the Juristic person of the condo who tracks the percentage of the ownership.

Every transfer towards a foreigners requires a statement from the Juristic person, with full detail of all the owners and how the ownership breaks down between foreigners and Thais.

So it is Juristic who should be able to inform you if it is possible or not.

Land and house department simply follows what the juristic states in their paper...