Joint Ownership Condominium

[BuffaloRescue]

Hi

Just wandering if I can have a joint ownership with my Thai partner (not wife)

How does that work? Easy to set up?

I assume (if it IS possible) it would have to be a unit available for foreign ownership (on the allocation)

If it IS possible, do I also need to do the Tor Tor 3 (foreign exchange thing) if it is going in joint name

Cheers

Edited September 21, 2011 by BuffaloRescue

[Delight]

Interesting Question

In the condo where I live we have one such arrangement.

However for certain the condo is in the Thai allocation.

Both names are on the Chanote.Apparently the Land Registry Office encouraged this

I suspect ,but do not actually know,if their relationship ended -then she would have 100% legal owner ship.

I asked him what would be the ownership outcome if she pre -deceased him. He admitted that he had no idea

Given that you have no intention of ending the relationship then buy in a Farang name (better re-sale values apply) and Will the condo to her.

Of course this may not be for you

Perhaps you could detail your motives for such an arrangement.

Ref the Tor Tor 3-This is my understanding -If your girlfriend 100% funds the purchase from income generated in Thailand then this document is not required.

Any funds used on the purchase that were not generated in Thailand will need the support of this document

Edited September 21, 2011 by Delight

[InterestedObserver]

Under the circumstances I don't believe joint condominium ownership is possible, especially if under the foreign quota. You would need to be legally married to claim joint ownership rights IAW the Civil and Commercial Code.

Edited September 21, 2011 by InterestedObserver

[BuffaloRescue]

Interesting Question

In the condo where I live we have one such arrangement.

However for certain the condo is in the Thai allocation.

Both names are on the Chanote.Apparently the Land Registry Office encouraged this

I suspect ,but do not actually know,if their relationship ended -then she would have 100% legal owner ship.

I asked him what would be the ownership outcome if she pre -deceased him. He admitted that he had no idea

Given that you have no intention of ending the relationship then buy in a Farang name (better re-sale values apply) and Will the condo to her.

Of course this may not be for you

Perhaps you could detail your motives for such an arrangement.

Ref the Tor Tor 3-This is my understanding -If your girlfriend 100% funds the purchase from income generated in Thailand then this document is not required.

Any funds used on the purchase that were not generated in Thailand will need the support of this document

Basically we are both independent money earners. I dont pay my partner a salary we just share what we have so it makes sense to put in joint names. I think she wants me to make a commitment to her, actually when i suggested putting in her name only she didnt like the idea wants us to own something together

About tor tor sam. The funds for the condo are currently in an australian bank account, which is a joint bank account in both our names

I should also add, this condo is in chiang mai.. and in an area where there arent many farangs. When i spoke to the condo sales staff they didnt know anything about "foreign ownership quota" or have an allocation for thai or farang

Edited October 1, 2011 by BuffaloRescue

[Darrel]

I should also add, this condo is in chiang mai.. and in an area where there arent many farangs.

Then quota isn't an issue. Put it in any name you like. Quota is only an issue in buildings where farangs would like to buy more than half the units. Even right on the beach in Jomtien there are buildings where the quota is not an issue, as farangs only own a small percentage of the units. Nobody cares who buys what in those buildings (and mostly those buildings are half-empty anyway, but that's another story).