Bkk Condo'S Without Foreign Ownership Quota

[stix9]

I was informed by the developer that Bloc 77 condo complex in On Nut is not subject to a foreign ownership quota and it seems condo's in certain areas of Bangkok are like this and dont have the foreign ownership restriction to 49 %of units in the complex.

Is this correct ?

How can I check to make sure this is not an issue with the condo I would like acquire ? Thanks.

[richard_smith237]

Did the sales tell you that to secure a deposit ?

You are doing the correct thing by double checking this. Perhaps try at the local amphur office (you will need to either speak excellent Thai or have an educated translater with you)....

[ShopBoy]

does that mean if i can buy the whole block i own the piece of land as well ?

[donx]

There was a time after the crash in 1997 when some condos were allowed to sell more than 49% of the living space to foreigners. Since this condo project is new I know that this exception can't applied to these condos. If there isn't any restriction on the foreign ownership percentage then perhaps the land that the project is built on is leased land and you don't actually own any land when you buy a unit. Check it out carefully is all I have to say.

[donx]

On the developer's own website they stipulate that foreigners can only own 49%. Perhaps whoever you talked to meant that the 49% foreign ownership hasn't been achieved and therefore isn't anything you need to be concerned about.

The following is a link to the developer's website:

http://www.sansiri.c...7/en/guide.aspx

[stix9]

The selling agent did not mention anything about the foreign ownership issue. I asked the agent and was informed that it was ok for me to buy the unit because "other foreigners had bought units in the complex".

Sorry what is the "local Ampur office " ?

Could a Thai lawyer clarify the foreigner ownership quota compliance ?

[MJo]

Lease hold?

If i remember correctly there is some around Langsuan...

[stix9]

The selling agent has confirmed in writing that i can purchase the condo within the condo which is within the 49 % foreign quota.o

I am uncertain at this stage whether to simply rely upon that representation.

There must be a search that can be conducted to establish the level of foreign ownership in any condo complex?

[travelmann]

The selling agent has confirmed in writing that i can purchase the condo within the condo which is within the 49 % foreign quota.o

I am uncertain at this stage whether to simply rely upon that representation.

There must be a search that can be conducted to establish the level of foreign ownership in any condo complex?

yes its called the NITI office, go down and ask them.

[PattayaParent]

The selling agent has confirmed in writing that i can purchase the condo within the condo which is within the 49 % foreign quota.o

I am uncertain at this stage whether to simply rely upon that representation.

There must be a search that can be conducted to establish the level of foreign ownership in any condo complex?

yes its called the NITI office, go down and ask them.

I don't know the building in question but surely it would depend on whether chanotes had been issued yet?

If it is still off plan with no registered chanotes then only the developer would know.

Best to have written into the contract that the unit is guaranteed to be registered within the 49% foreign quota if buying off plan.

[Tanaka]

The deeds for condos are not Chanotes. These are for land only but many hapslappy estate agents call them incorrectly. And the 49% does not mean a quota of condos but the actual floor area covered by the condos. Not the same. And what happens if, later, thai owners move out and sell to foreigners thus increasing the foreign ownership above 49%?

[indothai]

Don't rely on the sales to give you legal advise, their job is to sell. Always best to triple check. The 49% rule is foggyly understood at best, most Thais don't care for it because it does not apply to them.

[Darrel]

The deeds for condos are not Chanotes.

What are they then? I've never heard them called anything other than "chanote", even by Thais.

And what happens if, later, thai owners move out and sell to foreigners thus increasing the foreign ownership above 49%?

They can't. The Land Office wont let them. This is the whole point.

[trajan]

What are they then? I've never heard them called anything other than "chanote", even by Thais.

technically, they are "NangSue Gamasit Hongchut" or roughly "Documents representing Ownership of Condo Unit"...but that is just too much to say, so people just colloquiallyrefer to them as "chanote"

[the actual "chanote" of the underlying land of the condominium project is retained by the Land Office (with a notation of registration of the project as a Condominium under the Condominium Law)..see Section 9 of the Condominium Law.]

[Darrel]

technically, they are "NangSue Gamasit Hongchut" or roughly "Documents representing Ownership of Condo Unit"...but that is just too much to say, so people just colloquiallyrefer to them as "chanote"

Well, as they say, if it looks like a duck and quacks like a duck .........

[beachyman]

You have to add to your contract a provision that stipulates that the developer, or anybody they delegate theirs sales duties to, can only sell up to the 49% mark share of the land and condo. If at the time of transfer, they fail to be able to effectuate the transfer due to sale above the 49% then you have the option to invalidate the contract, have all monies reimbursed plus interest and costs accrued.

That said, I would not personally want to engage in a lengthy legal dispute with a Thai developer. You should probably try to find a reputable lawyer that can check with the land office if the developer has registered the condominium under the condo act and find some buyers and talk to them as well.

[trajan]

technically, they are "NangSue Gamasit Hongchut" or roughly "Documents representing Ownership of Condo Unit"...but that is just too much to say, so people just colloquiallyrefer to them as "chanote"

Well, as they say, if it looks like a duck and quacks like a duck .........

but they are not ducks...

Tanaka said that they "are not chanotes" and you asked "what are they then?"

the answer is "NangSue Gamasit Hongchut"

[trajan]

"I was informed by the developer that Bloc 77 condo complex in On Nut is not subject to a foreign ownership quota and it seems condo's in certain areas of Bangkok are like this and dont have the foreign ownership restriction to 49 %of units in the complex.

Is this correct ?"

the above was the original posted question on this thread....

what are you talking about?

even the Sansiri developer's website of blocs77 states in its "buyer guide" that foreigners may only buy 49%

http://www.sansiri.c...7/en/guide.aspx