Shared Name On Condo

[mak100]

i bought a condo 5 years ago with my name solely on the chanote(farang)

Can somebody pay me half the condos worth and get their name on the chanote. cheers

[Delight]

There is no specific reference directly that I can find , within the Condo Act , to Joint ownership .

However under that part of the Act that deals with committee membership it states:

SECTION 37/1.- The following persons shall be eligible for appoint­ment as the committee members:

(1) the co-owners or spouses of the co-owners;

(2) the lawful representative, the supporter or guardian in the case of a co-owner being a minor, an incompetent or quasi-incompetent person, as the case may be;

(3) one person as the representative of a juristic person in the case that the juristic person is a co-owner.

In the case that the condominium unit is jointly owned by many co-owners, only one co-owner shall be entitled to be elected to the committee.

Taken at face value then 37/1- 3 suggests that it can be done.

The difficulty is that the Foreign Status that you currently enjoy will be lost . You will have to transfer to a Thai Company.

A lawyer will, of course ,supply the more certain position.

[briley]

Yes you can have joint names on the ownership.

You will have to 'sell' the condo from yourself (singular) to yourselves (plural) and pay the relevant tax. Since you have owned over 5 years that is the lower amount. The tax is based on the land office valuation of the condo not what is actually paid - especially as I assume you will be paying nothing!

At least that is my belief and what I was told when I was going to do the same thing.

[thaiwanderer]

The difficulty is that the Foreign Status that you currently enjoy will be lost . You will have to transfer to a Thai Company.

why do you suggest that?