Buy a condo

[thomas2969]

Hi,

i am on the way to think about to buy a condo from a thai Bank (foreclosure). Somebody told me that thai law say that in a condo house 51% from the condos need to be thai owner and 49% can be farang owner. So, for example if a condo house have totally 11 condos, mean 5 condos can be own from farangs but 6 condos need thai to be the owner. Is that right?

Regards

thomas

[KittenKong]

That's more or less it, though the the ratio is by sqm and not by the number of units. (ie one 100sqm unit counts the same as two 50sqm units.)

The building front office will be able to tell you what the ratio is.

[Anthony5]

And I think there is also a little more to it like the condo must have at least 4 levels, and of course must have applied for the correct license.

May the figures in the OP are only symbolic, but a building with only 11 condo's I'm afraid would never qualify for foreign ownership.

[KittenKong]

And I think there is also a little more to it like the condo must have at least 4 levels, and of course must have applied for the correct license.

May the figures in the OP are only symbolic, but a building with only 11 condo's I'm afraid would never qualify for foreign ownership.

Yes, the building must be registered as a condo for a farang to be able to buy in it but there are three condo buildings in Jomtien which I think have only 15 units each, and they are only 3 stories high. The 49/51 ratio applies to them also.

[dean008]

I have been constantly told not to bother with the banks, because anything decent will be aquired by the staff first (not sure if its true), I have often looked at the properties for sale in the banks and I have to say they usually do look run down and out of the way.

good luck

[ldnguy]

I have been constantly told not to bother with the banks, because anything decent will be aquired by the staff first (not sure if its true), I have often looked at the properties for sale in the banks and I have to say they usually do look run down and out of the way.

good luck

We told you this? Do you really think bank staff have unlimited amounts of money to buy all the good stuff? Do you believe everything you're told? Seems like you could be missing an opportunity because someone else couldn't get it to work. There's only people that say not to bother simply because they don't know what they're doing. Bound to be a few good properties. It's just a matter of finding them. For most people they just won't do the work to find the gems. Maybe they're like you and expect to walk in off the street and being sold a bargain with zero effort.

[KittenKong]

Bank staff may not have the money to buy these properties themselves but I bet that some of them are on a retainer to inform other people as soon as anything worth having appears.

[dean008]

No I do not think bank staff have unlimited money, but tell me who does? I suspect the Directors of the Banks, the bank Managers, their friends associates, and well paid husbands/wives of bank staff have plenty of money (and access to cheap credit) which they would happily use to pick up bargain properties. How many bargain properties have you found at the banks? you say "Bound to be a few good properties", that suggests that that is your opinion/assumption, which also suggests you have no knowledge as to whether it it true or not, which also suggest you have never found a gem of a property at a bank. I have actually done the legwork and looked at properties for sale at the banks and passed on my findings to the original poster.

I have been constantly told not to bother with the banks, because anything decent will be aquired by the staff first (not sure if its true), I have often looked at the properties for sale in the banks and I have to say they usually do look run down and out of the way.

good luck

We told you this? Do you really think bank staff have unlimited amounts of money to buy all the good stuff? Do you believe everything you're told? Seems like you could be missing an opportunity because someone else couldn't get it to work. There's only people that say not to bother simply because they don't know what they're doing. Bound to be a few good properties. It's just a matter of finding them. For most people they just won't do the work to find the gems. Maybe they're like you and expect to walk in off the street and being sold a bargain with zero effort.