Buying a condo/house

[The_Fat_Controller 25]

Geewizz,

 

It's here

 

http://www.thebangkokcondo.com/eng/nara.html

 

All sold now, sorry.

 

I bought a 2 bedroom 75 sq.m on top floor two years ago for 4.94 million Baht.

 

PS. Have checked my documents, I DO NOT HAVE A LEASE OF ANY SORTS.

 

I OWN the condo.

Edited August 7, 2007 by The_Fat_Controller

[The_Fat_Controller 25]

After a lot of searching, I have found the answer.

 

6. What is a “condominium” under Thai Law?

 

Answer: The Condominium Act (The Commonly-Owned Housing Act of 2522) defines a “condominium” as a building featuring privately-owned property and common property. The owners of condominium unit own the land through a juristic person of condominium.

 

From here

 

http://www.siam-legal.com/ps_faq.html

 

QED. I DO own a share of the land on which my condo stands, albeit through the juristic person.

Edited August 7, 2007 by The_Fat_Controller

[Munchin glad rags 0]

After a lot of searching, I have found the answer.

 

6. What is a “condominium” under Thai Law?

 

Answer: The Condominium Act (The Commonly-Owned Housing Act of 2522) defines a “condominium” as a building featuring privately-owned property and common property. The owners of condominium unit own the land through a juristic person of condominium.

 

From here

 

http://www.siam-legal.com/ps_faq.html

 

QED. I DO own a share of the land on which my condo stands, albeit through the juristic person.

 

 

As stated you dont own the freehold- well done for being honest

[lostinpattaya 0]

25 or 30 I have seen, in uk you can get 1000 year leases and 125 , 99 as said infact its between the owner of the Land (the freeholder) and the owner of the building (the leaseholder)

Falang cant own freehold in Los-

Are you really as stupid as your posts indicate Munchin or are you just a troll ? TFC has been very patient with you.

[sinbinjack 244]

Are you really as stupid as your posts indicate Munchin or are you just a troll ? TFC has been very patient with you.

what makes you so expert that you call people stupid ,when the facts as stated are quite clear if you don't own the land your building stands on then you cant be a FREEHOLDER.In Thailand you cant as a farang own land so therefor cant be a freeholder.That is the question you have to answer before you call people stupid.If on the other hand you can tell us how we as farangs can own land in our own names (legally and not using bogus companies) then please do so, as you would be a savior to many who want to own their own homes in Pattaya .

[The_Fat_Controller 25]

Gentlemen, do not start a slanging match please.

 

However please take the time to READ my posts and links.

 

To answer the original question, I DO NOT have any form of lease on my condo.

 

I own it.

 

According to the link from Siam Legal, I also own a share of the land and common property.

Edited August 8, 2007 by The_Fat_Controller

[lostinpattaya 0]

to own a property free and clear you need to be the FREEHOLDER that means the person who owns the land that your building stands on if you don't own the land then you are a LEASEHOLDER as you own the building but only rent (lease) the land for as long as the lease lasts.

sinbinjack all condos that I have ever owned in Australia and Thailand have worked the same .I own the condo and combined with the other unit owners we own the land there is no lease.If the building collapses and is no more then we can sell the land and divide up the proceeds. In Australia a strata title is the most common title associated with town houses and home units and is evidence of ownership of a unit, which is called a ‘lot’.

[sinbinjack 244]

Then again my question is how can you own any land as it is forbidden by Thai law.What you are talking about is in the UK called joint freehold where each of the flats has an equal share of the land (not all flats have this protection in the UK)but anyone is allowed to own land in the UK unlike Thailand ,so how can you legally own land as its forbidden by law.

PS TFC gave a website as proof that he "OWNS" his condo with no lease but my reading of the web site is that while he "OWNS" his condo there is still a lease on his condo ,because it clearly says that if you build on land that you do not own then you can have a maximum of a 30(60in some cases) year lease the can be extended for a further 30 year lease.There is no evidence that it can or will be extended further ,if this is the case then no matter who told TFC that he owns the land it's not true, he is a Leaseholder .I admit it does say on that web site that owners of condos are FREEHOLDERS but I come back to the point if you don't and can't own the land, how can you be a FREEHOLDER.I would be happy to be wrong as this would help me in later years when I may buy in Pattaya ,but I would like to KNOW.

Edited August 8, 2007 by sinbinjack

[The_Fat_Controller 25]

I think, at the end of the day, the concession that allows a foreigner to own up to 49% of the area of a condominium should not be confused with the law regarding an actual plot of land.

 

Owning a share of the land by default through the juristic structure does not mean I am flouting any law and it would appear that this is the only way a foreigner can have any interest in land in Thailand.

 

I have many friends in Bangkok and Pattaya that OWN condos and we all have one thing in common.

 

NOT ONE OF US HAS ANY FORM OF LEASE.

 

They belong to us and are ours to sell as allowed by law and to leave to whoever we wish when we croak.

[Geewizz 0]

Come on guys, lets cool it a bit.

 

Some threads are asking for abuse but not this one! TFC is trying to be helpful by telling us his experiences and what he thinks is right!

We can all disagree but we can also 'ALL' learn something from eachother.

 

Thanks again TFC and all you guys for input, if TFC is right then I'll be looking for the same deal when I buy!

 

Any more info will be great !!

[sinbinjack 244]

No abuse intended ,It's just that, What I have been told and what I have read, seem to be at odds with what TFC is saying .I do hope he is right ,but am still to be convinced.

[Gary 4,100]

No abuse intended ,It's just that, What I have been told and what I have read, seem to be at odds with what TFC is saying .I do hope he is right ,but am still to be convinced.

 

There is a document here in Thailand known as a chanote. That is the document that establishes ownership of a property. If your name is on that document, you own that property. The chanote for a condo looks exactly like the chanote for a house or land. My name is on one of those documents so I own my condo free and clear. To clear up your concern, a farang CAN legally own land through a company. BUT, only within the 49 percent of the company that actually owns the land. The farang has no control of the other 51 percent. To have control of the land through bogus shareholders is NOT legal. When you own a condo you own the unit and the small portion of the land associated with it WITHIN the 49 percent rule. It is perfectly legal and safe.

 

The bogus companies are set up with the farang owning 49 percent of the company. What makes it NOT legal is the fact that the majority Thai owners have no investment nor do they have any voting rights. This gives the farang absolute control over the property. Sounds like a good idea but it is quite obviously against the law.

[papillon 695]

Very interesting thread but still nothing conclusive.

 

If the Thai 51% decide to sell the land to a developer who wants to tear down the condo block and build a mall, what can the Falang 49% do about that?

 

There's no lease agreement so there's no protection there.

 

Are there any safeguards against this?

 

It seems to me after reading this thread (I haven't read any of the links) that getting a 30 year lease on a plot of land is a more secure option than owning a condo. You are guaranteed 30 years relative security, not considering a compulsory purchase by the Government.