Condos, Do you own the property?

Discussion in 'Thailand property' started by Johh C, Jan 24, 2008.

  1. Johh C

    Johh C New Member

    Just wondered how the purchase situation is different with Condos
    Do you actually own the Property, or do you end up signing a contract for a long term lease 30 years or so, possibly renewable?:confused:

    Can anybody clarify please?:)

    Cheers

    John
     
  2. Sean@Phuket

    Sean@Phuket New Member

    reply

    Hey John, maybe this might help you a little... basicly yes you do own the condo.:) 12property. com

    Buying a Condo
    Buying a condominium, is perhaps the simplest and easiest option available to foreigners. The only restrictions on purchasing a condominium, are that the percentage of units sold to foreigners cannot exceed forty nine percent (49%) of the total number of units in the condominium block; and that the funds used to buy the condominium have been remitted from abroad and correctly recorded as such by a Thai Bank on a Tor Tor Sam. Purchases of condominiums by foreign individuals come under the jurisdiction of the Condominium Act B.E. 2535 (1992).
    The owner of each condominium is issued with a certificate of unit ownership. The certificate also has a statement saying exactly what percentage of rights over the common areas of the building each owner has.
     
  3. parkland

    parkland New Member

    Free hold


    You can find free hold condominium projects , so its yours for life . Its a better option than a lease.
     
    Last edited by a moderator: Jul 22, 2008
  4. layangardens

    layangardens New Member

    John,


    Below is a question we get asked as a devloper in Thailand on a regualr basis

    Can I, as a non-Thai national own the land upon which the apartment is built?

    Answer. There are ways for this to be achieved however because we at layangardens and lunaphuket are offering 90 years leases (3 x 30 years) and giving the owners the control of the land owning company upon completion it isn't deemed necessary.

    Hope the above helps you with your answer and your future goals.

    Tony
    LAYANGARDENS
     
  5. charlieboy747

    charlieboy747 New Member

    I'd say you own it for as long as you can hide the deeds from your wife!!!
     
  6. shiranbhasi

    shiranbhasi New Member

    Dear John,

    I can help you out wih your inquiry. Contact me on 055 9811458 urgently.
     
  7. gretasinclair

    gretasinclair New Member

    If your lucky enough to buy a freehold, you can put it in your own name. 49% of the development is open to foreign ownership.
    Greta
    Phuket Real Estate
     
  8. TCproperty

    TCproperty New Member

    Hello there,

    Thai law states that only 51% of the condo has to be Thai owned and the rest can be owned by foreigners. it becomes yours and you will be able to own if you decide to purchase it. the only thing that the foreigners cannot purchase is land in thailand.
     
  9. ted

    ted New Member

    If 51% of the condos/apartments in a building are owned by Thai nationals then teh remaining 49% can be free hold. This law only really works in Bangkok where the majority of condos/apartments are owned by Thai nationals. In places like Phuket or Samui, the legality of teh freehold condos/apartments should always be check. Make sure you always do your due diligence before anything else!
     
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