Court voids 'secured' foreigner property leases

Ask here about the pleasures and pitfalls of buying, selling or renting property and real estate in Hua Hin. Building, design and construction topics welcome. Commercial or promotional posts for real estate companies or private properties are forbidden.
gerryha
Member
Member
Posts: 69
Joined: Wed Mar 20, 2013 11:26 pm

Re: Court voids 'secured' foreigner property leases

Post by gerryha »

Does anyone know our possition.? We set up a legal entity under Thai law so that the home owners also own the estate, we therefore are also the lessors.
laser
Specialist
Specialist
Posts: 131
Joined: Sun Oct 26, 2014 5:17 pm
Location: here & there

Re: Court voids 'secured' foreigner property leases

Post by laser »

Takiap wrote:I've seen mention in this thread that foreigners cannot own apartments????? I though Farang could legally own apartment?
I also spotted that that vague and inaccurate statement. For example, 'aliens' can be owners if the residential apartment is registered under the Condominium Act. Like myself shall be, soon :)
User avatar
Bristolian
Deceased
Deceased
Posts: 3128
Joined: Fri Nov 09, 2012 1:38 pm
Location: Hua Hin & Bangkok

Re: Court voids 'secured' foreigner property leases

Post by Bristolian »

^^ it's a very inaccurate statement. Foreigners can still own appartments/ condominiums. The law has not changed in this respect including the % of appartments or condos that can be owned by forigners in any particular development. The reporting of facts in Thailand is no better than the UK press.

Lost in translation I guess. Don't panic!
"'The two most important days in your life are the day you are born and the day you find out why." - Mark Twain
HHTel
Hero
Hero
Posts: 10806
Joined: Mon Feb 12, 2007 7:44 pm

Re: Court voids 'secured' foreigner property leases

Post by HHTel »

A usufruct can also be given to more than 1 person at the time. With the usufruct, you are registered on the title deed. The land can never be sold or transferred by the owner of the land until the servitude is terminated. You can also get a yellow book which is a House Registration Certificate (Thor. Ror 13).
A good reason not to talk to this legal firm as they have it wrong. It's their opinion only and quite invalid. Property with a usufruct attached can be sold by the owner (although who would buy it). It's a bit like selling a property in the west that has sitting tenants. The yellow book is only a registration of residence - the farang equivalent of the Thai tabien bahn (blue book).

Don't believe everything coming out of a so-called legal firm. They're after your money and will 'bend' the rules to suit their clients. But in court --- no chance.
User avatar
Name Taken
Suspended
Suspended
Posts: 1025
Joined: Sat Nov 18, 2006 1:57 pm

Re: Court voids 'secured' foreigner property leases

Post by Name Taken »

laser wrote:
Takiap wrote:I've seen mention in this thread that foreigners cannot own apartments????? I though Farang could legally own apartment?
I also spotted that that vague and inaccurate statement. For example, 'aliens' can be owners if the residential apartment is registered under the Condominium Act. Like myself shall be, soon :)
It's my understanding that the Condominium must maintain a minimum of 51% Thai ownership, I hope the residents or owners association never vote you out.
User avatar
Nereus
Hero
Hero
Posts: 10869
Joined: Tue Jan 02, 2007 3:01 pm
Location: Hua Hin and Bangkok

Re: Court voids 'secured' foreigner property leases

Post by Nereus »

Name Taken wrote:It's my understanding that the Condominium must maintain a minimum of 51% Thai ownership, I hope the residents or owners association never vote you out.
Yes, it is 51% Thai ownership.

But it is nowt to do with the residents, or any owners association.
That law is administered by the Land Dept, and a Farang buyer has to provide a "certificate" from the Condominium Juristic stating that his purchase will not exceed the 51% Thai ownership regulation, before the title can be transferred.
May you be in heaven half an hour before the devil know`s you`re dead!
User avatar
Name Taken
Suspended
Suspended
Posts: 1025
Joined: Sat Nov 18, 2006 1:57 pm

Re: Court voids 'secured' foreigner property leases

Post by Name Taken »

Nereus wrote:
Name Taken wrote:It's my understanding that the Condominium must maintain a minimum of 51% Thai ownership, I hope the residents or owners association never vote you out.
Yes, it is 51% Thai ownership.

But it is nowt to do with the residents, or any owners association.
That law is administered by the Land Dept, and a Farang buyer has to provide a "certificate" from the Condominium Juristic stating that his purchase will not exceed the 51% Thai ownership regulation, before the title can be transferred.

If the 51% has nothing to do with residents, then what does the 51% Thai ownership have to do with?
HHTel
Hero
Hero
Posts: 10806
Joined: Mon Feb 12, 2007 7:44 pm

Re: Court voids 'secured' foreigner property leases

Post by HHTel »

Nereus, you are 100% correct.
Post Reply