Court voids 'secured' foreigner property leases
Re: Court voids 'secured' foreigner property leases
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.
Re: Court voids 'secured' foreigner property leases
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, soonTakiap wrote:I've seen mention in this thread that foreigners cannot own apartments????? I though Farang could legally own apartment?
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Re: Court voids 'secured' foreigner property leases
^^ 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!
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
Re: Court voids 'secured' foreigner property leases
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).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).
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.
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Re: Court voids 'secured' foreigner property leases
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.laser wrote: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, soonTakiap wrote:I've seen mention in this thread that foreigners cannot own apartments????? I though Farang could legally own apartment?
Re: Court voids 'secured' foreigner property leases
Yes, it is 51% Thai ownership.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.
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.
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Re: Court voids 'secured' foreigner property leases
Nereus wrote:Yes, it is 51% Thai ownership.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.
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?
Re: Court voids 'secured' foreigner property leases
Nereus, you are 100% correct.