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Buy a Condo - some advice


Jackie2013

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18 minutes ago, jetdoc said:

Myself would never consider "Thai company" rout, as putting up 100% of the money for a 49% say, doesn't square with me.

I understand but it doesn't relate at all to my question about, essentially the Jusristic transferring a Thai Ownership Chanote to a Foreign Chanote based on the current mix of Thai/Foreign owned condos.

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5 minutes ago, 1500B said:

I understand but it doesn't relate at all to my question about, essentially the Jusristic transferring a Thai Ownership Chanote to a Foreign Chanote based on the current mix of Thai/Foreign owned condos.

The land office is the only entity with authority to transfer..not the Juristic. 

Juristic are only obligated to provide a letter to the land Office/new owner detailing the Condo ownership percentage (in which case if the foreign ownership will exceed the required Thai/Foreign ownership requirement, then legally the Condo cannot be transferred to a foreigner).

There is no special Thai or Foreign Chanute. There is only the one Chanute for each Condo, which can be in a Thai, Company or Foreign name.

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3 minutes ago, 1500B said:

Just to get to the heart of things, is it routine for existing Thai ownership condos to be transferred to Foreign where there is Foreign quota available?

Of course.   If you buy a Condo at ABC Condominium from a Thai person, and the Condo ratio allows more foreign names, then obviously you would want it in your own name (unless it was someone you knew and trusted, then leave it in the Thai name by all means, which negates any transfer fees/taxes).

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32 minutes ago, jetdoc said:

Found on the net295297311_ScreenShot2022-02-25at10_11_10AM.thumb.png.127f960a5cfb4afff3fd8a9b20aefa06.png

Myself would never consider "Thai company" rout, as putting up 100% of the money for a 49% say, doesn't square with me.

 

As long as the company is set up right as company director you would have the only voting rights and also by far the largest shareholding.

1 hour ago, GorGuy said:

Speak to the people in the Juristic office of the condo building, they will know the quotas (based on SqM of the building owned by farang/Thai) They will also be able to help you directly, without large fees.

Good advice

11 minutes ago, 1500B said:

I understand but it doesn't relate at all to my question about, essentially the Jusristic transferring a Thai Ownership Chanote to a Foreign Chanote based on the current mix of Thai/Foreign owned condos.

Make sure the Juristic office confirm the foreign quota in the building is low enough to transfer a Thai owned/Thai Company unit to foreign ownership and that they are willing to do so, a small backhander might help. I tried to do that with my condo but unfortunately the foreign quota for the building is already to high to make the change.

I own 2 condos, one in in foreign ownership and one in Thai Company name. I recently needed to go to Pattaya City Hall to get a new Blue book for the one in Thai Company name (old book lost) and was worried that they might say something about me being the company director in a company thats sole asset is a condo, as noted in jetdoc's post above, it is technically illegal. They of course needed to see the company papers showing shareholder allocation and my passport but didn't bat an eyelid, in and out with a new Blue Book in 20 minutes. In practice many westerners have owned property in Thai company name for years.

One advantage of owning under Thai Company name is that when you come to sell the transfer cost is negligible since you don't sell the condo, you sell the company - effectively transferring the Directors holding from yourself to the new owner. The condo remains under ownership of the same company so no sale taxes involved. One disadvantage is you need to file company accounts every year, roughly 15k charge for an accountant to do this for you.

Advantages of foreign ownership, you may feel more like you own it, and feel more comfortable knowing that you are 100% within the rules (in practice you effectively own the company anyway and Thailand is unlikely to ever enforce these rules). One disadvantage (over Thai Company route) is that you may have significant taxes to pay when you come to sell, and some farangs will not entertain buying anything not under foreign quota so your sales market is smaller.

 

 

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35 minutes ago, thainet said:

The land office is the only entity with authority to transfer..not the Juristic. 

Juristic are only obligated to provide a letter to the land Office/new owner detailing the Condo ownership percentage (in which case if the foreign ownership will exceed the required Thai/Foreign ownership requirement, then legally the Condo cannot be transferred to a foreigner).

Interesting, I asked Magna Carta Law Firm about this recently while carrying out other business with them, they advised that I can only transfer from company to foreign ownership providing the juristic office agree to it - and also providing the foreign quota isn't to high of course. I only have it verbally from the Juristic Office that the foreign quota is to high.

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18 minutes ago, shagwell said:

Interesting, I asked Magna Carta Law Firm about this recently while carrying out other business with them, they advised that I can only transfer from company to foreign ownership providing the juristic office agree to it - and also providing the foreign quota isn't to high of course. I only have it verbally from the Juristic Office that the foreign quota is to high.

This is basically same as I described. The Juristic have no jurisdiction on who can buy or sell, but yes they must agree on the premise of the foreign quota.

Tip::::  If the Juristic don't want to provide written evidence of the quota ratio (which they are actually obliged too, and only tell you verbally) then this information can be provided by the Land office.

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14 minutes ago, thainet said:

This is basically same as I described. The Juristic have no jurisdiction on who can buy or sell, but yes they must agree on the premise of the foreign quota.

Tip::::  If the Juristic don't want to provide written evidence of the quota ratio (which they are actually obliged too, and only tell you verbally) then this information can be provided by the Land office.

Thanks for the tip.

Question - Are the foreign quota allowances allocated for the whole condominium estate or separately by building. e.g. if the whole estate across all buildings had 49% foreign ownership but my particular building had only had 40% foreign ownership could I transfer a Thai company unit to foreign ownership in that building? (My condo estate consists of several separate buildings each containing a number of condos but all come under the same juristic office, and all share the same communal facilities - swimming pool, gym etc).

Edited by shagwell
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2 minutes ago, shagwell said:

Thanks for the tip.

Question - Are the foreign quota allowances allocated for the whole condominium estate or separately by building. e.g. if the whole estate across all buildings had 49% foreign ownership but my particular building had only had 40% foreign ownership could I transfer a Thai company unit to foreign ownership in that building? (My condo estate consists of several separate buildings each containing a number of condos but all come under the same juristic office).

Good question and I don't know the answer.

But having dealt with the Land office for many years, I would presume all the buildings would be classified as one entity.

Another tip::::  Many Condo Juristics are not that ethical, and they always have ways to help situations as you have written about above. Years ago I wanted to transfer a Condo into a foreign name, but Juristic advised the quota was full, but a Real Estate office located at the Condo told me they had 2 foreign quota purchases available (for a fee of course, and this was a deal between them and the Juristic). So I would say most things are possible!.

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13 minutes ago, thainet said:

Good question and I don't know the answer.

But having dealt with the Land office for many years, I would presume all the buildings would be classified as one entity.

Another tip::::  Many Condo Juristics are not that ethical, and they always have ways to help situations as you have written about above. Years ago I wanted to transfer a Condo into a foreign name, but Juristic advised the quota was full, but a Real Estate office located at the Condo told me they had 2 foreign quota purchases available (for a fee of course, and this was a deal between them and the Juristic). So I would say most things are possible!.

Yes at the complex where i have one in foreign ownership they are helpful and I know for a fact that the building is above the allowed foreign quota, the juristic person knows someone at the land office very well! Unfortunately the Juristic at my other complex is extremely unhelpful in every regard and disliked by many who live there. There are a couple of owners who own multiple condos on the site and I'm pretty sure any spare foreign ownership allocation is saved for when they need it :sad: -  i want to force her hand if I find out that their is spare foreign quota available. 

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Looking through the advertised prices, Thai prices are almost always significantly cheaper than Foreign owned.

Would it there be a good strategy when condo hunting to always look at the Thai owned Condos with a view to transfer the condo into the Foreign pool?

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The difference in Thai/foreign price seems to be about 8%, and not sure if it is a fee imposed at land office or profit to builder/seller. There are ways to lease land and own dwellings built on the land. Coming clean, I put up all the money but land and dwellings are in the wife's name, and occasionally she listens to my wishes. ;o)

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Seems to me that in the new developments foreign quota sells out first, thus when the wife and I are inquiring they like when we say buying Thai name. Another thing seems like the more preferred/more pricy units are reserved for foreign ownership.

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why would it take few months if the quota is actually available as the "agent" states ? makes no sense and do not ever ever trust a agent in pattaya or thailand , any former disher can work as agent here and most of em are compeltely clueless and undereducated .

as mentioned check juristic as step 1 , landoffice however is the ones in charge so make sure the contract clearly state its only valid in foreign quota , any thai named unit should be atleast 20% off as thais simply dont buy condos except for rental purposes , they love to own land .

also no real reason to pay any deposit , just pay full amount on landoffice and always keep your safety as prio 1 

would never ever consider a thai named or company owned unit myself , paperworks and junk needed and all in thai with costs is simply not needed with the huge oversupply of sales and basicly no or extremely few buyers .

thai market has 0 forgiveness for bad decisions so take your time , it will be worth it in the end .

.

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  • 3 weeks later...
On 25/02/2022 at 12:32, 1500B said:

The advertised price difference between Thai owned to Foreigner owned in my building is anywhere from  B500K to way beyond that.

Need to add 500k to the price to make the buyer fell like they a getting a deal.

Anyhow i would ask tony justice  at magna carta free consultation or email will get a reply i think there fee will be at minimum 20k+

Ask a silly question and i'll leave a silly answer  

Would have been easier if you googled it yourself.    

Thanks spelling and grammar checkers for being a ?%6433%#E

Quote if you expect a reply.  

THE THING ABOUT COMMON SENSE IS THAT IT'S THAT NOT COMMON                                                                        

 IT'S NOT ROCKET SURGERY       quote from Anna Nicole Smith.

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