Condos, Do you own the property?

[Johh C]

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?

Can anybody clarify please?

Cheers

John

[Sean@Phuket]

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.

[parkland]

Originally Posted by Johh C

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?

Can anybody clarify please?

Cheers

John

You can find free hold condominium projects , so its yours for life . Its a better option than a lease.

[layangardens]

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