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khall64au

Condominium Act

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khall64au    0

Can anyone shed further light on revision of Condo Act?

"The cabinet has also approved the re-drafting of the condominium Act – removing the 49% foreign ownership limit – and has asked the Ministry of Interior to look in to raising the percentage for personal foreign investment in condos in Bangkok and the resort destinations, including Phuket, Samui and Pattaya."

http://phuket-post.com/article.php?id=603

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ThaiBob    679
Can anyone shed further light on revision of Condo Act?

"The cabinet has also approved the re-drafting of the condominium Act – removing the 49% foreign ownership limit – and has asked the Ministry of Interior to look in to raising the percentage for personal foreign investment in condos in Bangkok and the resort destinations, including Phuket, Samui and Pattaya."

http://phuket-post.com/article.php?id=603

No, we are all still holding our collective breath. Thanks for the link. This has huge implications for land/housing owners current and future. The only thing I like in the article is the last paragraph you quoted. This was done in 1999 (but only for a five year period) to jump start the condo market.

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cclub75    2
No, we are all still holding our collective breath. Thanks for the link. This has huge implications for land/housing owners current and future. The only thing I like in the article is the last paragraph you quoted. This was done in 1999 (but only for a five year period) to jump start the condo market.

This "news" about Condo Act didn't make it to the main stream daily newspapers, like BKK Post, Nation.

And during the long discussion about FBA 2 (still not closed, for that matter this article is a bit misleading) we never heard about a possible revision or amendment of the Condo Act.

This is very surprising.

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khall64au    0
No, we are all still holding our collective breath. Thanks for the link. This has huge implications for land/housing owners current and future. The only thing I like in the article is the last paragraph you quoted. This was done in 1999 (but only for a five year period) to jump start the condo market.

This "news" about Condo Act didn't make it to the main stream daily newspapers, like BKK Post, Nation.

And during the long discussion about FBA 2 (still not closed, for that matter this article is a bit misleading) we never heard about a possible revision or amendment of the Condo Act.

This is very surprising.

According to law firm Tilleke & Gibbins, they too are surprised that no journalist has bothered delving further into same complex Thai property questions:

According to T&G: the Phuket Post report is correct. The proposed % is however unknown.

Best Regards

John R. Howard

Managing Director

Tilleke & Gibbins International Phuket Ltd

The proposed % is however unknown.

Best Regards

John R. Howard

Managing Director

Tilleke & Gibbins International Phuket Ltd

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briley    65

A group from our condo were talking to a senior legal chap from the Bangkok land registry during a visit he was making to Chiang Mai last month.

His trip was part of looking into a new condo act to update the condo law.

What is proposed is beyond me but it seems some effort is being made to produce a new law.

Incidentally does anyone know of an English translation of the 2534 statute?

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cclub75    2
According to law firm Tilleke & Gibbins, they too are surprised that no journalist has bothered delving further into same complex Thai property questions:

According to T&G: the Phuket Post report is correct. The proposed % is however unknown.

Fair enough.

But I still doubt....

I mean, FBA 2 has still large backfire effects (2 days ago, during the visit of PM in Japan, japanese businesses have spoken about it again).

A Condo Act 2 with higher % would be really like a sweet to give to foreigners (and at no cost ! ), from a PR point of view.... Why the gvt didn't use it ?

Thai press is always very happy to dispatch the good news from the gvt... :o

Now that we know that real estate starts to look bad (Finance Minister want to take some steps to boost the market)... a revision of Condo Act would perfectly make sense.

However, I'm wondering if the people in Phuket are not taking... their dreams for reality.

Anyway. Time will tell.

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eljeque    1

If the condo act were to be chnaged and the % went to 60%, who would be the lucky buyers given the right to change from a company or their wife's name or... to their own name. Would it be done in the sequence of registry? It was done before, so it cannot be very difficult, but I was wondering.

According to law firm Tilleke & Gibbins, they too are surprised that no journalist has bothered delving further into same complex Thai property questions:

According to T&G: the Phuket Post report is correct. The proposed % is however unknown.

Fair enough.

But I still doubt....

I mean, FBA 2 has still large backfire effects (2 days ago, during the visit of PM in Japan, japanese businesses have spoken about it again).

A Condo Act 2 with higher % would be really like a sweet to give to foreigners (and at no cost ! ), from a PR point of view.... Why the gvt didn't use it ?

Thai press is always very happy to dispatch the good news from the gvt... :o

Now that we know that real estate starts to look bad (Finance Minister want to take some steps to boost the market)... a revision of Condo Act would perfectly make sense.

However, I'm wondering if the people in Phuket are not taking... their dreams for reality.

Anyway. Time will tell.

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ThaiBob    679
If the condo act were to be chnaged and the % went to 60%, who would be the lucky buyers given the right to change from a company or their wife's name or... to their own name. Would it be done in the sequence of registry? It was done before, so it cannot be very difficult, but I was wondering.
According to law firm Tilleke & Gibbins, they too are surprised that no journalist has bothered delving further into same complex Thai property questions:

According to T&G: the Phuket Post report is correct. The proposed % is however unknown.

Fair enough.

But I still doubt....

I mean, FBA 2 has still large backfire effects (2 days ago, during the visit of PM in Japan, japanese businesses have spoken about it again).

A Condo Act 2 with higher % would be really like a sweet to give to foreigners (and at no cost ! ), from a PR point of view.... Why the gvt didn't use it ?

Thai press is always very happy to dispatch the good news from the gvt... :o

Now that we know that real estate starts to look bad (Finance Minister want to take some steps to boost the market)... a revision of Condo Act would perfectly make sense.

However, I'm wondering if the people in Phuket are not taking... their dreams for reality.

Anyway. Time will tell.

Sequence of registry would be fair but may be difficult to administer. I would hope the % would be much higher than 60 (maybe 75-100) so to jump start the market.

Here's a summary of the proposed Condo Act changes. I'm not sure it is wise to drop the requirement that the unit must be free from any liens/encumberances before it can registered at the Land Office. What recourse would a Homeowners Association have against owners whose dues are in arrears?

http://www.jsm-law.com/live/Portal?xml=leg...content_id=2865

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cclub75    2
Here's a summary of the proposed Condo Act changes.

http://www.jsm-law.com/live/Portal?xml=leg...content_id=2865

Ah we are moving forward.

"At present the draft proposed amendments are being considered by The Office of The Council of State before it is passed to The National Legislative Assembly for further consideration. "

But I'm still curious : who proposed this amendment ?

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ZZZ    13
A group from our condo were talking to a senior legal chap from the Bangkok land registry during a visit he was making to Chiang Mai last month.

His trip was part of looking into a new condo act to update the condo law.

What is proposed is beyond me but it seems some effort is being made to produce a new law.

Incidentally does anyone know of an English translation of the 2534 statute?

Official translations of all relevant land statutes can can be found at Department of Lands web site:

http://www.dol.go.th/eng_version/menu.php

Maybe someone could pin this to link to this forum as it answers a lot of questions and the information is first hand, until the laws are changed but hopefully this page will then be updated :o

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briley    65

Thanks for the link but it doesn't cover the 2534 or the 2522 condo laws unfortunately.

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ZZZ    13
Thanks for the link but it doesn't cover the 2534 or the 2522 condo laws unfortunately.

These laws are 16 and 28 years old, are they still in force or could they have been superseded by one of the newer laws listed in the dol web site?

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briley    65

The 2522 law was quoted when we had a problem over replacement of manager and appears to be inforce. I have never seen the 2534 law or know what it says.

Condo law 3 of 2542 is mainly about allowing over 49% alien ownership in Bangkok, later extended to - was it pataya? and about source of funds. It refers to the condo act of 2522 amended by act of 2534 etc.

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BlackJack    505

At the AGM is it possible to video tape the procedings as sometimes things are lost in translation?

Also, if a developer still has about 10% of the votes (registered as a company) can this be used as a co owner vote at the AGM? or does he need proxies from all the directors in the company to exercise these votes?

If a proxy is submitted at the AGM for election onto the Executive Committee is this legal - meaning that if the candidate cant turn up to the meeting can he or she submit a proxy?

Any help appreciated

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mikejphuket    7

We intend to VDO our AGM next month.

Does anyone know if 30+30 year lease holders are legally considered to be "co-owners" and entitled to vote at AGM? Rumour has it that the developer of our condo building may try and pull a voting coup at our AGM.

At the AGM is it possible to video tape the procedings as sometimes things are lost in translation?

Also, if a developer still has about 10% of the votes (registered as a company) can this be used as a co owner vote at the AGM? or does he need proxies from all the directors in the company to exercise these votes?

If a proxy is submitted at the AGM for election onto the Executive Committee is this legal - meaning that if the candidate cant turn up to the meeting can he or she submit a proxy?

Any help appreciated

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