Thread: Buying a Condo - Legally

It is a well known fact that a certain percentage of some condos units can be offerred to foreign buyers.

My question is, how does a buyer know whether the unit he/she is buying is within the foreign ownership percentage? An unscrupulous or ignorant native may sell on a unit to a foreigner, which may later be proven to be illegal. What would happen in such a set of circumstances?

^you wouldn't be allowed to transfer the title of the condo if, in doing so, you breached the foreign owenrship restiction. You wouldn't pay for the condo until such time as you could transfer title - so basically they go hand-in-hand.

But would they know that at the local land government office (where the chanott is changed) , just how many units were already in foreign hands?

^I think so

The condominium juristic person keeps a tight record of the quota for foreigners. It is normally done by the management company who have an office in the condo complex. The land department will verify that when they transfer the property. I believe it's all in the Condominium Act and it's regulation.