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Can a property devopler company take out a loan on the developments chanote which that  the company owns before the existing condo units are tranfered. The condo units have already been prepaid in full.

I am aware the officer at the Land Office will want to see the loaner in person before issuing the tranfer for the condo unit. To have their permission. 

My lawyer says yes they can mortgage the land others are saying no. 

If you havd factual knowledge or documents articles gratfully appreciated. 

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I seem to recall this has happened with an off the plan condo block in Pattaya. Possibly more than once. I think a look through Andrew Drummonds web site will give you some reports.

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4 hours ago, Farma said:

Do a search for Emerald Pattaya 2011 2012 and you should find an example.

Not the same at all can anybody read and I specific asked for articles documents court case. Not an out of air thought during your morning coffee 

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Following an earlier report here owners of Emerald Palace condominium in Pattaya who found that their properties had been hawked to the Kasikorn Bank by a local developer have received a  sympathetic hearing at the local office of the Attorney General.

Forget to take your medicine today did you?

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6 minutes ago, Farma said:

Forget to take your medicine today did you?

Banks never take out a loan on the current projects land it is a loan for the next project. Also some half the units have been tranfered alreasdy and my lawyer has confirmed that yes the company can take a loan out on their chanote. The question is is it legal or not for the other owners waiting to tranfer.. This is not  bermondsey market or the blue where things get Hawked.  A Hawked is a bird that drops or swoops down and takes you pommerian out of the yard. While your watching. 

Edited by arick
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