LEGAL ISSUES
The Solid Material Ltd., Part. holds a land document entitled which is a full land title (chanod) This form of land have been reached by the national survey grid and national land titling system. It is a form of land ownership recognized by commercial banks for mortgage purposes, and as a legal right can be bought and sold without any encumbrances.
Foreigners cannot own land in Thailand. It has been arranged, therefore, for them to obtain 30-year leases to their land, renewable for an additional 30-year period without addi-tional payment except for legal and official fees. It is the Company's intent to provide a perpetual lease, and you may extend your lease for another 30 years at any time. Recently the Government has been considering extending the legal maximum lease period, and the Lease Agreement gives the right to extend the lease to the maximum allowed by the Government.
These leases will be officially registered with the land office, and will take precedence over any other claims on the company in the future. Leases may be freely sold to others, provided they agree to abide by the origi-nal agreements. The details of these arrangements are clearly stated in the Lease Agreement and Agreement on Use of Land at Golden Buddha Beach. Plots can be purchased outright by Thai juristic persons.
The community is governed by a strict covenants (Agreement on Use of Land) regarding construction and use of the land. Houses cannot exceed 180 square meters (footprint). The style and materials must harmonize with the surrounding nature and existing structures. Properties may not be used for commercial purposes.