Update On Foreign Ownership
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karenjuice
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Update On Foreign Ownership
Does anyone have any news as its been quiet for a while. Are people still buying and if not have the developers stopped building, etc. My developer has half built our house (even though we only have a reservation on it) and is building several of the others. He said if we go ahead he will add some clause to our contract in the event that the property cannot be transferred and he will return our money in full.
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malcolminthemiddle
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- Location: Here,there and everywhere
Not so long ago I remember a developer who had bought acres of land in HH declaring sincerely he had put his own name on the Chanote at the land dpt.
Well we know the form he was referring to, don't we?
Wait and see before popping the champagne, the devil is always in the detail.
Let's hope it's good news.
Well we know the form he was referring to, don't we?
Wait and see before popping the champagne, the devil is always in the detail.
Let's hope it's good news.
Couldn't find any official statements yet, just heard and read that investigations in view of foreigner ownerships of land & houses through Thai-Companies are going on nationwide, especially in tourist-centers....sometimes very rough, too. 
But, may be Hua Hin area get special conditions...who knows?...Let’s wait and hope !
But, may be Hua Hin area get special conditions...who knows?...Let’s wait and hope !
Last edited by hogus on Thu Jul 27, 2006 3:43 am, edited 1 time in total.
Great suggestion, Caller!caller wrote:Well after removing the personal details, is the proud owner of the said letter prepared to have it copied and scanned onto this thread - with a translation if needed?
That would help lots!
Than someone just need to reconfirm the translation by an Embassy, to get a further confirmation of the genuineness of the writing by the Department of Land, and all of us can start to empty our full accounts for house property in Hua Hin.
I found the following on a Thai-lawyer's website:
...
The Thailand Realty Industry is not regulated so watch out for agents forcing you to sign contracts, & check the title deed to make sure the property is what it says. Do yourself a big favour and obtain a House Inspection report, which in effect pulls the holes out of the property! Some buyers have bought the house only to find the land is on a different title & visa versa or the cracks have been disguised. Once you buy then its your problem. Many Estates will try to sell a house in a developing block, which has but one title with say 10-20 houses on it. They probably have 2 mortgages and want to unload the houses before they pay off the loan & secure the titles for their owners. Or will they???--- we had a case & saved the foreign buyer 2.8m baht that he would have lost if he did not use our service. The same goes with the boundaries of the property, which need to be the same as the title deed. In Thailand there's no survey pegs as such but they do use concrete pegs & it is an important point. Sometimes vendors deliberately understate property area or move so-called pegs. DO NOT pay any down payment until you actually view what you are buying & only after you have had the title checked by a lawyer. If the building is under construction or the land is having a subdivision look carefully at the provisions for issuing a title, and easement rights for say roadways. If you are a foreigner you can lease for 30 years or form a company to hold the house if you are going to do business.
Remember also do not start a company for the sake of securing your house. As at 2006 March Immigration and Company Registration are now checking all foreign companies for employees and they will be interviewed as well as what business you are doing????
This law has always been but now it is being enforced AS AT May 25TH 2006.
(http://www.chiangmailaw.com/housebuying.htm)
...think this answers many questions and newly upcoming hopes!
...
The Thailand Realty Industry is not regulated so watch out for agents forcing you to sign contracts, & check the title deed to make sure the property is what it says. Do yourself a big favour and obtain a House Inspection report, which in effect pulls the holes out of the property! Some buyers have bought the house only to find the land is on a different title & visa versa or the cracks have been disguised. Once you buy then its your problem. Many Estates will try to sell a house in a developing block, which has but one title with say 10-20 houses on it. They probably have 2 mortgages and want to unload the houses before they pay off the loan & secure the titles for their owners. Or will they???--- we had a case & saved the foreign buyer 2.8m baht that he would have lost if he did not use our service. The same goes with the boundaries of the property, which need to be the same as the title deed. In Thailand there's no survey pegs as such but they do use concrete pegs & it is an important point. Sometimes vendors deliberately understate property area or move so-called pegs. DO NOT pay any down payment until you actually view what you are buying & only after you have had the title checked by a lawyer. If the building is under construction or the land is having a subdivision look carefully at the provisions for issuing a title, and easement rights for say roadways. If you are a foreigner you can lease for 30 years or form a company to hold the house if you are going to do business.
Remember also do not start a company for the sake of securing your house. As at 2006 March Immigration and Company Registration are now checking all foreign companies for employees and they will be interviewed as well as what business you are doing????
This law has always been but now it is being enforced AS AT May 25TH 2006.
(http://www.chiangmailaw.com/housebuying.htm)
...think this answers many questions and newly upcoming hopes!
.The situation changed yesterday. For a while it has been necessary to take all the shareholders to a meeting with the land office, at the meeting officials in the land office looked at all of the documents that were required to register the land in a companys name. This has now been dropped. The only person who needs to go is a solicitor or person representing the foreigner buyer.
The Thai company still requires 6 Thai shareholders and they must own 51% of the shares. The foreigner can be the only director, i am told. No large deposit is required to be held in government bonds.
So that what the situation is in full
Get the cheque
books out
The Thai company still requires 6 Thai shareholders and they must own 51% of the shares. The foreigner can be the only director, i am told. No large deposit is required to be held in government bonds.
So that what the situation is in full
Get the cheque
books out