Deported but own real estate? What would happen?

[hrrecruiter]

Hi All,

 

Not sure if this should go on the real estate forum or here, admins please move it over there if thats the case

 

Lets presume the following scenario: one owns a piece of real estate in Thailand, but somehow gets deported for a minor to medium issue (working moslty online while on a tourist visa, laws are in the grey area) or something alogn these lines. If one gets deported, with say a ban to ever coming back to Thailand (or for a few years), is there a way to sell the real estate without being in the country? Im thinking a lawyer can organize some paper work (power of attorney) and may currier it outside of THailand.   

 

What are your thoughts?

 

Thank you

[ezzra]

Yes, by giving a power of attorney to someone you absolutely trust to act on your behalf, that someone, given all the right documents will act as your agent on all matters concerning the sale and remittances of funds back to the seller...

[bkk6060]

Just another example of the lack of flexibility owning affords.

Which is why smart people rent....

[batata]

I would not trust a lawyer but if you do have good friends in here or at home that have been on any red/black list, pay his/hers expenses and they can do it for you

[BritManToo]

As you can't own it, nobody will care.

Or are you calling a condo 'real estate'?, if you are, why not say condo?

[hrrecruiter]

4 minutes ago, BritManToo said:

As you can't own it, nobody will care.

Or are you calling a condo 'real estate'?, if you are, why not say condo?

 

Correct. Condo

[Peterhua]

7 hours ago, bkk6060 said:

Just another example of the lack of flexibility owning affords.

Which is why smart people rent....

Anybody that takes any notice of what you say with regard to owning Thai property won't be the sharpest tool in the box either. Never owned as much as a garden shed in Thailand, let alone being able to afford his own condo and yet you're on every thread related to property ownership in Thailand making wild comments that could mean anything.

[taninthai]

8 hours ago, bkk6060 said:

Just another example of the lack of flexibility owning affords.

Which is why smart people rent....

I know a ferang that rented for 13 years and is now packing up and going home with nothing to show for his 13 years here apart from paying 1.5 million bht in rent.......I guess thats real smart.

[BritManToo]

21 minutes ago, taninthai said:

I know a ferang that rented for 13 years and is now packing up and going home with nothing to show for his 13 years here apart from paying 1.5 million bht in rent.......I guess thats real smart.

Depends on how much the place was worth, and if it could be resold.

Houses in my moobaan were sold new for 1.8Mbht 6 years back, 20% are now abandoned with no resale value at all.

I could get out of the bad air here in CM if I had only rented.

I also have several pals who bought a house in a woman's name and left with nothing.

[geoffbezoz]

pm'd you

[mngmn]

2 hours ago, taninthai said:

I know a ferang that rented for 13 years and is now packing up and going home with nothing to show for his 13 years here apart from paying 1.5 million bht in rent.......I guess thats real smart.

Depends what his investments are and how much the condo he rented would cost.

 

My example. Australian super fund returning 8%. Landlord wants 2.5 million for condo. Loss of investment income on 2.5 million is 16,666 month. Rent 15,000 month.

 

So I was ahead by 1,666 each month and still have my 2.5 million.

 

Of course by not buying, I missed out on the massive profit I could have made when I eventually sold the condo ????

 

[batata]

On 5/12/2019 at 11:21 AM, hrrecruiter said:

 

Correct. Condo

you fall into the same hole as many of us did, investing in a property in Thailand thinking about the savings you will make while living there and looking into a future value appreciation... later realizing the difficulties of re-sale and the potential of being thrown out at any time without any consideration, in Thailand the best way of life is to rent, can leave any time without looking back

[scorecard]

On 5/12/2019 at 7:25 AM, ezzra said:

Yes, by giving a power of attorney to someone you absolutely trust to act on your behalf, that someone, given all the right documents will act as your agent on all matters concerning the sale and remittances of funds back to the seller...

Key words are .... someone you absolutely trust....

 

IMHO that would not be a a Thai or farang lawyer you met 10 minutes ago.

 

A Power of Attorney gives the holder (unless it's in writing that the scope is limited to something specific and has a date whereby it automatically cancels) open access to rip you off.

 

I recall many years back a farang working in a nearby office was in this situation, he managed to set up something like this:

 

- Another farang holding a PoA to give the 'yes' to go ahead and sell his property but nothing more. But to give the 'yes' the contract of sale had to include a paragraph that the payment could only be made with a crossed cashiers or similar cheque which had to be given to another PoA holder.  

 

- Another farang had a PoA to receive the funds by Thai cashiers cheque but had no authority to do anything more than deposit the cheque in one specific bank account

 

etc. 

[AlexRich]

21 hours ago, taninthai said:

I know a ferang that rented for 13 years and is now packing up and going home with nothing to show for his 13 years here apart from paying 1.5 million bht in rent.......I guess thats real smart.

 

I think he's actually pretty smart, because that works out at around 235 GBP per month for rent, a great deal smaller than any town or city in the UK. I'd be delighted with that deal. There is an opportunity cost associated with buying a condo, the money might generate a better return invested in an index tracker or solid blue chip dividend paying stock. 

 

There is no guarantee that a condo will increase in value, many look pretty deteriorated after a few years. Not easy to sell for many people. The guy that rents can go whenever he wants, he just gives the landlord some notice, packs his bag and he's off. I don't doubt that some folk have made a few bucks from condo sales but I don't believe that it's as easy in Thailand as at home.

 

 

[golfpro47]

I have owned 5Houses in Thailand plus Land,all Sold at a profit but that was at the time a lot of Farang were coming here to live in Wonderland,now there is a dearth in the Housing market.

when I Sold my last House I transferred the Money I received plus more as I had quite a bit of cash at hand,I invested the money and now I rent over here,the interest I receive more than pays for my rent and utilities bills would I buy again in Thailand?not on your life, I know lots of people who would love to Sell but they can’t shift their Condos or Houses, the Development I Rent my Condo is full of guys who want to Sell they bought the Condos as a Rental Investment,if they are lucky they are getting let’s via Air B&B the Days of Long Term renters has gone at present I am paying 8,000baht less than what I was paying when I first came in and no deposit, I feel much happier Renting a quick way to leave if I wish.

[StevieAus]

On 5/12/2019 at 8:05 AM, bkk6060 said:

Just another example of the lack of flexibility owning affords.

Which is why smart people rent....

This smart person and his wife don’t rent and have done very well out of land and property sales.

Also this smart person doesn’t break the law which is very smart.

[StevieAus]

23 hours ago, BritManToo said:

Depends on how much the place was worth, and if it could be resold.

Houses in my moobaan were sold new for 1.8Mbht 6 years back, 20% are now abandoned with no resale value at all.

I could get out of the bad air here in CM if I had only rented.

I also have several pals who bought a house in a woman's name and left with nothing.

I don’t think your several pals are too smart particularly if they live in CM where there is an excellent female lawyer I have used for many years as have many friends.

She would have protected their interests.

[BritManToo]

Just now, StevieAus said:

I don’t think your several pals are too smart particularly if they live in CM where there is an excellent female lawyer I have used for many years as have many friends.

She would have protected their interests.

They were in Issan and Pattaya, I'm in CM.

[mrfaroukh]

Probable you have to give letter of authorney to someone trusted by you to sell the property. May be one in your family can have the permission and make sure you do it in the embassy so all papers are in order and then that person sell the property for you

[taninthai]

3 hours ago, AlexRich said:

I think he's actually pretty smart, because that works out at around 235 GBP per month for rent, a great deal smaller than any town or city in the UK

555 pretty smart don’t think it’s ever pretty smart to rent properties your whole life ,,,his rent in Thailand is actually more then my mortgage on  my little 1 bed flat in London.

[newnative]

     Yes, as others have said, it can be done through a limited power of attorney, using either a relative, friend, or lawyer.  

[Mansell]

7 minutes ago, taninthai said:

555 pretty smart don’t think it’s ever pretty smart to rent properties your whole life ,,,his rent in Thailand is actually more then my mortgage on  my little 1 bed flat in London.

And "little" is the operative word.

[AlexRich]

8 minutes ago, taninthai said:

555 pretty smart don’t think it’s ever pretty smart to rent properties your whole life ,,,his rent in Thailand is actually more then my mortgage on  my little 1 bed flat in London.

Property doesn’t always go up, that phenomenon in places in the west is a fairly new trend, when you look over several hundred years of data ... and those stagnant times could appear again. Thailand is another ball game all together ... you get a 30 year lease? As I said some may make money, but many others end up in a depreciating asset that is difficult to sell. 

[AgMech Cowboy]

On 5/12/2019 at 5:08 PM, BritManToo said:

Houses in my moobaan were sold new for 1.8Mbht 6 years back, 20% are now abandoned with no resale value at all.

I also have several pals who bought a house in a woman's name and left with nothing.

Yip

[Golden Triangle]

I rent a 3 Bed, 2 bath house with carport, some land around the sides to grow stuff in pots, a large lounge and kitchen and the most generous landlord, been here 5 years and no rent increase, but in the last 5 years he has made some nice alterations which benefit us greatly, on the other side of the coin my brother rents a 1 bed 1 bath flat (condo) for a lot more money, he also has to pay council tax, more for his electric than I pay, TV licence etc etc, when I moved here 8 years ago I never ever intended to buy somewhere to live, when the crap hits the fan I can up and away, no regrets ???? 

[CH1961]

7 hours ago, batata said:

Thailand the best way of life is to rent, can leave any time without looking back. 

Landlords love this attitude ????

[StevieAus]

8 hours ago, batata said:

you fall into the same hole as many of us did, investing in a property in Thailand thinking about the savings you will make while living there and looking into a future value appreciation... later realizing the difficulties of re-sale and the potential of being thrown out at any time without any consideration, in Thailand the best way of life is to rent, can leave any time without looking back

Thrown out, I know people who have lived here 40 years plus but they are honest, you must have some hidden past, and as far as property and land my Thai wife and I have made very good profits on our investments.

Sorry you live such. Sad life in this great land

[StevieAus]

5 hours ago, BritManToo said:

They were in Issan and Pattaya, I'm in CM.

Fair enough, but I am sure there is more than one good lawyer in Thailand I suspect that they thought with their hearts rather than their brains saw many cases in Aus as well over the years but for some reason in many cases common sense seems to leave expat males here,

[StevieAus]

4 hours ago, AlexRich said:

Property doesn’t always go up, that phenomenon in places in the west is a fairly new trend, when you look over several hundred years of data ... and those stagnant times could appear again. Thailand is another ball game all together ... you get a 30 year lease? As I said some may make money, but many others end up in a depreciating asset that is difficult to sell. 

I would be very interested to see data dealing with increases in the price of property in the west over the last several hundred years.

Who kept such records particularly as the UK Government didn’t record births deaths and marriages until about the 1800s.

I don’t know about property but land in the North here keeps increasing we have done ok with our investments

[khunPer]

Power of attorney will do.