Ownership Rights

[Sumarokov]

Can someone provide a quick basic guide for beginners to farang property ownership rights?

As far as I can see, we farang have the following options:

1. Own through wife with possibilities to avoid it being inherited by her family.

2. Open a company and own 49%, but it has to be actively trading.

3. Condo - can you buy a condo and be listed as the 100% owner?

I am looking to buy a "base" for myself in Chiang Mai - a place to live in, not as an investment. So probably a studio for around a million Baht or something better for 2 million.

What I basically want to know is - are there any options whereby I can be the sole majority owner?

[HowardJohnson]

Condo is the only option that gives you 100% ownership in your name.

Funds must be transferred from overseas and you must get a foreign exchange transaction certificate to prove this at the land office.

Only 49% of any condo buildin can be assigned to foreign ownership.

[pkrv]

Condo is the only option that gives you 100% ownership in your name.

Funds must be transferred from overseas and you must get a foreign exchange transaction certificate to prove this at the land office.

Only 49% of any condo buildin can be assigned to foreign ownership.

I second - There is a lot of information on this forum regarding the 49% condominium rule - Yes you can own the freehold in your name.

[Sumarokov]

Thanks for clearing that up. If you are new to the country and laws and do not know the language, what is the best way to insure everything is correct with the paperwork? Buy through one of the bigger agencies or hire your own independent lawyer to check everything?

PS I would only ever consider buying something already existing, i.e. secondary market. Would never in any country buy anything that will be built "next year".

Any other pitfalls?

[pkrv]

Thanks for clearing that up. If you are new to the country and laws and do not know the language, what is the best way to insure everything is correct with the paperwork? Buy through one of the bigger agencies or hire your own independent lawyer to check everything?

PS I would only ever consider buying something already existing, i.e. secondary market. Would never in any country buy anything that will be built "next year".

Any other pitfalls?

Not really any pitfalls, FYI I did buy off the plan but that is just me. Just make sure you have a 49% foreign ownership unit that is all. (NO COMPANY OWNERSHIP). There is again loads of information regarding estate agents etc on this forum. You should get a good deal in the secondary market - where are you from? I am from the UK.

[Sumarokov]

You should get a good deal in the secondary market - where are you from? I am from the UK.

I am from the UK too, more specifically Scotland. I have had experience buying abroad, I bought a flat in Russia when I was working there. I'm planning to go to Chiang Mai later this year and look around for a property. I want to spend more time in the East and having a base there will encourage me to spend more time in the region. I hate capital cities and always think it's best to choose the "second city" in a country (which is usually also the cultural capital). Plus property prices are usually not so extortionate there.

[Maestro]

...If you are new to the country and laws and do not know the language, what is the best way to insure everything is correct with the paperwork? Buy through one of the bigger agencies or hire your own independent lawyer to check everything?

Personally, I would have an independent lawyer check the paperwork for me, for a fee, and make sure the property gets correctly registered in my name. There is for example a law firm, Sunbelt Asia, advertising at the top of this forum and I believe they have a branch office in Chiangmai.

--

Maestro

[pkrv]

You should get a good deal in the secondary market - where are you from? I am from the UK.

I am from the UK too, more specifically Scotland. I have had experience buying abroad, I bought a flat in Russia when I was working there. I'm planning to go to Chiang Mai later this year and look around for a property. I want to spend more time in the East and having a base there will encourage me to spend more time in the region. I hate capital cities and always think it's best to choose the "second city" in a country (which is usually also the cultural capital). Plus property prices are usually not so extortionate there.

I remember/don't quite remember 'a' new years eve in Glasgow. Bangkok is a mega city 10m the same as New York and London, but not quite the same.

[Ray1167]

is Chiang Mai now included in the list of locations where farang are allowed to own condos in their own name ? Previously it was only BKK , Pattaya , Phuket and Hua Hin .

[Sumarokov]

is Chiang Mai now included in the list of locations where farang are allowed to own condos in their own name ? Previously it was only BKK , Pattaya , Phuket and Hua Hin .

Mmm, did not know about this rule. That throws a spanner in the works...

[thaigene2]

I've never quite seen the attraction of Chiang Mai. It's a plane flight from anywhere, it's incredibly polluted for a smallish place, really annoying and boring one-way street system, under-developed shopping/infrastructure, run-down bars and restaurants. And did I mention boring? (I know I'm asking for it right?)

Anyway to each his own. If I was looking for a 'base' and didn't really need to be in Bangkok much, I'd choose the Eastern Seaboard - near Pattaya to go in for fun, restaurants, shopping, etc - but far enough away to avoid all the crap and still enjoy the seaside location. Maybe far end of Jomtien? Rayong? If I was to buy in Patters in would be the North end of the town which 'seems' a bit quieter and more upmarket (but I could be wrong about that).

Oh and living on the Eastern Seaboard means you have good acccess to BKK airport.

Edited May 10, 2008 by thaigene2

[Sumarokov]

If I was looking for a 'base' and didn't really need to be in Bangkok much, I'd choose the Eastern Seaboard - near Pattaya to go in for fun, restaurants, shopping, etc - but far enough away to avoid all the crap and still enjoy the seaside location. Maybe far end of Jomtien? Rayong? If I was to buy in Patters in would be the North end of the town which 'seems' a bit quieter and more upmarket (but I could be wrong about that). Oh and living on the Eastern Seaboard means you have good acccess to BKK airport.

Fair enough, I think what you say is correct, only just not for me. I hate "shopping", restaurants, bars, seaside. Like mountains, nature, for me fun is sweating it out on a tennis court or gym. Dislike high-rise blocks, concrete, tourist "attractions" and hordes of British and Russian tourists!

[thaigene2]

If I was looking for a 'base' and didn't really need to be in Bangkok much, I'd choose the Eastern Seaboard - near Pattaya to go in for fun, restaurants, shopping, etc - but far enough away to avoid all the crap and still enjoy the seaside location. Maybe far end of Jomtien? Rayong? If I was to buy in Patters in would be the North end of the town which 'seems' a bit quieter and more upmarket (but I could be wrong about that). Oh and living on the Eastern Seaboard means you have good acccess to BKK airport.

Fair enough, I think what you say is correct, only just not for me. I hate "shopping", restaurants, bars, seaside. Like mountains, nature, for me fun is sweating it out on a tennis court or gym. Dislike high-rise blocks, concrete, tourist "attractions" and hordes of British and Russian tourists!

In that case look in the hills outside the city. That seems to be the place where many people end up. I believe there are some new developments there too. Some may even have sports centres - though don't know really. As someone said Sunbelt can probably get you started.

[Sumarokov]

Thanks, will do. I didn't mean I want to live halfway up a mountain, I like my creature comforts too. But as a place to get away to from a nearby town... I presume Sunbelt can clear up about condo ownership in Chiang Mai too.

[xylophone]

Thanks, will do. I didn't mean I want to live halfway up a mountain, I like my creature comforts too. But as a place to get away to from a nearby town... I presume Sunbelt can clear up about condo ownership in Chiang Mai too.

Then u must try Chiang Rai.......stunning scenary, a beautiful area, pretty city (more like a town) and very cheap real estate, e.g. condo in the city for 600k baht. It has an international airport but most flights to Bkok, and Chiang Mai is 90 mins drive away.

Will get there myself eventually.

[Sumarokov]

Then u must try Chiang Rai.......stunning scenary, a beautiful area, pretty city (more like a town) and very cheap real estate, e.g. condo in the city for 600k baht. It has an international airport but most flights to Bkok, and Chiang Mai is 90 mins drive away. Will get there myself eventually.

Thanks, I have heard good things about that place, will now definitely take the time to go there!