What Am I Allowed To Own

[tinytot]

Just a quick question , I am wanting to know what prpery i am allowed to own, As i wrote in another topic i was told i amnot allowed to own Townhouse, Am i allowed to own Villa or Condominium? Or what am i allowed to own and leave inmy name just in case ! After reading another topic about falang having trouble with his tgf wanting to take the house, So if i can get a better insight into what i may be able to purchase as in property in my name i would appreciate that..

Kind regards tinytot!! :::::::::: Melbourne Storm Vs Manly Sea Eagles in Rugby Leauge Grand Final Today :::::::::::::

Go Melbourne Storm !!

[glyph]

Condominium. In case of what?

[johnnyk]

In your own name - a house 100% or a condo apartment, provided that the condo building has less than 49% non-Thai owners.

[pkrv]

In your own name - a house 100% or a condo apartment, provided that the condo building has less than 49% non-Thai owners.

By that 'johnnyk' means the physical structure of the house not the land it is on - I am crap at this please use the search tab and use the term 'donx' - I own a freehold condominium in Farang/Farang name under the Farang (non Thai Quota) quota. basically we own it lock stock and barrel including the % of the land!

[Khun Jean]

If you mean with 'own' something that is completely yours and you are free to sell it at any time without cooperation from somebody else or leave it to your children, then only a condo can be owned this way.

All other forms of what many people call 'owning' are really temporarely, even a usufruct for live will not give you the freedom to sell it or will it to your children.

[pkrv]

edit - should not post

Edited October 6, 2008 by pkrv

[lioness]

Apart from what has already been mentioned.

You can legally own a building, be it a house, villa etc, the land however is a different situation. As an individual you cannot buy land however you can lease land and own the building on it.

You need to ensure that the contract for the lease of the land is thoroughly checked out by lawyers.

I know of one developer offering a 30 plus 30 year lease, included in the contracts is the right to on sell, lease or bequeath. Also covered in the contract is that if and or when Thai law changes to allow Foreign ownership then the land will be transferred into the leessees name at no additional charge. The contracts were drawn up by international lawyers in Thailand and are legal. There are some genuine options out there just make sure you get them checked out.

[johnnyk]

I know of one developer offering a 30 plus 30 year lease

Many developers "offer" this to gullible falangs.

The land office will record only 30 years at a time on the lease.

In plain English it says the lease is for 30 years. Not one day more. Period. Full stop.

The Land Office rule is the only one that counts.

[lioness]

Johnny K, you are quite right regarding the registering of a lease, however I never mentioned the land office.

The land office will register a 30 year lease, outside of this you can have an option of another period of time and overriding all this another " legal " document by way of license or possessory right to the property.

The land office rule you say is the only one that counts, not so, Thai law takes presidence, and there are options available, whch are legally binding.

Friends of mine have had the contracts thoroughly checked out through 2 lawyers just to be on the safe side and both

have said that they are legal and binding.

How do you think people go about leaseing their land when they do not have a chanort or Nor Sor 3, they use the options of course as I have personally done with my own situation with no problems.

Gullible Farangs are the ones that don't explore their options and/or don't get things checked out and/or buy in their Thai partners name.

[johnnyk]

I wish people good luck in enforcing the 30-yr renewal down the road. And both signatories to the original lease must be present to register the renewal. And the property can also be sold or inherited within the first 30-yr lease. Once the first 30 yrs is up the heirs or successors are not under any obligation as they were not party to the original lease.

As I say, chok dee.

[Khun Jean]

After 30 years the owner just gives it to for example his daugther and his daughter will look at the current marketprices. Meaning that it is a good change you would not be able to pay for the 30 year renewal. At the rate prices are rising it would not be incredible if the price would be 10x higher then you paid for the first 30 years. So start saving money to be able to pay it.

Of course laywers say that it is binding, and it is. But not to someone else. So take very good care of the owner, make sure he will not have an accident or gets sick and dies.