House Purchase In Koh Samui

[samuisoul]

I am about to move out to Thailand and purchase a house but have become unnerved and confused by the recent thread on land ownership via Thai nominees. My (English) wife and I have paid a deposit on a newly built house which, following our Thai lawyers advice, we are purchasing via a limited company with Thai directors. We were informed that the standard procedure is for the Thai directors to resign once the purchase has gone through. The house comes with a Chanote title. My questions are:-

1. Is what we are doing legal?

2. As the law currently stands are we running the risk of losing our house at some point in the future?

3. If farangs can never own land what exactly does a Chanote title offer?

Any informed help with the above would be greatly appreciated.

[churchill]

If you are concerned you could re-negotiate to buy on a 30 year ( renewable ? ) lease - Which would be legal as far as I am aware .

As discussed in other threads you cannot , as a foreigner , own land in Thailand - even if it is through a company - although many have done this without problems to date .

[Crossy]

Samui seems to have some very specific rules on property ownership on top of the issues associated with nominee companies.

You may score better answers in the Samui forum, let me know if you want the topic moved there (we can always move it back if it doesn't work out)

[alfieconn]

I am about to move out to Thailand and purchase a house but have become unnerved and confused by the recent thread on land ownership via Thai nominees. My (English) wife and I have paid a deposit on a newly built house which, following our Thai lawyers advice, we are purchasing via a limited company with Thai directors. We were informed that the standard procedure is for the Thai directors to resign once the purchase has gone through. The house comes with a Chanote title. My questions are:-

1. Is what we are doing legal?

2. As the law currently stands are we running the risk of losing our house at some point in the future?

3. If farangs can never own land what exactly does a Chanote title offer?

Any informed help with the above would be greatly appreciated.

When you move to Devils Island beware ! thai and farang alike will tell you anything to make you part with your money.

The company way of owning a house is illegal.

But.......... if you want to buy my house on Samui them it is the best place on earth and the company route is fine.

[Chalky]

I am about to move out to Thailand and purchase a house but have become unnerved and confused by the recent thread on land ownership via Thai nominees. My (English) wife and I have paid a deposit on a newly built house which, following our Thai lawyers advice, we are purchasing via a limited company with Thai directors. We were informed that the standard procedure is for the Thai directors to resign once the purchase has gone through. The house comes with a Chanote title. My questions are:-

1. Is what we are doing legal?

2. As the law currently stands are we running the risk of losing our house at some point in the future?

3. If farangs can never own land what exactly does a Chanote title offer?

Any informed help with the above would be greatly appreciated.

All (well, nearly all!) sage advice and I would like to add that you could do no worse than to seek the services of Ms. Liz Luxen here.

An official translator, oral and written, for both British and German embassies, she also attends court cases with/for expats and tourists so she is an indispensable font of local knowledge.

Do please PM for her contact details as I'm not sure that I'm allowed to advertise for her by the Mods.

Best of luck whatever you do, I love it here - everywhere has its' foibles!

[loverboy44]

Many in my opinion good advices in here. My advice is go to your embassy and ask for a lawyer. Then you can be sure you get your real answers. Make sure you get it in a written form.

Good Luck

[LemonBonbon]

I am about to move out to Thailand and purchase a house but have become unnerved and confused by the recent thread on land ownership via Thai nominees. My (English) wife and I have paid a deposit on a newly built house which, following our Thai lawyers advice, we are purchasing via a limited company with Thai directors. We were informed that the standard procedure is for the Thai directors to resign once the purchase has gone through. The house comes with a Chanote title. My questions are:-

1. Is what we are doing legal?

2. As the law currently stands are we running the risk of losing our house at some point in the future?

3. If farangs can never own land what exactly does a Chanote title offer?

Any informed help with the above would be greatly appreciated.

When you move to Devils Island beware ! thai and farang alike will tell you anything to make you part with your money.

The company way of owning a house is illegal.

But.......... if you want to buy my house on Samui them it is the best place on earth and the company route is fine.

Or Ours.. Ha Ha!!

My partner is Thai and we did the company route.

We also have an appartment in Bangkok which is on a 30 year lease.. But how renewable the lease is I suppose we'll have to wait and see

[beamer]

I would suggest getting Rene Phillipe's book , How to buy Real Estate in Thailand Offshore available on Amazon US$25

A great read that answers many questions on legal and land title issues and gives alot of case studies on buying and what pitfalls can happen

[CDNinKS]

Check this thread:

http://www.thaivisa.com/forum/Wanted-Usufr...Th-t171307.html

[Gary A]

It is illegal but thousands of farangs have gone this route. If or when the law is enforced there will be a LOT of gnashing of teeth and tears. There has been a lot of talk about leases of 30 plus 30 years. The last I knew, the land offices would only record one 30 year lease. Buying a condo is safe if you are able to buy the farang alloted 49 percent.

[eljeque]

If your deposit is small, then forget about it.

Small = less than 20%

Thailand is a great place to rent.

Selling property is very difficult here.

Before you take the plunge, and plunk down a very substantial amount of money in Samui, rethink the current world economic situation, and all of the property which was built in Samui for a booming world economy which now no longer exists.

There will be a lot of sales there, with foreigners who ahve financial problems back home needing to sell, and also very simply a dearth in demand.

Rent for a year or longer there, and look around.

You will find far better prices than you found while vacationing here.

Thailand is a great place to rent, even if some people have done very well buying.. Most have not!!

[alfieconn]

I am about to move out to Thailand and purchase a house but have become unnerved and confused by the recent thread on land ownership via Thai nominees. My (English) wife and I have paid a deposit on a newly built house which, following our Thai lawyers advice, we are purchasing via a limited company with Thai directors. We were informed that the standard procedure is for the Thai directors to resign once the purchase has gone through. The house comes with a Chanote title. My questions are:-

1. Is what we are doing legal?

2. As the law currently stands are we running the risk of losing our house at some point in the future?

3. If farangs can never own land what exactly does a Chanote title offer?

Any informed help with the above would be greatly appreciated.

Hi, speak to your lawyer about getting back the deposit and explain to him that people have said that the company route is illegal and see what he ses, you probaly wont get any joy but its worth a shot.

He will probaly try to waffle his way out of it but stick to your guns.

If this avenue is not successfull i would still forfeit your deposit rather than pay the balance,otherwise

you are going to be left with a house that you have obtained illegaly and have great difficulty selling and perhaps many sleepless nights.

Rent a house and see how you like Samui, that way you can always move somewhere else if you dont like it, remember ! living there is different to being on holiday.

Edited June 17, 2009 by alfieconn

[johnnyk]

Samui may be very dicey for falangs these days because its where there was recent large-scale property hanky-panky.

Big chunks of land were sold off to falangs and some of the land was not privately owned, it was public/park land being encroached upon.

Large backhanders were paid to corrupt officials and the whole thing was exposed. Money-laundering and guys on the lam were also in the mix.

So there might be much closer scrutiny in Samui than other places.

As for leasehold, read the forum.

30 years max. Period. Full stop.

The best way to extend it is to draw up a new 30-yr lease every five years.

That said, if the land has increased in value through infrastructure improvements, demand etc then expect the landowner to up the price at each renewal.

Wouldn't you do the same?

Edited June 17, 2009 by johnnyk