Taxes On Buying A House ?

[Thaifan2]

I am about to buy a house in Chiang Mai for B 1,450,000 under the girlfriends name .The seller has agreed property taxes to be shared 50/50 .If we get the sale completed before the end of this month ( taxes go up next month ),what is it roughly likely to cost me in property tax .

Also i will be getting the TGF to lease back the house to me for 30 years .I am told there will be a governament tax on this lease .Anyone know roughly how much ?

[Artamus]

Interesting question, and maybe a hard one to answer. I think it will depend on how much money goes over the table and how much goes under.

[temprylife]

taxes? are you sure you should be worried about taxes? you're giving a tfg 1,450,000 to buy herself a house. do you understand thai law?

[temprylife]

i should add that you could live in an apt at $300 per month for 12 years for 1,450,000. considering your age, that's probably a smarter option for you. let the tfg (bar girl) buy her own 1,450,000 house. you'll be much happier just renting, and having control over "your" money.

[LennyW]

taxes? are you sure you should be worried about taxes? you're giving a tfg 1,450,000 to buy herself a house. do you understand thai law?

Im sure Thaifan2 does understand Thai law as he has stated that he will be obtaining a 30 year lease on the property, did you not read that bit?

[LennyW]

i should add that you could live in an apt at $300 per month for 12 years for 1,450,000. considering your age, that's probably a smarter option for you. let the tfg (bar girl) buy her own 1,450,000 house. you'll be much happier just renting, and having control over "your" money.

Just in case you dont know - an apartment is not a house, the two are completely different and represent different lifestyles, and how would you know if Thaifan2 would be much happier renting? I know i would not be happy throwing away 300 bucks a month with nothing to show for it after 12 years!!

Besides, Thaifan2 has plenty apartments already!

[Boater]

must say, very strange way of going around this .. quick question

why dont you just take the lease out yourself from the current owner? is the current owner Thai or Ferang?

hope you have been with this TGF a long time, as i have seen a few westerns stung on this before

[Thaifan2]

i should add that you could live in an apt at $300 per month for 12 years for 1,450,000. considering your age, that's probably a smarter option for you. let the tfg (bar girl) buy her own 1,450,000 house. you'll be much happier just renting, and having control over "your" money.

Just in case you dont know - an apartment is not a house, the two are completely different and represent different lifestyles, and how would you know if Thaifan2 would be much happier renting? I know i would not be happy throwing away 300 bucks a month with nothing to show for it after 12 years!!

Besides, Thaifan2 has plenty apartments already!

Thanks LennyW .I am just looking for an answer to my direct question ,not a discussion about my TGF who has her own business ( hairdressers ),and was never a bar girl ( honest ).I own Condos already in my own name in Thailand ,as said .

[LennyW]

Have you considered the Usufruct option as opposed to a Lease, i know the Usfruct will be a LOT cheaper to register and can be for a lifetime as opposed to 30 years?.

Edited June 23, 2010 by LennyW

[Thaifan2]

Have you considered the Usufruct option as opposed to a Lease, i know the Usfruct will be a LOT cheaper to register and can be for a lifetime as opposed to 30 years?.

Reply >>I read recently ( dont know where ) that a usufruct also ends after 30 years but can be renewed ,like a lease .Anyway as i am now 57 years old 30 years is more than enough .

I have a good Thai Lady Solicitor ,Aoy at ICO Law firm ,Chiang Mai who i trust .She is to come back in a few days with figures on this matter .

I just thought somebody could tell me in the mean time .

<< Edited June 23, 2010 by Thaifan2

[Thaifan2]

Anyway i will ask my Solicitor if a usafruct has any advantages over a lease .Thanks for the tip .

[stgrhe]

Anyway i will ask my Solicitor if a usafruct has any advantages over a lease .Thanks for the tip .

I say it is since you are not married to the lady. The fee should also be 75 baht only while some land offices charge as much as 15,000 baht.

This is the law text in English translation:

THAI CIVIL AND COMMERCIAL CODE – PART III

TITLE VII - USUFRUCT

Section 1417 - An immovable property may be subject to a usufruct by virtue of which the usufructuary is entitled to the possession, use and enjoyment of the property.

He has the right of management of the property.

The usufruct of a forest, mine or quarry entitles the usufructuary to the exploitation of the forest, mine or quarry.

Section 1418 – A usufruct may be created either for a period of time or for life of the usufructuary.

If no time has been fixed, it is presumed that the usufruct is for the life of the usufructuary. If it is created for a period of time, the provisions of Section 1403 paragraph 3*) shall apply mutatis mutandis.

In any case the usufruct comes to an end on the death of the usufructuary.

*) Section 1403, paragraph 3 says: "If it is granted for a period of time, the period may not exceed thirty years; if a longer period is stipulated, it shall be reduced to thirty years. The grant may be renewed for a period not exceeding thirty years from the time of renewal."

Section 1419 – If property is destroyed without compensation being paid, the owner is not bound to restore it; but if he does so to an extent, the usufruct revives to that extent.

If any compensation is paid, the owner of the usufructuary must restore the property so far as it is possible to do so, having regard to the amount of the compensation received, and the usufruct revives to that extent; but, if restoration is impossible, the usufruct comes to an end and the compensation must be divided between the owner and the usufructuary in proportion to the damages suffered by them respectively.

The same rules apply mutatis mutandis in case of expropriation as well as in the case partial destruction of the property or of partial impossibility to restore the property.

Section 1420 – When usufruct comes to an end, the usufructuary must return the property to the owner.

The usufructuary is liable for the destruction of depreciation in value of the property, unless he proves that the damage was not caused by his fault. He must replace anything which he has wrongfully consumed.

He is not bound to give compensation for depreciation in value caused by reasonable use.

Section 1421 – The usufructuary must, in the exercise of his rights, take as much care of the property as a person of ordinary prudence would take of his own property.

Section 1422 – Unless otherwise provided in the act creating a usufruct, the usufructuary may transfer the exercise of his right to a third person. In such case the owner of the property may sue the transferee direct.

Section 1423 – The owner may object to any unlawful or unreasonable use of the property.

If the owner proves that his rights are in peril, he may demand security from the usufructuary, except in the case of a donor who has reserved to himself the usufruct of the property given.

If the usufructuary fails to give security within a reasonable time fixed for the purpose, or if, in the spirit of the objection, he continues to make use of the property unlawfully or unreasonably, the Court may appoint a Receiver to manage the property in his stead. Upon security being given the Court may release the Receiver so appointed.

Section 1424 – The usufructuary is bound to keep the substance of the property unaltered, and is responsible for ordinary maintenance and petty repairs.

If important repairs of measures are necessary for the preservation of the property, the usufructuary must forthwith inform the owner thereof and permit them to be carried out. In case of default by the owner, the usufructuary may have the work carried out at the owner's expense.

Section 1425 – All extraordinary expenses must be borne by the owner, but in order to meet these expenses coming under the foregoing section he may realise part of the property unless the usufructuary is willing to advance the necessary funds without charging interest.

Section 1426 – The usufructuary shall, for the duration of the usufruct, bear expenses for the management of the property, pay taxes and duties, and be responsible for interests payable on depts. Charged upon it.

Section 1427 – If required by the owner, the usufructuary is bound to insure the property against loss for the benefit of the owner; and if the property is already insured he is bound to renew such insurance when due.

He must pay premiums of the insurance for the duration of his usufruct.

Section 1428 – No action by the owner against the usufructuary or his transferee in connection with the usufruct or vice versa may be entered later than one year after the usufruct comes to an end. But in an action by the owner who could not have known of the end of the usufruct, the prescription of the year shall run from the time when he knew or ought to have known of it.

Definition:

mutatis mutandis – "Due alteraton, or changing whatever is required to be changed. As in, "The changes proposed for the first contract apply mutatis mutandis to all other contracts." Latin for, things being changed that ought to be changed".

[Seizetheday]

i should add that you could live in an apt at $300 per month for 12 years for 1,450,000. considering your age, that's probably a smarter option for you. let the tfg (bar girl) buy her own 1,450,000 house. you'll be much happier just renting, and having control over "your" money.

Have you ever been to Thailand?

[Thaifan2]

i should add that you could live in an apt at $300 per month for 12 years for 1,450,000. considering your age, that's probably a smarter option for you. let the tfg (bar girl) buy her own 1,450,000 house. you'll be much happier just renting, and having control over "your" money.

Have you ever been to Thailand?

They always come out of the woodwork Regarding this topic .Such individuals only experiences has been with Thai bar girls .

[temprylife]

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<br />i should add that you could live in an apt at $300 per month for 12 years for 1,450,000. considering your age, that's probably a smarter option for you. let the tfg (bar girl) buy her own 1,450,000 house. you'll be much happier just renting, and having control over "your" money.<br />

<br /><br />Have you ever been to Thailand? <img src='http://static.thaivisa.com/forum/public/style_emoticons/default/ohmy.gif' class='bbc_emoticon' alt='' /><br />

<br /><br /><br />They always come out of the woodwork Regarding this topic .Such individuals only experiences has been with Thai bar girls . <img src='http://static.thaivisa.com/forum/public/style_emoticons/default/whistling.gif' class='bbc_emoticon' alt='' /><br />

<br /><br /><br />

quite the contrary, i'm currently married to a highly educated thai (master's degree in finance). we lived in america 3 years, when the thai decided to pack and move back to thailand. in my defense, i am/was a modal spouse; loving, supportive, financially well off, never violent, always caring and giving. after the move, they changed their appearance and magically disappeared into the land of scams. so, i know what i'm talking about, tgf, bar girl, spouse. it doesn't matter; maintain control over your own money.

[Thaifan2]

<br />

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<br />i should add that you could live in an apt at $300 per month for 12 years for 1,450,000. considering your age, that's probably a smarter option for you. let the tfg (bar girl) buy her own 1,450,000 house. you'll be much happier just renting, and having control over "your" money.<br />

<br /><br />Have you ever been to Thailand? <img src='http://static.thaivisa.com/forum/public/style_emoticons/default/ohmy.gif' class='bbc_emoticon' alt='' /><br />

<br /><br /><br />They always come out of the woodwork Regarding this topic .Such individuals only experiences has been with Thai bar girls . <img src='http://static.thaivisa.com/forum/public/style_emoticons/default/whistling.gif' class='bbc_emoticon' alt='' /><br />

<br /><br /><br />

quite the contrary, i'm currently married to a highly educated thai (master's degree in finance). we lived in america 3 years, when the thai decided to pack and move back to thailand. in my defense, i am/was a modal spouse; loving, supportive, financially well off, never violent, always caring and giving. after the move, they changed their appearance and magically disappeared into the land of scams. so, i know what i'm talking about, tgf, bar girl, spouse. it doesn't matter; maintain control over your own money.

You sound bitter ,but maybe you have a good reason to be .I am going to take a chance on this lady .If it does go tits up its an investment i can walk away from .Although painful it would not be the end of the world .( but i would never trust anyone again ).

PS,I would become like you ..LOL !

Edited June 24, 2010 by Thaifan2

[temprylife]

You can laugh at me all you want. I'm not your enemy. I still have my B 1,450,000. Thailand is corrupt from the top -> down, down -> up. Whatever. Ever heard of ex-PM Thaksin? Crocked as a $3 dollar bill. Test the waters yourself my friend, refuse a gift to your thai. That gift refusal won't be forgotten. Thai's are take, take, take, take, take, take, and take some more. When the giving stops, so does their love for your empty pocket.

[Thaifan2]

You can laugh at me all you want. I'm not your enemy. I still have my B 1,450,000. Thailand is corrupt from the top -> down, down -> up. Whatever. Ever heard of ex-PM Thaksin? Crocked as a $3 dollar bill. Test the waters yourself my friend, refuse a gift to your thai. That gift refusal won't be forgotten. Thai's are take, take, take, take, take, take, and take some more. When the giving stops, so does their love for your empty pocket.

I am not laughing at you as i know the dangers myself .Talking about Thaksin,he has put billions in his ex-wifes name i believe so that the Thai governament can not get to it .