Expat Property Ownership Poll

[zaz]

Following on from my previous topic, I'd be interested to know how popular the above routes of property ownership are.

If anyone has any advise or comments please post.

Thanks

zaz

[davethailand]

top one for me

[loong]

Why is there no option for living in Girlfriends/wife's house paid for with her money?

It does happen you know

[zaz]

Why is there no option for living in Girlfriends/wife's house paid for with her money?

It does happen you know

<{POST_SNAPBACK}>

Good point! But I guess for the purposes of this exercise the poll is purely from an investment point of view.

[Ice Maiden]

Zaz - My Dad has his home in the company name. So I voted top.

[meom]

Why is there no option for living in Girlfriends/wife's house paid for with her money?

It does happen you know

True although I gave her the money first

[Monkeypants]

For me, Partners name. IMO It depends on where the land/house is, for example hers, is in Phetchabun, with all the family next door. If it were in Pattaya, then I would have gone down the 30+ lease route.

[Sir Burr]

Have leased it from my wife. Thirty years for a nominal amount.

Levels the playing field for those 'less than perfect momemts'.

[donx]

Since the Thai government doesn't even know we are married, my wife simply signed her name to the property we recently bought. The other property she owns was given to her by her parents after we married. With two kids and one more on the way, our children will inherit this land when my wife says goodbye to this world.

[billd766]

Almost everything we own is in my wife's name. I own my clothes and a few more things but I gave it all to my wife because I love her. It will all go to our son when we die and I can't take it with me when I go anyway.

[Nordlys]

I own a condo in my own name alone but the land dept. official told us as a legally married couple my Thai wife is entitled to the same share of ownership as me whether or not her name is on the title deed.

[palex]

Folks who own a land via a private company - could you please specify whether it is a zero-profit company setup just to own this house's land or it is a real, functioning company. If it is a zero-profit one, how much is the monthly cost of maintaining it (paper work, accounting cost, bank account fee, etc)?

[monty]

Zero profit company's are not very safe IMHO! Government might crack down on them.

But even if the company actively trades and does make profit (e.g in the receipts of rental fees from said property) the taxes owned will still be acceptable.

A good accountant will also be able to reduce company income, by example when you borrow money to the company in order so it can acquire the house, any interests payed to the borrower are tax deductible!

I guess to play it safe it'll cost you between 20K and 30k Baht/annum.

I just wouldn't sleep well if I was just paying the absolute minimum of around 12000 Baht/year to keep a company alive!

[Tornado]

1 & 3 for me.

[Tornado]

The vote count for number 3 worries me a little.

[WhiteShiva]

The vote count for number 3 worries me a little.

<{POST_SNAPBACK}>

Why? We have the house and land on my wife's name, and have 2 kids that would inherit the deed should something happen to her. She does not drink, gamble or smoke, has never worked in a bar, is careful with money, etc - so I have no problem trusting her with this.

In the unlikely event we should split up sometime in the future, I would have no problem leaving the house and land to her and the kids.

Edited August 26, 2005 by WhiteShiva

[UncleDonald]

This is a big complicated topic that is best looked at in the full context of the relationship, age of partners, other aspects of the marriage as discussed in the recent extensive postings on family that wants a million baht pickup truck as a wedding present. However you do it, there are likely to be many possibilities for disappointments on both sides.

Having said that, I am not sorry that my wife and I set up a few years back an arrangement for equal control of our property (which I paid for) via joint directorship of a Thai company. We have to agree or nothing happens. This does not guarantee that in moments of stress the Thai partner won't fall back on the idea that this is "unfair" because foreigners really "shouldn't" have any control over Thai land, or that a man really "owes" lifetime security to his woman. As always, you have to keep your cool and know when to draw the line on demands. all the while making a real effort to see the kind of anxiety that the Thai partner might genuinely have reason to feel.

[Tornado]

The vote count for number 3 worries me a little.

<{POST_SNAPBACK}>

Why? We have the house and land on my wife's name, and have 2 kids that would inherit the deed should something happen to her. She does not drink, gamble or smoke, has never worked in a bar, is careful with money, etc - so I have no problem trusting her with this.

In the unlikely event we should split up sometime in the future, I would have no problem leaving the house and land to her and the kids.

<{POST_SNAPBACK}>

Nothing personal towards you mate, you obviously have a history, children and "real" love.

I meet so many guys that put things in their wives names and then end up with nothing but problems - thats all.

I think all farangs should at least draw up a lease contract (if the property is in the wifes name) for a period of 30 years - it just makes sense.

[WhiteShiva]

The vote count for number 3 worries me a little.

<{POST_SNAPBACK}>

Why? We have the house and land on my wife's name, and have 2 kids that would inherit the deed should something happen to her. She does not drink, gamble or smoke, has never worked in a bar, is careful with money, etc - so I have no problem trusting her with this.

In the unlikely event we should split up sometime in the future, I would have no problem leaving the house and land to her and the kids.

<{POST_SNAPBACK}>

Nothing personal towards you mate, you obviously have a history, children and "real" love.

I meet so many guys that put things in their wives names and then end up with nothing but problems - thats all.

I think all farangs should at least draw up a lease contract (if the property is in the wifes name) for a period of 30 years - it just makes sense.

<{POST_SNAPBACK}>

If I couldn't afford to loose the house, I probably would have done so. In fact, my wife brought this up in the past, she was worried about her relatives inheriting the house, rather than me, should something happened to her.

I don't loose any sleep over it. If I loose the house, if will be the least of my concerns - at least the kids will be able to live with their mother in a nice house.

[Jai Dee]

I think all farangs should at least draw up a lease contract (if the property is in the wifes name) for a period of 30 years - it just makes sense.

Smart move Torny...

It can also serve to protect both parties in the event of an unfortunate accident that leaves one partner remaining.

[Sir Burr]

I have advised many friends over the years to take out a lease on the property that they have bought in their girlfriends/wives name.

I pointed out all the positive points of having the lease.

How many of my friends took out a lease?

None, they were all scared of asking their wives.

[Dragonman]

The vote count for number 3 worries me a little.

<{POST_SNAPBACK}>

Why? We have the house and land on my wife's name, and have 2 kids that would inherit the deed should something happen to her. She does not drink, gamble or smoke, has never worked in a bar, is careful with money, etc - so I have no problem trusting her with this.

In the unlikely event we should split up sometime in the future, I would have no problem leaving the house and land to her and the kids.

<{POST_SNAPBACK}>

Nothing personal towards you mate, you obviously have a history, children and "real" love.

I meet so many guys that put things in their wives names and then end up with nothing but problems - thats all.

I think all farangs should at least draw up a lease contract (if the property is in the wifes name) for a period of 30 years - it just makes sense.

<{POST_SNAPBACK}>

If I couldn't afford to loose the house, I probably would have done so. In fact, my wife brought this up in the past, she was worried about her relatives inheriting the house, rather than me, should something happened to her.

I don't loose any sleep over it. If I loose the house, if will be the least of my concerns - at least the kids will be able to live with their mother in a nice house.

<{POST_SNAPBACK}>

Me too mate. I always advise people to take the lease road but haven't done it myself. Am quite prepared to pack my bags and move to a rented condo if need be. So what, have had 5 great years so far and don't believe in all this bitterness that people feel on splitting. Might worry more if I had a 10 million baht home

[RamdomChances]

I don't think ours is in anybody's name I've never seen any papers for the house, I think it was built before they botherd with those sort of things.

It's about 40 years old and was given to us by the mother-in-law, just did it up a bit. The land its on is in the wifes name but was hers anyway (well it was the mother-in-laws but she gave it to us) The cows are mine though

RC

[Sir Burr]

Taking out a lease on the property from your wife isn't just about not losing money if the relationship changes.

As I explained to my wife; if she should die (God forbid), her family could make me homeless by just ordering me out of the house.

This expression "dont invest more in a house than your willing to lose" is just bull-shit. It doesn't have to be that way. A simple lease takes care of you in all sorts of situations and makes sleeping at night easy.

[Dragonman]

Taking out a lease on the property from your wife isn't just about not losing money if the relationship changes.

As I explained to my wife; if she should die (God forbid), her family could make me homeless by just ordering me out of the house.

This expression "dont invest more in a house than your willing to lose" is just bull-shit. It doesn't have to be that way. A simple lease takes care of you in all sorts of situations and makes sleeping at night easy.

<{POST_SNAPBACK}>

True! "different strokes for different folks" depends on your personal situation

[Sir Burr]

The only situation I see where having the property in your wife's name is better than holding a lease in your own name, is if you want to rent the house out.

[Jai Dee]

Taking out a lease on the property from your wife isn't just about not losing money if the relationship changes.

As I explained to my wife; if she should die (God forbid), her family could make me homeless by just ordering me out of the house.

Exactly!

This expression "dont invest more in a house than your willing to lose" is just bull-shit. It doesn't have to be that way. A simple lease takes care of you in all sorts of situations and makes sleeping at night easy.

Good post Sir Burr.

I'm sinking all I have spare into building our new house... it's our dream house so why cut corners for happiness?

[Sir Burr]

why cut corners for happiness?

Exactamundo!

(apologies to Arthur Fonzerelli).

Edited August 26, 2005 by Sir Burr

[meelousee]

All things considered, having property in your partners name is actually the easiest route. Taxes, legal paper and a clear understanding of who plays what role is important.

Obviously if you married her, or him there is some level of trust . Knowing who you married is also a fine line. Each situation has its own dynamics where the property is, how much property there is, are kids involved is the whole family involved, mom dad uncle sister brother and so on.

Just having the PAPER is a comfort and a fall back and is very important should some unfortunate event occur to either partner.

Because when and if it does the buzzards come out of hiding and it is not only in Thailand it is everywhere.

Do the legal documents to protect each other it is an umbrella when disaster strikes.

Edited August 26, 2005 by meelousee

[ProThaiExpat]

I am happy that my prior opinion that about 3/4s of falang buy, build and then rent back their homes has some support.

The comment regarding renting out your house if you rent it from you wife isn't possible doesn't contemplate a sub-lease to the lessee.