Buying A House

[bembaman]

Is it possible to buy a house in the name of my daughter (under 18 years, still very young) rather than the wife? My wife has a sister who owns a house which was security on a loan on which she has defaulted. The creditors want the house but the sister claims they cannot get it because it is in her 14 year old daughter's name.

Secondly, is it posible to buy it in my wife's name but with a 30 year renewable lease issued to me at a nominal rent? I am told these 30 year leases are getting popular. Anyone experienced this?

[wowwo]

FWIW

A house you can own in freehold. Land you cannot, unless you have a thai company with a business purpose. The 30 year lease is ok & safe.

Check the land title first though and make sure you have that renewal option mentioned in your lease contract. The lease contract should be made by an international law firm with experienced Thai lawyers.

[dr_Pat_Pong]

The daughter cannot enter into a lease until she achieves her majority. As a minor she hasn't got contractual capacity. I understand that 50 year leases are ok now. You need a lawyer

[davidm]

Is the law the same for a son? I'm not trying to be funny. We all know women are discriminated against in Thailand. Maybe boys have more/better rights.

[dr_Pat_Pong]

Not any difference. A minor is a minor. There's no gender bias in these circumstances. You still need a lawyer.

[Liberator]

I understand that 50 year leases are ok now.

The relevant Thai law (from 'LAWS GOVERNING THE ACQUISITION OF IMMOVABLE PROPERTY BY ALIENS IN THAILAND') states the following;

Exceptions:

The lease term for the purpose of carrying on the business of commerce or industry may be extended to 50 years and can be renewed for another 50 years term.

For residential property the term cannot exceed 30 years.

--

Liberator

[dr_Pat_Pong]

No guarantee's....T i T ....but I understood that that law was or was beeing amended of recent date.