mikey88 Posted October 25, 2011 Share Posted October 25, 2011 Hi to all how have helped me in the past. I've spent the last few weks with a property agent (semingly large and respectable with 2 city offices can give name privately). I have looked a a number of places... One or two I would be interested in perhaps buying if the 'legals' were watertight. And that seems to be the problem. The discussion I've had with the agent (she speaks quite good English so I believe we understand each other) seems to indicate that she thinks Usufructs are not watertight and that even with one properly completed and lodged at the Lands Office, that some people could and have, in her experience, sought to challenge it in court and that I might have to go to court to defend it.....a hassle that I wouldn't even consider for my retirement. So one solution she spoke about is that the property is held or bought in the name of the owner of the Real Estate Agency.... I know I know.... alarm bells!! What is peopl'e experience with this situation. I don't have and don't ever expect to have a Thai partner by the way. All help graetly appreciated... Cheers Mike Link to comment Share on other sites More sharing options...
Thaifan2 Posted October 25, 2011 Share Posted October 25, 2011 No way .She wants you to put it in her name without a Usufruct for you Link to comment Share on other sites More sharing options...
shepsel Posted October 25, 2011 Share Posted October 25, 2011 Speak to a qualified real estate lawyer before doing anything else. Link to comment Share on other sites More sharing options...
DeeMaiDee Posted October 25, 2011 Share Posted October 25, 2011 What a creative idea. Link to comment Share on other sites More sharing options...
Thighlander Posted October 25, 2011 Share Posted October 25, 2011 don't walk...run! Foreigners may not own land in Thailand. Maneuvering around this with a lawyer could be a seperate offense. I did it with a lawyer, and wouldn't do it again. I do like those studios in CXR for about 400K. Remember, you have no leverage whatsoever, when you are operating in a grey area. Link to comment Share on other sites More sharing options...
Thaifan2 Posted October 25, 2011 Share Posted October 25, 2011 Where is CXR ? >>I do like those studios in CXR for about 400K.<< Link to comment Share on other sites More sharing options...
BarnicaleBob Posted October 25, 2011 Share Posted October 25, 2011 My wife owns our home and when I die I know she will at least have a place to live and I am sure many of the expats that have children with a Thai also feel the same way. But if you are an older person and do not have a Thai partner why would you want to own a home in Thailand in the first place. Why not rent long term instead, I know you may want to make some modifications to the property so you feel you must own it. But if you find a good property to rent long term you can write into the rental agreement that you be aloud to make such modifications. This way you also save on a larger outlay of cash that you would need to own. Make sure if you do rent that the rental agreement is registered at the local Ampher (spelling) so that it is fully legal. Link to comment Share on other sites More sharing options...
FWIW Posted October 25, 2011 Share Posted October 25, 2011 Quote OP: So one solution she spoke about is that the property is held or bought in the name of the owner of the Real Estate Agency.... I know I know.... alarm bells!! Seriously, you should not even have to consider this for a moment before running away as fast as you can. Once you paid for the house, how long is it before you think that you would have "the accident"? Either buy an apartment that you can legally own, or rent. Anything else and you are simply asking for trouble in one form or another. Link to comment Share on other sites More sharing options...
Mitker Posted October 25, 2011 Share Posted October 25, 2011 The list of horror stories is already endless. Don't add to it. Forget how many large smiles have been graciously offered along with the "generous" proposal. Link to comment Share on other sites More sharing options...
hellodolly Posted October 25, 2011 Share Posted October 25, 2011 My wife owns our home and when I die I know she will at least have a place to live and I am sure many of the expats that have children with a Thai also feel the same way. But if you are an older person and do not have a Thai partner why would you want to own a home in Thailand in the first place. Why not rent long term instead, I know you may want to make some modifications to the property so you feel you must own it. But if you find a good property to rent long term you can write into the rental agreement that you be aloud to make such modifications. This way you also save on a larger outlay of cash that you would need to own. Make sure if you do rent that the rental agreement is registered at the local Ampher (spelling) so that it is fully legal. Good sound advice. Why tie yourself to house in your golden years when you can rent and have the freedom to travel worry free. It is not as if you were planing for your retirement years you are already there. Link to comment Share on other sites More sharing options...
ludditeman Posted October 25, 2011 Share Posted October 25, 2011 (edited) Renting is cheaper than buying, you can invest your capital and get a greater return than the rent you would pay. The advantage is you can move house whenever you want without buying and selling. If you really would like to put a house in a Thai ladies name, may I suggest my GF for owner, it would save me the trouble of buying her a house. Edited October 25, 2011 by ludditeman Link to comment Share on other sites More sharing options...
billd766 Posted October 25, 2011 Share Posted October 25, 2011 My wife owns our home and when I die I know she will at least have a place to live and I am sure many of the expats that have children with a Thai also feel the same way. But if you are an older person and do not have a Thai partner why would you want to own a home in Thailand in the first place. Why not rent long term instead, I know you may want to make some modifications to the property so you feel you must own it. But if you find a good property to rent long term you can write into the rental agreement that you be aloud to make such modifications. This way you also save on a larger outlay of cash that you would need to own. Make sure if you do rent that the rental agreement is registered at the local Ampher (spelling) so that it is fully legal. My wife owns our home and land and we are going to put it into our 7 year old son's name. That way as I am named as his guardian both of us will be safeguarded by the courts should my wife die before me. She had some land up here and I paid for the plot next and a few years later paid for some more up the road a bit. When I die she and our son will always have somewhere to live which is only a part payment for the love and enjoyment I get from them both. On the other hand if you are older, not married to a Thai unfortunately there is no LEGAL way to own your own piece of land other than (I think) investing 40,000,000 baht in the Thai government despite what the lady at the estate agents has told you. Please listen to everybody who tells you to rent as you sign up for a period of time and if you are not happy you can move on. If you are happy then stay. Link to comment Share on other sites More sharing options...
chaoyang Posted October 25, 2011 Share Posted October 25, 2011 (edited) Actually, after she suggested that as an option I would have no further dealings with her. She knows full well what she is proposing is illegal and it could end up as a scam, whether she really intends that now or not. Be awfully tempting to sell it in a cash crunch or borrow money using it as collateral (I knew that one to happen). Edited October 25, 2011 by chaoyang Link to comment Share on other sites More sharing options...
hellodolly Posted October 25, 2011 Share Posted October 25, 2011 Renting is cheaper than buying, you can invest your capital and get a greater return than the rent you would pay. The advantage is you can move house whenever you want without buying and selling. If you really would like to put a house in a Thai ladies name, may I suggest my GF for owner, it would save me the trouble of buying her a house. My wife and I saw him first. Link to comment Share on other sites More sharing options...
realthaideal Posted October 25, 2011 Share Posted October 25, 2011 When this idea gets several expats' quills up right away, gut instinct that this is all bad, and that you should run away..... I hope you're gonna listen to what this bunch of old hands recommend. Trust instincts. Trust locals with experience. Better safe than sorry. I'm sure the agent is nice n friendly. But don't let crocodile smiles beguile you. Link to comment Share on other sites More sharing options...
scorecard Posted October 25, 2011 Share Posted October 25, 2011 (edited) No, no, definitely, absolutely and totally no! There are professional property agents associations in Thailand and I suspect they would be horrified. Even if this woman shows you examples of her / agents name being used in the past (written in English), the answer is still NO! By the way, did she mention the route of forming a company which you can control and the company buying the property? Edited October 25, 2011 by scorecard Link to comment Share on other sites More sharing options...
zorro1 Posted October 25, 2011 Share Posted October 25, 2011 Renting is cheaper than buying, you can invest your capital and get a greater return than the rent you would pay. The advantage is you can move house whenever you want without buying and selling. If you really would like to put a house in a Thai ladies name, may I suggest my GF for owner, it would save me the trouble of buying her a house. "Renting is cheaper than buying, you can invest your capital and get a greater return than the rent you would pay" where? Link to comment Share on other sites More sharing options...
naboo Posted October 25, 2011 Share Posted October 25, 2011 Renting is cheaper than buying, you can invest your capital and get a greater return than the rent you would pay. The advantage is you can move house whenever you want without buying and selling. If you really would like to put a house in a Thai ladies name, may I suggest my GF for owner, it would save me the trouble of buying her a house. My wife and I saw him first. I'm pretty sure my girl is the most trustworthy in Thailand. Link to comment Share on other sites More sharing options...
Theo007 Posted October 25, 2011 Share Posted October 25, 2011 Mike, if you do agree to accept this very kind offer then I happen to own a very nice bridge in Sydney I can sell you for a very good price! Link to comment Share on other sites More sharing options...
Thighlander Posted October 25, 2011 Share Posted October 25, 2011 Where is CXR ? >>I do like those studios in CXR for about 400K.<< Chiang Rai----Chiang Rai Condotel=35 sm shell for about 400K.....nice pool, neighborhood. Link to comment Share on other sites More sharing options...
jackr Posted October 25, 2011 Share Posted October 25, 2011 Is she talking put it in their name and they draw up a lease? Don't Tanaboon do that for foreigners? Either way, even if it were legal, all it'd be is a glorified rental and very likely you signing it over, money in their pocket when you pass on (or before). Defo rent if you're on your tod and retiring (can get a nice place for 10k), or condo for buying. Link to comment Share on other sites More sharing options...
Beetlejuice Posted October 25, 2011 Share Posted October 25, 2011 If you do not have a Thai wife/girlfriend, partner or any Thai children, then you`re really left up the creek without a paddle. Usufruct or not, don`t do it and trust no one. Have you considered a condo? Because this I would say is your only option other than renting. Link to comment Share on other sites More sharing options...
jonwilly Posted October 26, 2011 Share Posted October 26, 2011 Buy a Condo. As my Lawyer said The Thai Government says YOU own it. john Link to comment Share on other sites More sharing options...
letitbe Posted October 26, 2011 Share Posted October 26, 2011 Speak to a qualified real estate lawyer before doing anything else. dont worry that agent can recommend a good lawyer im sure Link to comment Share on other sites More sharing options...
Rama Posted October 26, 2011 Share Posted October 26, 2011 Don't put into any Thai's name you don't know for a long time and personally. I know who you're talking about. Private message me and I can explain how to do. Link to comment Share on other sites More sharing options...
HaleySabai Posted October 26, 2011 Share Posted October 26, 2011 The "blood sucking leech" in this country can take any form. Drop that "agent" off a bridge NOW ! and look for a new one. Your only sane option is to RENT - Good Luck in the land of smiles Link to comment Share on other sites More sharing options...
uptoyoumyfriend Posted October 26, 2011 Share Posted October 26, 2011 your lack of knowledge as proven by your post (if it is what you say) means you haven't been here long enough to buy in any case.take the advice given -rent first get a little bit of a feel for the place then buy a condo if you think cm is for you. you will inevitably meet someone here if you're single and then you might want to relocate.be advised also that selling is a lot harder than buying.take your time -as long as you have the money the power is yours. Link to comment Share on other sites More sharing options...
jko Posted October 28, 2011 Share Posted October 28, 2011 PLEASE DON'T DO IT Even if you enter one of the 'guaranteed secure' deals which are suggested by some pundits, there is no real guarantee that as a foreigner, any get-around-the-Thai-law-formula will protect you, whether done through a lawyer or not. Even if you have an iron-clad case, courts and judges cannot be trusted, especially when your partner has money and influence, as I have seen, alas. Even if you find an absolutely honest Thai to hold the property for you, mercenary and crooked family members can totally destroy that. Ask any consular officer - Thailand is full of horror stories about farangs losing their entire life savings through property acquisition gone wrong, it's been that way for decades in Thailand, and it's unlikely to change. Don't risk becoming another statistic. Either buy a condo or rent something nice - there are scores of beautiful properties available here. No maintenance costs, roof repairs, etc., and if they decide to build a highway, a factory or a karaoke club next to you, you just smile and move on. Good luck! Link to comment Share on other sites More sharing options...
mikey88 Posted October 30, 2011 Author Share Posted October 30, 2011 Thanks to all who have taken the time and trouble to reply.... The opinion seems overwhelming and I have listened. I won't be doing anthing of the sort....so once again Thanks....Mike Link to comment Share on other sites More sharing options...
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