When Buy A House, Do I Become Dir. First Or The Transfer First ?

[plus7]

Hi,

I'm going to buy a house. I understand the process in general, but the question is:

Do I become director with 49% first or at first the house is transferred to fully thai company ?

If the latter, does it happen that laywers "steal" the house and dont let me in at all ?

[soi41]

RENT !!

[plus7]

Soi41, I've been rented for 2 years and tired of those relations.

[Naam]

Do I become director with 49% first or at first the house is transferred to fully thai company ?

that depends how the individual land office handles the case.

[23962323]

Reporting local rag, all land offices now have instructions not to allow any farang on any documentation concerning company purchasing,also only 3 year agreements allowed on leasing.

Not the way to go

[Darrel]

Reporting local rag, all land offices now have instructions not to allow any farang on any documentation concerning company purchasing,also only 3 year agreements allowed on leasing.

Local to where? Official rules and regs vary hugely from one area to another.

If in Pattaya it should have an interesting effect on asking prices.

[JohnC]

You set up the company, the company buys the house & land, actually encouraged by Pattaya Land Office!

[beachyman]

Hi,

I'm going to buy a house. I understand the process in general, but the question is:

Do I become director with 49% first or at first the house is transferred to fully thai company ?

If the latter, does it happen that laywers "steal" the house and dont let me in at all ?

Company must be set up first, the company must purchase the land and house. Keep in mind if the company does not make money for three years the revenue department might contact the land department and you may be forced to sell the house/land usually at a loss.

If you run it as a business and pay tax it will be much more worthwhile.

[merlen10002]

Don't,,, Rent,,,,,, buy a house if you want to blow all your money,

[simple1]

Reporting local rag, all land offices now have instructions not to allow any farang on any documentation concerning company purchasing,also only 3 year agreements allowed on leasing.

Local to where? Official rules and regs vary hugely from one area to another.

If in Pattaya it should have an interesting effect on asking prices.

Reported in Pattaya Times

[LennyW]

Reporting local rag, all land offices now have instructions not to allow any farang on any documentation concerning company purchasing,also only 3 year agreements allowed on leasing.

Local to where? Official rules and regs vary hugely from one area to another.

If in Pattaya it should have an interesting effect on asking prices.

Reported in Pattaya Times

Good reason to disregard that information then!!

[Darrel]

Reported in Pattaya Times

I didnt see that. I generally read the local rags quite closely as I have nothing better to do over breakfast and they are usually good for an (unintentional) laugh. Perhaps I missed it due to Songkran.

[Langsuan Man]

Why does every inquiry about house ownership bring out the ONLY RENT brigade ?

The procedure is set by the land office. I have only dealt with these two and both have different requirements

At the Pattaya Land Office, the company is set up first and then the property is sold to the company and the chanote is issued in the company name (one step process)

At the Sattahip Land Office, the company must be set up by a Thai, with proof of at least 1 million baht in a Thai bank account. Once the property is purchased by the company (chanote issued in the company name) the directorship is transferred to the "farang" (two step process)

[Darrel]

Why does every inquiry about house ownership bring out the ONLY RENT brigade ?

Possibly because nearly all threads about house ownership in Thailand end up by discussing activity that is against the letter or the spirit of the law, and so may have regrettable consequences one day.

I dare say that if there were regular threads about Yaba-taking there would be posters saying "drink beer instead" for exactly the same reason.

[johnnyk]

OP isn't clear if he is referring to house+land or house only. For house only, falangs can own outright in their name and forming a company is not necessary. Land cannot be owned by a falang in his own name.

[Langsuan Man]

Why does every inquiry about house ownership bring out the ONLY RENT brigade ?

Possibly because nearly all threads about house ownership in Thailand end up by discussing activity that is against the letter or the spirit of the law, and so may have regrettable consequences one day.

I dare say that if there were regular threads about Yaba-taking there would be posters saying "drink beer instead" for exactly the same reason.

In your opinion as one of the unofficial spokesman of the ONLY RENT brigade

[Darrel]

Not an opinion at all. Fact.

[PattayaPhom]

Reporting local rag, all land offices now have instructions not to allow any farang on any documentation concerning company purchasing,also only 3 year agreements allowed on leasing.

Not the way to go

Rubbish

[simple1]

Refer to today's Pattaya Times follow up article re foreigner managaged company structures for acquiring house and land now banned. To state the obvious if you're in the market need to go to Pattaya Land Office to cross check info

[PattayaPhom]

Refer to today's Pattaya Times follow up article re foreigner managaged company structures for acquiring house and land now banned. To state the obvious if you're in the market need to go to Pattaya Land Office to cross check info

And this is the same newspaper that printed that every beer bar or go go bar in Pattaya would be shut down......so yeah, must be true

[Darrel]

Refer to today's Pattaya Times follow up article re foreigner managaged company structures for acquiring house and land now banned. To state the obvious if you're in the market need to go to Pattaya Land Office to cross check info

I'll look forward to reading that over breakfast next week.

If true I cant say that I'm at all surprised. Clamp-downs on previously ignored laws are nothing new here, and in the end they seem to get round to clamping down on most of them sooner or later.

Whether this one will last is entirely another matter.