Mulitple Homeownership

[djvolak]

I just paid off the house we live in in Nonthaburi as a 6th Anniversary gift to my wife. A few years back I bought the house across the street for cash and we went in on some land down south with my wife's sister and her husband. So right now we are at 2 1/2 properties. I am wondering what is the best way for my wife to have multiple properties in her name. My name is not on any of these properties by my request, as if something happens to me I do not want my family in the US trying to take anything here away from my wife. What I am doing here is for us now and if and when I am gone I want her set up. I'm 51 and she is 46 and I plan on working till they will not let me so maybe another 15 to 20 years. Plan is to have 10 rental properties and one big house we will build once I get half way to my goal. Any suggestions? How many properties can she have in her name? Should she set up an LLC or something like that? Any help and suggestions will be greatly appreciated. Regards, Dave

[rgs2001uk]

I am wondering what is the best way for my wife to have multiple properties in her name.

Each time you buy a property you have the chanote issued in her name at the land office where you bought the properties.

My name is not on any of these properties by my request,

Its nothing to do with your request, its to do with Thai law, I notice you say houses and not condos, which is another matter, I have never known any farang be issued with a chanote for a house with his name on it.

How many properties can she have in her name?

She can have as many properties as she wants/can afford to buy in her name.

Should she set up an LLC or something like that?

Please excuse my ignorance, whats a LLC?

I just paid off the house we live in in Nonthaburi as a 6th Anniversary
gift to my wife. A few years back I bought the house across the street
for cash and we went in on some land down south with my wife's sister
and her husband. So right now we are at 2 1/2 properties.

This concerns me the most, you paid off a house in Nonthaburi, whose name is the house in, your wifes, if not why not?

You bought some land across the street, whose name is it in, your wifes, if not why not?

The biggest concern, red flag is this,

we went in on some land down south with my wife's sister

and her husband.

Whose name/names are on this chanote?

Why at the time of purchase didnt you split the land and have two chanotes issued one for your wife and one for her sister?

[djvolak]

I am wondering what is the best way for my wife to have multiple properties in her name.

Each time you buy a property you have the chanote issued in her name at the land office where you bought the properties.

My name is not on any of these properties by my request,

Its nothing to do with your request, its to do with Thai law, I notice you say houses and not condos, which is another matter, I have never known any farang be issued with a chanote for a house with his name on it.

How many properties can she have in her name?

She can have as many properties as she wants/can afford to buy in her name.

Should she set up an LLC or something like that?

Please excuse my ignorance, whats a LLC?

I just paid off the house we live in in Nonthaburi as a 6th Anniversary

gift to my wife. A few years back I bought the house across the street

for cash and we went in on some land down south with my wife's sister

and her husband. So right now we are at 2 1/2 properties.

This concerns me the most, you paid off a house in Nonthaburi, whose name is the house in, your wifes, if not why not?

You bought some land across the street, whose name is it in, your wifes, if not why not?

The biggest concern, red flag is this,

we went in on some land down south with my wife's sister

and her husband.

Whose name/names are on this chanote?

Why at the time of purchase didnt you split the land and have two chanotes issued one for your wife and one for her sister?

The house I just paid off is in her name. We ae waiting for the bank to finish the paperwork now as I just paid it off today. The one across the street is still in the previous owners name. This is one reason I am asking how many houses she can have. I am trying to tie all these things together and I have no clue on what to do or how to do it. The land in the south is split and they asked if I wanted my name on that paperwork and I chose not to. The one across the street I had to sign off on saying I had no financial interest on the land. The guy at the land office actaully pulled me aside to explain this to me. I told him no worries as everything I am doing here is for her anyway in the big picture I just now am looking at what I need to do to get all this stuff wrapped up legally in her name. Her boy is 16 and when he goes to College I will get him a condo by where ever we get him into school and we can get that in my name or his I am ok either way on that. Thanks for getting back to me. Her family is not poor they are from the south and have a good chunk of rubber tree land near Nakon Si Tammarett. She did not really want me to pay the house off now but I really do not like paying the bank so I had the money to do it now and did. These houses are not big fancy ones they ran me 1 million baht thereabouts and I think they will go up as they are doing the light rail out here so I got when I got when I could. Thanks for your quick reply. Have a good night. Ok I just asked her again who's name the one across the street is in and she said in her name she just cannot do family book on both. Sorry for the confusion. She has her name on all three right now. So I guess what I really need to do is find out what is the best way to have it all set up. LLC is limited Liability Corp. I had a friend in the states who set his business up with an LLC so I was not sure could you do that here and use it to own the houses for taxes and such. I guess I better find a lawyer here and see what they say. I was looking at 2 more houses down south this trip home but they are not ready to sell yet. That would sort of get me to the halfway point then we could look for where we want to build. Still got a house and some apts in the US I am in process of selling too. This house stuff is making me a bit nuts. Thanks again, Regards, Dave

Edited May 16, 2013 by djvolak

[rgs2001uk]

Jesuh H mate, I want to help you but I cant be assed trying to decipher that pile of crap, have you never heard of paragraphs?

[djvolak]

Jesuh H mate, I want to help you but I cant be assed trying to decipher that pile of crap, have you never heard of paragraphs?

rgs2001uk, Sorry sir. Yes I have heard of paragraphs but writing is not what I do for work and no I did not have a lot of schooling. I have a GED. That is a high school equilvilant in the US. I took some classes after that but none of them were for writing. I will look elsewhere for answers since my lack of writing skill seems to offend. Sorry to trouble you sir. Have a nice evening.

[djvolak]

I am wondering what is the best way for my wife to have multiple properties in her name.

Each time you buy a property you have the chanote issued in her name at the land office where you bought the properties.

Ok the 2 we have in Nonthaburi are in her name only. The one we went in on with the sister is split her and them 50/50.

>

My name is not on any of these properties by my request,

Its nothing to do with your request, its to do with Thai law, I notice you say houses and not condos, which is another matter, I have never known any farang be issued with a chanote for a house with his name on it.

Yes I think I understand that part. Thank you.

How many properties can she have in her name?

She can have as many properties as she wants/can afford to buy in her name. Roger that thank you.

Should she set up an LLC or something like that?

Please excuse my ignorance, whats a LLC? Limited liability Corporation

I just paid off the house we live in in Nonthaburi as a 6th Anniversary

gift to my wife. A few years back I bought the house across the street

for cash and we went in on some land down south with my wife's sister

and her husband. So right now we are at 2 1/2 properties.

This concerns me the most, you paid off a house in Nonthaburi, whose name is the house in, your wifes, if not why not?

You bought some land across the street, whose name is it in, your wifes, if not why not?

Yes wife's name I just did not understand what she meant about not being able to do family book I thought she meant title.

The biggest concern, red flag is this,

we went in on some land down south with my wife's sister

and her husband.

Whose name/names are on this chanote?

Why at the time of purchase didnt you split the land and have two chanotes issued one for your wife and one for her sister?

The land is split as I stated above. Thanks for your help. Sorry to bother you. I will find a lawyer who can maybe explain all this stuff to me better. I just thought maybe i could get good information here and not have to pay the fees. Cheers.

[Farma]

I don't know what income you're expecting from 1 million Baht houses. At the moment I can't see why you're worried about tax as I can't see the income being all that great.

You really need to see an accountant and ask if it's worth setting up a company or just keep the properties in your wife's name.

[djvolak]

I don't know what income you're expecting from 1 million Baht houses. At the moment I can't see why you're worried about tax as I can't see the income being all that great.

You really need to see an accountant and ask if it's worth setting up a company or just keep the properties in your wife's name.

Thanks. Now how do I delete this post. I am not expecting income from these houses they are for when I an no longer around or not able to earn a living. We or she can sell them off piece by piece and live off that. This is my intention anyway.

[Farma]

I can't see what your problem is.

The properties are or will be in your wife's name. You sign at the land office to say you have no claim in the properties.

If you're worried about family in the US laying claim, I can't see how they can.

If you're worried about you wife selling them out from under you, you may need to look at a way of protecting your interest.

If you set up a company I can see your accountancy fees costing more than its worth.

[rgs2001uk]

I can't see what your problem is.

The properties are or will be in your wife's name. You sign at the land office to say you have no claim in the properties.

If you're worried about family in the US laying claim, I can't see how they can.

If you're worried about you wife selling them out from under you, you may need to look at a way of protecting your interest.

If you set up a company I can see your accountancy fees costing more than its worth.

Jeez H, chownah, this guy doesnt have a clue, thats putting it politely.

To the OP, please tell us in plain parliamo americano, what TF do you want?

What is your position, what is your wifes position and what is your familys position?

How much does your wife have invested here and in whose name is it in?

If its not in her name why not?

[djvolak]

I can't see what your problem is.

The properties are or will be in your wife's name. You sign at the land office to say you have no claim in the properties.

If you're worried about family in the US laying claim, I can't see how they can.

If you're worried about you wife selling them out from under you, you may need to look at a way of protecting your interest.

If you set up a company I can see your accountancy fees costing more than its worth.

Jeez H, chownah, this guy doesnt have a clue, thats putting it politely.

To the OP, please tell us in plain parliamo americano, what TF do you want?

What is your position, what is your wifes position and what is your familys position?

How much does your wife have invested here and in whose name is it in?

If its not in her name why not?

Again, I am trying to figure out how to delete this post. I got it now from your responses. Thank you both for your help. You are correct I do not know Chownah nor much else UK slang. I had thought my wife could not have multiple properties in her name as I had confusion on house book and chanote. From your response and Farma's , I think I am ok now. I need to know how to remove this post though as I guess people on here get mad when you do not have proper sentence structure and spelling so I will try from now on to keep my answers one sentence so as not to confuse the masters. Have a wonderful day and a great weekend kind sir.

[Sharp]

Hey man , she can have as many as he likes don't get too upset with people ok just Enjoy your life ,,,good luck to ya ..

Sent from my iPad using ThaiVisa app

[Crossy]

Again, I am trying to figure out how to delete this post. I got it now from your responses. Thank you both for your help. You are correct I do not know Chownah nor much else UK slang. I had thought my wife could not have multiple properties in her name as I had confusion on house book and chanote. From your response and Farma's , I think I am ok now. I need to know how to remove this post though as I guess people on here get mad when you do not have proper sentence structure and spelling so I will try from now on to keep my answers one sentence so as not to confuse the masters. Have a wonderful day and a great weekend kind sir.

You cannot delete a post or a thread.

I'm glad your confusion has been sorted, I am a Brit and haven't got the foggiest notion what 'chownah' means, even Google failed me

For future reference, please break up your posts into bite-sized, logical chunks. White-space costs nothing and adds readability by the bucket.

[Farma]

djvolak, I'm glad you've got things figured out.

@crossy, rgs was having a little play on words. Chownah is the old Thai name for a farmer.

[falang07]

The point is you do not have to worry about your wife's assets since you do not have any rights for them. The only one who should be worried by this situation is you since if anything happens with her, you are doomed in here (as is everyone of us poor beggars with no rights in this country).

[Khun Jean]

Boy oh boy.

I read the OP posts and they seem very clear. Just some patience and reading ability is needed.

You don't need to worry about multiple houses/land in her name. If you want to set her up for a secure future i can only applaud what you are doing because security is the one thing that is of utmost importance when you get older. Without a social security safety net you need to do that on your own.

Your confusion about her being able to own more than one property is understandable because the most common document, (tabien bahn) allows only one to be on your name, it is a registration of her address. The chanot or landtitle is the real ownership document. And she can have as many as she is able to buy.

Setting up a company is for future security planning not necessary. It only adds costs and higher taxes.

Corporate taxes are higher then income tax so she would be better of having everything owned privately.

Only when big profits are made then it could be beneficial to setup a Ltd. Do a search on Thailand income tax to see when it is better to use a Ltd.

Property taxes are very low and should not be a problem. Most of the time you pay it every 5 years, depending on location because the amounts are so small it isn't worth it to collect them every year.

[djvolak]

Boy oh boy.

I read the OP posts and they seem very clear. Just some patience and reading ability is needed.

You don't need to worry about multiple houses/land in her name. If you want to set her up for a secure future i can only applaud what you are doing because security is the one thing that is of utmost importance when you get older. Without a social security safety net you need to do that on your own.

Your confusion about her being able to own more than one property is understandable because the most common document, (tabien bahn) allows only one to be on your name, it is a registration of her address. The chanot or landtitle is the real ownership document. And she can have as many as she is able to buy.

Setting up a company is for future security planning not necessary. It only adds costs and higher taxes.

Corporate taxes are higher then income tax so she would be better of having everything owned privately.

Only when big profits are made then it could be beneficial to setup a Ltd. Do a search on Thailand income tax to see when it is better to use a Ltd.

Property taxes are very low and should not be a problem. Most of the time you pay it every 5 years, depending on location because the amounts are so small it isn't worth it to collect them every year.

Khun Jean, Thanks so much for that post. That was really helpful. I would rather she had everything in her name with her son on there with her for backup. He will not be able to be on them till Dec 2015 or so though. I appreciate everyone taking time to respond. There are a lot of good people on here. Regards, Dave.

[djvolak]

The point is you do not have to worry about your wife's assets since you do not have any rights for them. The only one who should be worried by this situation is you since if anything happens with her, you are doomed in here (as is everyone of us poor beggars with no rights in this country).

If I couldn't afford to buy it for her I would not have. I want this woman in my life always and I want her set up as much as I can get her if something ever does happen to me. Not worried about my rights here I think the Thais have a better grasp on how to keep their country theirs. I do not have any problem with it at all. Thanks for responding. Have a great weekend.

[djvolak]

djvolak, I'm glad you've got things figured out.

@crossy, rgs was having a little play on words. Chownah is the old Thai name for a farmer.

Thanks again for all Farma. I would be proud to be a Farmer so I guess the Chownah would be a compliment. Have a great weekend.

[djvolak]

Again, I am trying to figure out how to delete this post. I got it now from your responses. Thank you both for your help. You are correct I do not know Chownah nor much else UK slang. I had thought my wife could not have multiple properties in her name as I had confusion on house book and chanote. From your response and Farma's , I think I am ok now. I need to know how to remove this post though as I guess people on here get mad when you do not have proper sentence structure and spelling so I will try from now on to keep my answers one sentence so as not to confuse the masters. Have a wonderful day and a great weekend kind sir.

You cannot delete a post or a thread.

I'm glad your confusion has been sorted, I am a Brit and haven't got the foggiest notion what 'chownah' means, even Google failed me

For future reference, please break up your posts into bite-sized, logical chunks. White-space costs nothing and adds readability by the bucket.

Thanks, I will try to answer the questions in their boxes and not get too carried away from now on. Have a great weekend.

[djvolak]

Hey man , she can have as many as he likes don't get too upset with people ok just Enjoy your life ,,,good luck to ya ..

Sent from my iPad using ThaiVisa app

Thanks Sharp, Luck to you as well! Have a great weekend.

[donx]

Boy oh boy.

I read the OP posts and they seem very clear. Just some patience and reading ability is needed.

You don't need to worry about multiple houses/land in her name. If you want to set her up for a secure future i can only applaud what you are doing because security is the one thing that is of utmost importance when you get older. Without a social security safety net you need to do that on your own.

Your confusion about her being able to own more than one property is understandable because the most common document, (tabien bahn) allows only one to be on your name, it is a registration of her address. The chanot or landtitle is the real ownership document. And she can have as many as she is able to buy.

Setting up a company is for future security planning not necessary. It only adds costs and higher taxes.

Corporate taxes are higher then income tax so she would be better of having everything owned privately.

Only when big profits are made then it could be beneficial to setup a Ltd. Do a search on Thailand income tax to see when it is better to use a Ltd.

Property taxes are very low and should not be a problem. Most of the time you pay it every 5 years, depending on location because the amounts are so small it isn't worth it to collect them every year.

Khun Jean, Thanks so much for that post. That was really helpful. I would rather she had everything in her name with her son on there with her for backup. He will not be able to be on them till Dec 2015 or so though. I appreciate everyone taking time to respond. There are a lot of good people on here. Regards, Dave.

djvolak, although it sounds like you have taken good care of your wife in the case of you no longer being alive, don't forget to consider what would happen if your wife ends up going before you do. Make sure she has a will and that her assets go to her son or you. Her son can actually already be an owner regardless of his age so long as he is a Thai citizen. Use a lawyer to set up a will for you and her.