No wonder why some end up with financial problems!

[kevvy]

Is this your first dealing with banks try and sell property .Had one customer who passed the credit with them but knocked him back because the company he worked for which employs 80 people did not make a big enough profit. My wife deals with all the banks every week now and some of the things the banks do is amazing

[saroq]

She may have been laughing out of sympathy and embarrassment for your girlfriend. This is a hierarchical society and you not taking the chance to not only demonstrate your love for your girlfriend and to establish your high status by buying a home for her would seem very odd (to say the least) from a Thai perspective. You don't have to agree with it, you probably won't believe it but there it is.

[little mary sunshine]

So you didn't know the Senior Bank Officer was your girlfriends sister ??????

[bankei]

Why would you go to a bank to ask about how to own a house or an apartment. You would normally ask about borrowing money

[kingstonkid]

I live in Rangsit and have no problems with the staff at the bank. They have bent over backwards to help me. BUT when I go to buy a house which I inevitably will as i like real estate if I talk to anyone there it will be the manager for a referral to the main branch.

If by chance he can help me fine BUT between my lawyers here in Thailand and the bank i will have little trouble it is the real estate people here I do not trust.

What is the actual value of a property I know it is not what they ask nor is it what I want to pay.

In that event i will be able to buy my own house as it will be owned by the company with me paying the mortgage.

Bear with me if I am simple minded. (After all I am Canadian that rare breed that came from the Brits but is influenced by the US below us)

Anyway, in order to buy a house a Thai needs to have X amount down payment and be able to make the monthly payments is that not correct. Therefore my wonder is if the amount that has to be paid each month is high and the incoming cash is a contract with a renter then I am pretty well safe am i not. Worst case she boots me out and i leave oops how does she pay the mortgage.

[Jingthing]

She may have been laughing out of sympathy and embarrassment for your girlfriend. This is a hierarchical society and you not taking the chance to not only demonstrate your love for your girlfriend and to establish your high status by buying a home for her would seem very odd (to say the least) from a Thai perspective. You don't have to agree with it, you probably won't believe it but there it is.

Yeah, really what's the point of hooking up with a f-rang if he doesn't buy you a house? Makes perfect sense to me!

[richard_smith237]

Sorry RS can't use quote on your post, as you screwed around with the "quote" function.

So

Foreigner can no longer buy house in company name.

A small and easy search of the company records will find any foreigner shareholdings, and a prompt refusal to register the property in that company name will be forthcoming. (and that's 'too challenging' not 'to challenging')

You are suggesting that a legitimate company with a foreign share holder cannot own a property in Thailand ?

I agree that small companies with foreign share holders are now under greater scrutiny. And a 'sham company' set up for the sole purpose of owning a property in Thailand will face greater barriers and possibly / probably rejection.

We don't know if the Ops company is fully legitimate or not. If the company is valid, its still a viable option.

A Company can buy a house that the foreigner lives in, the company is not permitted to sell the house unless through a majority.

[impulse]

OP, In English: "I'd like to buy the real estate in my company's name to prevent future problems"

GF, Translating to Thai: "I'll give you 10% if you talk him into buying it in my name"

Bank Lady, in Thai: "Make it 15% and it's a deal."

GF. Translating back to English: "She says it's always best to put the property in the name of the one you love. Really honey, that's what she said."

And if the OP speaks Thai, ask yourself if you left for even a second to go to the bathroom.

Edited November 8, 2013 by impulse

[FiftyTwo]

Sorry RS can't use quote on your post, as you screwed around with the "quote" function.

So

Foreigner can no longer buy house in company name.

A small and easy search of the company records will find any foreigner shareholdings, and a prompt refusal to register the property in that company name will be forthcoming. (and that's 'too challenging' not 'to challenging')

You are suggesting that a legitimate company with a foreign share holder cannot own a property in Thailand ?

I agree that small companies with foreign share holders are now under greater scrutiny. And a 'sham company' set up for the sole purpose of owning a property in Thailand will face greater barriers and possibly / probably rejection.

We don't know if the Ops company is fully legitimate or not. If the company is valid, its still a viable option.

A Company can buy a house that the foreigner lives in, the company is not permitted to sell the house unless through a majority.

I'm suggesting the land offices won't let small companies with foreign shareholders register a house through the company any more. As far as I know this pathway has now been entirely blocked.

It would be interesting to hear if anyone has managed to do it this year, legit or sham company.

PS

I bought a house (provided the deposit) for my wife this year, home loan in her name with 15% deposit, repayments over 25 years. I do speak Thai, despite the bank official only wanting to speak with her, wife had no idea about repayments, interest rates, life insurance. So they had to talk with me.

The biggest problem was finding the house, buying second-hand gave great opportunity for the house vendor and my wife to conspire together to up the purchase price by 500,000bht and split it. My wife isn't different, she will 'earn a commission' like many Thai ladies, given half a chance. Had to buy from a developer from a fixed price list in the end, if there was a 'commission', it was really, really small.

If you don't understand enough Thai to know when you are being cheated, watch out.

Edited November 8, 2013 by FiftyTwo

[TallGuyJohninBKK]

In a similar fruitless situation: Before I bought a car I had a lump sum in my Thai Bank account. Not liking the idea of a large sum of money in my account linked to an ATM card I requested to open another account. I explained that I wished to have another account linked to an ATM with a small amount in it (to protect from ATM skimming etc) the original account was to have no associated ATM or debit card.... The Bank wouldn't let me open a new account. I had my passport, a Bank Book and an account with x million baht in it. But I didn't have the work permit with me.. The logic that I couldn't open an account was flawed, after all I already had an account there !!!.... It was pointless arguing or discussing the issue.. It was a 'Walk Away Situation' no point getting annoyed.

I've had a comparable situation with SCB... I had an existing account with them that I opened originally on a retirement visa... But then more recently, I wanted to move the account and open a new one at a mall branch closer to my home and with more convenient hours.

The mall branch staff insisted they couldn't open an account for me because I didn't meet their criteria...even though another of their branches opened an account for me some years ago with exactly the same qualifications. The fact I already had an account with SCB didn't seem to matter to them.

[Brian Corrigan]

Foreigner can't buy a house in Thailand.

Entire discussion pointless.

They were either laughing at your stupidity, or your gullibility.

Wrong!!!! Foreigner's can own a house,but cannot own the land.Better the company buys it and the land and if push comes to shove the company can be sold.

[FiftyTwo]

Foreigner can't buy a house in Thailand.

Entire discussion pointless.

They were either laughing at your stupidity, or your gullibility.

Wrong!!!! Foreigner's can own a house,but cannot own the land.Better the company buys it and the land and if push comes to shove the company can be sold.

Isn't it great how newbies like to think they know better.

Trouble is, when you're new you're gullible, and you believe what the crooks tell you because you want it.

But no matter what a crooked lawyer or estate agent or your gf/wife tells you, the chance of you keeping hold of it is very, very low.

By the way, you can't buy a house separately from the land it stands on (once registered as a whole, there is no splitting the two).

Foreigner could build/construct their own house on someone else's land, but foreigner can't buy one that's already there.

Edited November 8, 2013 by FiftyTwo

[Brian Corrigan]

Get the wife to make a will in your favour and then if she dies you will own everything including the land.You will have one year to dispose of the land.

[norrona]

Well you chose that bank.

And honestly, if you foresee problems arisingwith your wife, why go into business with her, and why get married?

It's called trust. Stop being so paranoid of failure.

Is that what you've done then?

[Andre0720]

Well you chose that bank.

And honestly, if you foresee problems arisingwith your wife, why go into business with her, and why get married?

It's called trust. Stop being so paranoid of failure.

<deleted>, who would be so stupid to buy a house in your thai girlfriends name. Wise up

Many

[meom]

Well you chose that bank.

And honestly, if you foresee problems arisingwith your wife, why go into business with her, and why get married?

It's called trust. Stop being so paranoid of failure.

<deleted>, who would be so stupid to buy a house in your thai girlfriends name. Wise up

Many

Yes much easier to just give them an allowance and let them sort out for themselves how they spend it.

One of my GF's saved up and bought herself a house so more power to her.

I get to sleep there sometimes.

[Cuban]

Technically off topic - but unless there has been a recent law changes farangs can own the house - just NOT the land on which it is built.

As for the attitude of the bank staff that is obvious - they seek their commission and the easiest way to achieve that is a simple no nonsense house purchase in the Thai national's name.

What happens if they split up or one party goes away or dies is not important as far as the banks and the employee's commission is concerned at each step the bank/employee gets a cut.

Just because someone on has a "senior" title does not mean they know detail about "their" subject.

[Forethat]

The whole situation became more and more stupid and surreal, as I had to tell sit and explain that this senior bank-woman, that this was not about trust, but simply about being SMART. I also told her, that I could not see how it could be in the banks interest to make a setup, that in the long-run could give problems to the bank and us as customers. But again... every adult oriented argument from my side, was followed by a childish stupid reaction (laughing / joking) and she started make fun of me being scared and distrustful.

Isn't this pretty much exactly what happens in every debate on TV? I thought I was alone experiencing this but at least I know I'm not alone feeling the way you do.

[manarak]

Behavior like OP described is why hi-so Thais (many of which are not only rich but also clever and well-educated) do quite often chastitize staff.

[nod]

My GF would have gotten up and walked out, without a word.

Not to mention, the OP has no idea what the conversation was really about.

Only what his gf told him, and let's face it, she wants the house 100% paid for and in her name.

For all the OP knows they might have been talking about the latest pop songs.

+1

[kevozman1]

Translating girlfriends and childlike "senior" banking staff with low English skills discussing purchasing property. Warning signs are there OP about such issues, just be smart and you will be fine.

Edited November 8, 2013 by kevozman1

[allucero]

Were you in the movie Dumb and Dumber? These laws of ownership have been in place forever. Buy your wife Thai wife the house and quit complaining. She most likely has children from you...

[tw25rw]

Similar story with UK bank. I used to go into the branch almost every week. Introduced my wife when we married. All the girls there were keen to see my son when he was born, talk about Thai food, Thai holidays etc. When my daughter was born I went to open an account for her as some of my uncles had sent cheques. I was asked for "proof of address - utility bill ect. I had accounts with that bank for over 30 years, we had joint accounts and my son had an account. No - they wouldn't budge, Seems to be a banking thing. No one in banks will risk common senses anymore.

These things are closely audited. They have to do them to be allowed to operate as a bank. The staff don't have a say in the matter. Rules are a lot stricter now because of anti terrorism and money laundering regulations.

[jacko45k]

They are often not half as smart as they think they are.

I had one trying to persuade me to move money into a longer term fixed deposit for the better interest rates.

(She must get a commission).

I replied I didn't want many different accounts (my CCs obliged my current fixed deposit to be retained as a guarantee)

Also the small extra interest didn't justify tying my money up for the long term.

She kept calculating the interest I would get for 18 months and comparing it directly to what I currently got for 6.

Wouldn't accept that they should be compared on the same time duration.

She was cute though....

[corkythecat]

I use Bangkok Bank and find that most issues can be solved/discussed via their 1333 number. Only unsuccesful issue was trying to talk to anyone or email them about the extremely serious issue of leaving a little boy's favourite toy at the bank

Sent from my WT-PAD013 using Thaivisa Connect Thailand mobile app

[farang000999]

how do you know what the bank teller was really saying? maybe your translator was dishonest.

[Sealbash]

Well you chose that bank.

And honestly, if you foresee problems arisingwith your wife, why go into business with her, and why get married?

It's called trust. Stop being so paranoid of failure.

We'll said. Also, why would one ever expect legal advice from a bank? Banks deal in monetary issues. Lawyers deal in the legal aspect of transactions. See a lawyer.

Sent from my iPad using Thaivisa Connect Thailand mobile app

[NeverSure]

She may have been laughing out of sympathy and embarrassment for your girlfriend. This is a hierarchical society and you not taking the chance to not only demonstrate your love for your girlfriend and to establish your high status by buying a home for her would seem very odd (to say the least) from a Thai perspective. You don't have to agree with it, you probably won't believe it but there it is.

Yeah, really what's the point of hooking up with a f-rang if he doesn't buy you a house? Makes perfect sense to me!

I'm always reminded of watching the Johnny Carson (Tonight) Show years ago after about his 4th or 5th divorce. He quipped "Why get married? Just find a woman you hate, and buy her a house."

[Berkshire]

My GF would have gotten up and walked out, without a word.

Not to mention, the OP has no idea what the conversation was really about.

Only what his gf told him, and let's face it, she wants the house 100% paid for and in her name.

For all the OP knows they might have been talking about the latest pop songs.

So true. Another reason to learn the language. The GF probably told the bank lady at the outset "convince this dufus to buy the house in my name." She was probably laughing out of embarassment for the OP as he was coming across as a complete moron.

[Berkshire]

Sorry RS can't use quote on your post, as you screwed around with the "quote" function.

So

Foreigner can no longer buy house in company name.

A small and easy search of the company records will find any foreigner shareholdings, and a prompt refusal to register the property in that company name will be forthcoming. (and that's 'too challenging' not 'to challenging')

Only if the express purpose of the company is to circumvents the restrictions and solely own property.

A functioning real company can own property.

Being able to own property and being able to get a loan are two completely different things. I doubt too many Thai banks would lend money to some fly-by-night foreign outfit.