Selling A House You Originally Bought Through A Company

[thaigene2]

So many of you have said buying a house through a company name is easy and the foreign buyer retains 'control' of the shares, even though the company (and thus the house) is actually owned by the majority Thai share holders (which may include everyone from the brother-in-law to the somtam lady on the soi).

So what happens when you want to SELL the same property and wind-up the company (to get at the house sale proceeds)? Don't all those Thai shareholders split the windfall?

I've always been skeptical about this method, but would appreciate your views, especially those who've actually bought then sold again. Also I understand it's tough re-selling property, expecially houses (okay let's say in BKK), as there are very few people who want re-sale. True?

[backflip]

You can do this a couple ways, and neither one involves giving money to the shareholders.

You can have the company sell the home, transferring it to a new owner, file umptysquat forms, pay taxes, and then either buy another home, or close the company - which costs as much as it does to form a company. You can also sell the company with all of its assets, which include the home. The great thing about this is simply designating a new managing director - simple and cheap. There are other steps, of course, but it's a lot easier selling the entrie company.

From your questions, it reads as though you have no clue how to proceed, and I suggest a phonecall to Sunbelt Asia.

[trajan]

I would be alittle concerned just buying the shares of the company which in turn owns the property because of possible hidden liabilities (debt) of such company.....

however after you review its structure, articles, memo. etc. and financial statements (and any contracts it has entered into), confirmed it has always filed its financial statements and tax returns, and are comfortable with the state of the company and have confirmed a clean title deed....you could just probably buy all of the ordinary shares....have the preference shares transferred to your own Thai shareholders.......in that scenario I would imagine u can avoid paying the land transfer fees, taxes, etc. at the Land Office because the title deed would not need to be transferred (u would just buy the owner company)....

[thaigene2]

Dear backflip and Trajan

You know, what I like about your answers is their lack of simplicity. While Backflip suggests a call to an intermediary, and Trajan spells out all the stuff a BUYER would need to go through, I must pause and ask myself this: 'If I am a buyer, wouldn't it be easier to SKIP THE GUY WITH THE COMPLICATED COMPANY SALE and buy from someone else who is just an ordinary seller?' Why would I call Sunbelt, or Scambelt or Stockbelt or anyother belt??

[thaigene2]

Ah yes, and the fact so few have answered this post speaks volumes. Buying through a company - no prob. Selling though one?? Well that probably explains why that recent Thaivisa poll indicated most foreign guys actually give up and buy in their Thai wife's name..

[tedkarma]

Or why some of us just go with the 30 year lease - renewable. Though I'm certainly not planning my future on its renewability. But will, most likely, not be on this earth when the time is up.