Buying Land in Son's Name

[Bardeh]

My wife has come to me today very excited, telling me that there's 1 rai of land for sale nearby for around 320,000 baht or so. I've told her before that I'm really not interested in investing money into real estate here, simply because I relinquish all legal control of my money. She reckons we can just put it in my son's name, and that way I'll retain control over my investment.

Does anyone have any advice, or resources where I can read about this? My instinct is to NOT invest in land here.

[aircut]

i guess your son is not 18 yet....

[offset]

You can do that but you still lose control of the land because for anybody to be able to sell the land I believe that the Children's Court would have to decide that it is in the best interest of you son up to the age of 20 years

That is what I was told when I brought some land for my son

[lional6]

As stated you will have no control of the land and being left to to the discretion of a Thai Court for any finical gain for your son.

[jonclark]

I have read many posts on this and normally don't reply but here's my few cents worth on the topic.

If you are married then decide if you feel you married wisely and you and your wife are a trustworthy team in it for the long haul. If you answer yes. Then buy the land in your wifes name, make her an equal in the marriage. If you think you married badly then don't.

I have bought a number of plots of land with my wife we decide what we do with those plots as we are a team and we work together for the family as most husbands and wife's do. If we get divorced then she gets the land - But honestly that's the same the world over - any divorce settlement usually ends up with the husband moving out of the marital home and the settlement usually is significantly in favor of the wife.

If you are worried what will happen in the event of your wife dying work with a lawyer to have the land or funds from the sale of the land transferred to your son. He is your heir so ultimately any money will end up with him eventually.

SO my advice is this - If your marriage is strong and you are confident in it. Buy the land for your family - you, your wife and son. If you marriage is weak - don't.

[aircut]

great advice jonclark !

[hartley]

You can buy land in Thailand and put your sons name on the document only if your son was born in Thailand and has a Thai I/D. You can put any bodies name on the paper but it means nothing legally. My son was born at Chulalongorn Hospital in Bangkok and has a Thai Birth certificate, which is translated to English, but the original remains in Thai, nowadays Thailand allow dual nationality therefore my son has a British Passport and Thai Passport. He is also 21 years old (need to be over 20 to have your name on the land register).

Legally the land belongs to him, this alleviates any problems with family ownership or joint ownership should you split up with your current partner. Bottom line here is:

1. Son must have been born in Thailand with Thai birth certificate.

2. Son must have Thai Passport and therefore Thai I/D.

3. Son must be over 20 years old.

4. Land should be "Chanote" ONLY otherwise there are some illegal loop holes which could come into place "Chanote" title on land is the only secure way to go.

If you follow the above and you meet the requirements then you can feel secure that you son is the only person that owns the land, which I have to say is quite satisfying as my wife's family is quite large and have asked to build a small property on our land, NO was the answer as if our son at somne later date wishes to sell up and move back to UK he can do that as the only property on the land is his.

Hope this helps as its what we've done recently through a Lawyer.

Regards

[BlackJack]

where is the land as it seems to expensive

what is the title deed if one

there are 5 land titles and the best being a Chanote

some land you cannot buy and sell on

but where is the land - in what province as a lot of the time the land is worth 100K and the partner is in with the seller to split the difference

marriage and divorce is 50 50 % and so cover yourself at all costs

[khunPer]

Yes, a minor (child) can own property, like land and funds. However, the guardian (mum and/or dad) will be in charge. Normally the Land Office does not accept any transaction that can be against the minor’s interests, like transfer or sale of the land. If the land don’t have a high Land Deed like Chanute or Nor Sor 3 (Khor), land can normally only be transferred between related and some land cannot be sold; however Thais do trade village land and the process is normally to have Head-of-Village to make the contract and sign as witness, when later the land will be upgraded to Chanute that should (hopefully) approve ownership.

Just a remark: 320,000 baht for 1 rai sounds like Chanute Land Deed; the price is quite high if village area, but you, OP, did not state where in Thailand and further details.

[keeniau96]

Expensive! depends where. One rai adjacent to my house (also 1 rai) was sold for just over 6 mn about 7 months ago. Actually a bit less attractive than my land, both on hillside overlooking golf course in Phuket. Land on the W side of island with ocan view goes for over 12 mn /rai.

[Bardeh]

It's Chanote land (or so I'm told), but we're up in rural Chiang Rai and it's not farmland. I don't know if it's a good price or not.

My wife wants to buy it as an investment for our son (he was born here and has a Thai birth certificate etc) but I would prefer to invest in something more liquid, even if the potential return is lower. I don't think that land in the arse end of nowhere Chiang Rai is particularly sought after, or easy to sell quickly in a pinch.

I'll admit that part of this is me being a bit of a control freak - 320k baht is alot of money for me, and I don't like the idea of signing control of it away. I mean, it's not that I don't trust my wife, but who knows what the future could bring? People can change, and situations can change.

I think we'd be better off sticking the money into an ISA or something in the UK, where it can be more easily accessed in an emergency.

[bornredi]

do you really trust her? If this is in her village you are really giving her the land no matter who's name it is in, if she wants you gone you leave and you will never be able to sell the land, remember your the foreigner no matter what she tells you

[alleykat]

Go with your gut instinct. Don't buy it! And as you say you don't know what the future holds here.

Better to invest in something back home that is more accessible. And it does seem very expensive for one rai.

And there's also the possibility that someone is willing to scam your wife as well as you. Does she know what the current land values are? Is it owned by a family member already? Does she have the wherewithal to deal with lawyers etc?

Edited October 16, 2014 by alleykat

[garyk]

My moto here is, if I can throw it away, and it won't hurt me in any way. So far as my life style goes. Then I consider it. After being here for years I do not even try to rationally explain what goes on here.

Always remember you are second. I don't care how tight your marriage is, or how tight you think it is. IT IS NOT! Family is first here period. If it comes to the nut cutting you will be thrown to the dogs.

I actually have a wonderful life here. And never have had one problem. But ALL of my friends have had problems it seems. Put your money in the bank for you son. If you put it in a secure market account it will be worth a tidy sum when he is old enough to spend it wisely. Until then My advice is not to trust anyone not even your wife with allot of money. It is a recipe for disaster in the long run unless you are one in a million.

I get asked this same thing every six months or so. Every time the same thing.Very Excited, Buy land for an investment. They don't make anymore it is a good opportunity for me? LOL. It's a standing joke for me. Every time i go visit the in laws. There is always a plot next to them or somewhere very close that is a once in a life time opportunity. ( ow mai ) dee mak. Wow

Edited October 16, 2014 by garyk