Buying

[keano]

if u buy a apartment in a high rise and later on down the road the building is knocked because it's old or damaged what happens to ur apartment do u have choice of selling or what happens

[backflip]

"do u have choice of selling or what happens"

Choice between selling and what? If you owned a uilding, and the building no longer exists, what would you sell?

[johng]

Never invest more in Thailand than you are prepared to walk away from !

[englishoak]

Amen!

[keano]

Amen!

so if i buy in a high rise the buliding and it cud be koncked i would lose it or would i get any thing back and if that the case wow im a sucker..buy on land is the way to go ?

[Casanundra]

or... don't buy an old apartment block.

Why not do as the Thai's do and buy new only. Most places are good for the first 5 years here and even longer depending on location and management.

Anyway, isn't this argument as equally valid for all those millions living in apartments in New York, Tokyo, Hong Kong, London...

or am I missing something here?

[dsfbrit]

Amen!

so if i buy in a high rise the buliding and it cud be koncked i would lose it or would i get any thing back and if that the case wow im a sucker..buy on land is the way to go ?

Farang cannot own land in Thailand - quite simply its illegal.

Any Estate Agent or other person who tells you differently is being 'economical with the truth'.

Spend a while reading some of the threads in this forum and you will learn a lot - it would be time well spent before you invest in Thailand.

Also read the Visa forum in ThaiVisa. With the new visa rules (Oct 1 2006) you need to make sure you qualify to enter/stay in Thailand to stay in it!

good luck.

Edited October 26, 2006 by dsfbrit

[keano]

Amen!

so if i buy in a high rise the buliding and it cud be koncked i would lose it or would i get any thing back and if that the case wow im a sucker..buy on land is the way to go ?

Farang cannot own land in Thailand - quite simply its illegal.

Any Estate Agent or other person who tells you differently is being 'economical with the truth'.

Spend a while reading some of the threads in this forum and you will learn a lot - it would be time well spent before you invest in Thailand.

Also read the Visa forum in ThaiVisa. With the new visa rules (Oct 1 2006) you need to make sure you qualify to enter/stay in Thailand to stay in it!

good luck.

so lets say i buy a studio for 17,000 euro there and it

would not be mine but i can stay there as long as i want..

like im leasing it?? how long would i own it. how does it go

thanks for putting up with some of my posts.;

[ZZZ]

Normally you would own part of the development (land) proportional to the size of your apartment.

Say there are 200 units of the same size in the building and the building is not fit for living in. The most likely scenario would be that you (your management company) sell the plot of land to a developer and all the owners split the proceeds equally.

There could of course be all sorts of deals here, sometimes it's sold in individual pieces, and sometimes a new unit in the new development is offered at a great discount.

Thing is, you own part of the land the building is sitting on.

[keano]

Normally you would own part of the development (land) proportional to the size of your apartment.

Say there are 200 units of the same size in the building and the building is not fit for living in. The most likely scenario would be that you (your management company) sell the plot of land to a developer and all the owners split the proceeds equally.

There could of course be all sorts of deals here, sometimes it's sold in individual pieces, and sometimes a new unit in the new development is offered at a great discount.

Thing is, you own part of the land the building is sitting on.

so theres been adds on studio apartments that are on sale for some them between 12,000 euro and 20,000 euro.,if i bought one of those they dont count as land but i owe them?

and buying a cheap studio i could renovate it nicely..but that place would be mine untill a developer would buy the complex and the money would be broken up equaly..even if that dint happen it would be mine untill then?

[ZZZ]

Normally you would own part of the development (land) proportional to the size of your apartment.

Say there are 200 units of the same size in the building and the building is not fit for living in. The most likely scenario would be that you (your management company) sell the plot of land to a developer and all the owners split the proceeds equally.

There could of course be all sorts of deals here, sometimes it's sold in individual pieces, and sometimes a new unit in the new development is offered at a great discount.

Thing is, you own part of the land the building is sitting on.

so theres been adds on studio apartments that are on sale for some them between 12,000 euro and 20,000 euro.,if i bought one of those they dont count as land but i owe them?

and buying a cheap studio i could renovate it nicely..but that place would be mine untill a developer would buy the complex and the money would be broken up equaly..even if that dint happen it would be mine untill then?

Correct, as long as you have bought the apartment in your own name. Aproved condominiums have 49% of the units aproved for foreign ownership, these units, including their portion of the land, can be 100% owned by a foreigner.

[keano]

Normally you would own part of the development (land) proportional to the size of your apartment.

Say there are 200 units of the same size in the building and the building is not fit for living in. The most likely scenario would be that you (your management company) sell the plot of land to a developer and all the owners split the proceeds equally.

There could of course be all sorts of deals here, sometimes it's sold in individual pieces, and sometimes a new unit in the new development is offered at a great discount.

Thing is, you own part of the land the building is sitting on.

so theres been adds on studio apartments that are on sale for some them between 12,000 euro and 20,000 euro.,if i bought one of those they dont count as land but i owe them?

and buying a cheap studio i could renovate it nicely..but that place would be mine untill a developer would buy the complex and the money would be broken up equaly..even if that dint happen it would be mine untill then?

thanks zzz for ur in sight

peace

Correct, as long as you have bought the apartment in your own name. Aproved condominiums have 49% of the units aproved for foreign ownership, these units, including their portion of the land, can be 100% owned by a foreigner.

[1Rai.com]

Farangs cannot buy land. However, as per Thai law, a farang can own 49% of a Thai company (not in all industries - you should check this with a lawyer) - so, therefore if a Thai company was used to buy a piece of land, you could be 49% owner of that company, but the other 51% must be Thai owned. I cannot tell you of the minimum number of shareholders, but I'm fairly sure it is a few - meaning that, if you owned 49%, there would usually be a few Thai names on the shareholders' certificate owning smaller percentages.

There is some debate over the validity of many "nominee shareholders" (the 51% Thai part) in many land-owning companies.

This is a typical real estate answer (although you must understand that real estate agents have their own agenda): "Whilst it is possible that these companies are not 100% in-line with the law (which is not exactly clear itself), there have been few, if any, reports of such companies experiencing any particular problems to date." I can (but I won't) quote a reputable real estate agent (yes, there are many around), who says that, if ever the Thai law clamps down on these companies (which, as a real estate agent, he doubts - you don't bite the hand that feeds you), there will be ample time to legally adjust the shareholder setup retrospectively before any action from the powers that be, and changes in the law take longer than changes in company structure.

There is also the chance that you can own FREEHOLD an apartment in a condominium; condos have their own Condomium titles, which a farang may own 100% - although only 49% of the units in that condo may be entirely foreign-owned.

Have you spoken to a lawyer? Or maybe Sunbelt Asia? Either of them could offer much more conclusive advice than me.

[Thaibel]

Farangs cannot buy land. However, as per Thai law, a farang can own 49% of a Thai company (not in all industries - you should check this with a lawyer) - so, therefore if a Thai company was used to buy a piece of land, you could be 49% owner of that company, but the other 51% must be Thai owned. I cannot tell you of the minimum number of shareholders, but I'm fairly sure it is a few -

It is 7 shareholders, minimum 1 should be Thai Nationality

meaning that, if you owned 49%, there would usually be a few Thai names on the shareholders' certificate owning smaller percentages.

There is some debate over the validity of many "nominee shareholders" (the 51% Thai part) in many land-owning companies.

This is a typical real estate answer (although you must understand that real estate agents have their own agenda): "Whilst it is possible that these companies are not 100% in-line with the law (which is not exactly clear itself), there have been few, if any, reports of such companies experiencing any particular problems to date." I can (but I won't) quote a reputable real estate agent (yes, there are many around), who says that, if ever the Thai law clamps down on these companies (which, as a real estate agent, he doubts - you don't bite the hand that feeds you), there will be ample time to legally adjust the shareholder setup retrospectively before any action from the powers that be, and changes in the law take longer than changes in company structure.

There is also the chance that you can own FREEHOLD an apartment in a condominium; condos have their own Condomium titles, which a farang may own 100% - although only 49% of the units in that condo may be entirely foreign-owned.

Have you spoken to a lawyer? Or maybe Sunbelt Asia? Either of them could offer much more conclusive advice than me.

[dsfbrit]

I can (but I won't) quote a reputable real estate agent (yes, there are many around), who says that, if ever the Thai law clamps down on these companies (which, as a real estate agent, he doubts - you don't bite the hand that feeds you), there will be ample time to legally adjust the shareholder setup retrospectively before any action from the powers that be, and changes in the law take longer than changes in company structure.

I am all for reasoned debate, so if you are going to make this sort of statement, I believe you should give us the link to this article or name of this estate agent so we can judge for ourselves its worth.

Because, being someone who has bought land through the company route and now has the headache of what to do about it - I would genuinely like to believe the premise of your argument.

Sadly I am very very sceptical.

But hey as I posted on another thread. I am always eager to learn

[dsfbrit]

Farangs cannot buy land. However, as per Thai law, a farang can own 49% of a Thai company (not in all industries - you should check this with a lawyer) - so, therefore if a Thai company was used to buy a piece of land, you could be 49% owner of that company, but the other 51% must be Thai owned. I cannot tell you of the minimum number of shareholders, but I'm fairly sure it is a few -

It is 7 shareholders, minimum 1 should be Thai Nationality

meaning that, if you owned 49%, there would usually be a few Thai names on the shareholders' certificate owning smaller percentages.

The problem with my dormant company - set up/ used just to purchase land/house - is that its a foreign company because it 51 percent owned by me and as such cannot own land unless I invest around 40 million baht or some such ridiculous amount.

If its 49 percent owned by me its not a foreign company any more so I would not have a problem.

But then I am not the owner any more am I??

Perhaps I need to start again with my learning exercise. Could you please explain the above - it would be appreciated.

Edited October 27, 2006 by dsfbrit

[englishoak]

Given that there are sooooo many confused people regarding the law of ownership/companies, 49% etc etc. I do believe that something in your head should be at least asking you. "is this a good idea"?

I mean even sunbelt, Thai lawyers can't say " this is the way to do it, 100% security if the law changes" etc etc, Just a feeble " this is a current option" and " this is a possible option".Or " as long as the visa rules don't change"

And the worst place for those "I am certain it will be different for me" or "I know better" types is right here on this forum.

As far as i can tell there is only one way to own condo's and thats the 100% ownership deal with all the clauses in situ. 5th floor 49% farang tenancy etc. And that I am sceptical about. How do you know that it's not over the 49% ? and what happens if it is ????? another question that cannot be answered.

I'll stick to what i know thanx and remember if somethings too good to be true ..... it probably is.

[ZZZ]

How do you know that it's not over the 49% ? and what happens if it is ????? another question that cannot be answered.

I'll stick to what i know thanx and remember if somethings too good to be true ..... it probably is.

If the condo unit is not within the 49% that foreigners can own it can not be transfered when you go to the land office. You never pay until the transfer is done so this should be 100% safe.

Besides, you should always have a lawyer check out the condo you intend to buy to make sure all is clear.

Edited October 29, 2006 by ZZZ

[dannyb]

How do you know that it's not over the 49% ? and what happens if it is ????? another question that cannot be answered.

I'll stick to what i know thanx and remember if somethings too good to be true ..... it probably is.

If the condo unit is not within the 49% that foreigners can own it can not be transfered when you go to the land office. You never pay until the transfer is done so this should be 100% safe.

Besides, you should always have a lawyer check out the condo you intend to buy to make sure all is clear.

I agree with ZZZ, you are best do it the legal way or don't do it at all.

[HenryB]

Farangs cannot buy land. However, as per Thai law, a farang can own 49% of a Thai company (not in all industries - you should check this with a lawyer) - so, therefore if a Thai company was used to buy a piece of land, you could be 49% owner of that company, but the other 51% must be Thai owned. I cannot tell you of the minimum number of shareholders, but I'm fairly sure it is a few - meaning that, if you owned 49%, there would usually be a few Thai names on the shareholders' certificate owning smaller percentages.

There is some debate over the validity of many "nominee shareholders" (the 51% Thai part) in many land-owning companies.

This is a typical real estate answer (although you must understand that real estate agents have their own agenda): "Whilst it is possible that these companies are not 100% in-line with the law (which is not exactly clear itself), there have been few, if any, reports of such companies experiencing any particular problems to date." I can (but I won't) quote a reputable real estate agent (yes, there are many around), who says that, if ever the Thai law clamps down on these companies (which, as a real estate agent, he doubts - you don't bite the hand that feeds you), there will be ample time to legally adjust the shareholder setup retrospectively before any action from the powers that be, and changes in the law take longer than changes in company structure.

There is also the chance that you can own FREEHOLD an apartment in a condominium; condos have their own Condomium titles, which a farang may own 100% - although only 49% of the units in that condo may be entirely foreign-owned.

Have you spoken to a lawyer? Or maybe Sunbelt Asia? Either of them could offer much more conclusive advice than me.

One has to remember that you can fool yourself and think you own it,

but when a Thai wants it you lose it.

So remember all money brought into Thailand is lost by you its a mater of time.

Have fun that's the name of the game

Edited November 4, 2006 by HenryB

[backflip]

HenryB,

Please list the name of three farang individuals who lost their home because a Thai wanted it.

Thanks!

[Master of the court]

I can (but I won't) quote a reputable real estate agent (yes, there are many around), who says that, if ever the Thai law clamps down on these companies (which, as a real estate agent, he doubts - you don't bite the hand that feeds you), there will be ample time to legally adjust the shareholder setup retrospectively before any action from the powers that be, and changes in the law take longer than changes in company structure.

I am all for reasoned debate, so if you are going to make this sort of statement, I believe you should give us the link to this article or name of this estate agent so we can judge for ourselves its worth.

Because, being someone who has bought land through the company route and now has the headache of what to do about it - I would genuinely like to believe the premise of your argument.

Sadly I am very very sceptical.

But hey as I posted on another thread. I am always eager to learn

ME TOO.........please take away my headache........

[dannyb]

One has to remember that you can fool yourself and think you own it,

but when a Thai wants it you lose it.

So remember all money brought into Thailand is lost by you its a mater of time.

Have fun that's the name of the game

Henry, I doubt that true I don't own condo in Thailand but i know people who do. to my knowledge they have the same rights as Thai except that foreigner can not own more than 49% of properties. Frankly I think the law is quite rediculous. But I doubt such problem exists in most condo.