cheesyd Posted March 7, 2017 Share Posted March 7, 2017 There's a condo for sale. Currently owned by a foreigner on a registered 30 year Leasehold basis with the usual option to renew. We ( myself & Thai wife ) want to buy it and will put it in her name, money to pay comes from her bank acc etc. So it would be held Freehold in a Thai name. Q. Is the process for Leasehold to Thai freehold ownership relatively simple at the Land Office? We've done freehold land sales from Thai to Thai and Thai company to Thai company ownership before. Also Leasehold condo from foreign name to foreign name. But I can't find any info about Leasehold to Thai freehold. Thanks in advance. Link to comment Share on other sites More sharing options...
blackcab Posted March 7, 2017 Share Posted March 7, 2017 It's easy enough to do, but it is critical that you absolutely check with the land office staff that the 30 year lease (and any other encumbrances - if any) have been cancelled before you complete. As I'm sure you are aware, it is possible to sell property with leasehold tenants in situ (it happens with commercial property on a regular basis). If this happens the purchaser must honour the registered lease. I'm not saying the seller is dodgy. I'm advising you to check anyway. In terms of the sale, it's easy enough. As the buyer you can relax. Either the seller provides the land office with the required documents or the sale will not be processed. In this situation I would suggest the seller visits the land office before the day of the sale to check their documents are in order. Link to comment Share on other sites More sharing options...
trogers Posted March 7, 2017 Share Posted March 7, 2017 (edited) Nothing to do with converting a leasehold into a freehold. The condo has an owner. You buy from that owner, but you cannot take possession of the property until that 30-year lease expires or is cancelled. Edited March 7, 2017 by trogers Link to comment Share on other sites More sharing options...
Delight Posted March 9, 2017 Share Posted March 9, 2017 I,m a bit confused Are you buying from the registered owner of the condo or the registered holder of the 30 year lease? Link to comment Share on other sites More sharing options...
trogers Posted March 9, 2017 Share Posted March 9, 2017 31 minutes ago, Delight said: I,m a bit confused Are you buying from the registered owner of the condo or the registered holder of the 30 year lease? The OP is the one who is confused. There is no such thing as a leasehold condo. All condos are freehold, with a title deed bearing the name of the owner. A owner can lease it out on a 30-year lease. The one who paid for the lease is called the leaseholder (or tenant), and is not the owner of the condo. Link to comment Share on other sites More sharing options...
blackcab Posted March 10, 2017 Share Posted March 10, 2017 11 hours ago, trogers said: The OP is the one who is confused. There is no such thing as a leasehold condo. All condos are freehold, with a title deed bearing the name of the owner. A owner can lease it out on a 30-year lease. The one who paid for the lease is called the leaseholder (or tenant), and is not the owner of the condo. I've seen this when property was purchased in a (proxy) company name and the company issued the lease. The proxy owner felt the lease gave them additional security against the property being sold by the other (nominee) directors or anyone else. In actual fact it doesn't matter too much. Either the seller delivers an unencumbered property on the day of sale, or there is no completion. Link to comment Share on other sites More sharing options...
funandsuninbangkok Posted March 10, 2017 Share Posted March 10, 2017 Big pile of Thai real estate caca. Run away screaming. Link to comment Share on other sites More sharing options...
trogers Posted March 10, 2017 Share Posted March 10, 2017 2 hours ago, blackcab said: I've seen this when property was purchased in a (proxy) company name and the company issued the lease. The proxy owner felt the lease gave them additional security against the property being sold by the other (nominee) directors or anyone else. In actual fact it doesn't matter too much. Either the seller delivers an unencumbered property on the day of sale, or there is no completion. So. The company is the owner of the property. That's what it would show on the title deed. Whoever got a lease from the company would just be a leaseholder. Link to comment Share on other sites More sharing options...
Delight Posted March 10, 2017 Share Posted March 10, 2017 Q to Blackcab and Trogers If the 30 year lease is issued by the Company-then would this arrangement show on the Condominium Title Deed? Link to comment Share on other sites More sharing options...
trogers Posted March 10, 2017 Share Posted March 10, 2017 1 hour ago, Delight said: Q to Blackcab and Trogers If the 30 year lease is issued by the Company-then would this arrangement show on the Condominium Title Deed? Any lease period of 3 years to 30 years have to be registered at the Land office, tax paid and recorded into the title deed. Such a record would be marked as discharged should the lease expired or have been signed cancelled by the leaseholder. Link to comment Share on other sites More sharing options...
Itsnottheplaceitwas Posted March 10, 2017 Share Posted March 10, 2017 6 hours ago, funandsuninbangkok said: Big pile of Thai real estate caca. Run away screaming. Would leave it in your name not your thai wife's now that's the best advise anyone on here should be giving you unless there Thai of course Link to comment Share on other sites More sharing options...
blackcab Posted March 10, 2017 Share Posted March 10, 2017 1 hour ago, trogers said: Any lease period of 3 years to 30 years have to be registered at the Land office, tax paid and recorded into the title deed. Such a record would be marked as discharged should the lease expired or have been signed cancelled by the leaseholder. Agree. If a 30 year lease is not registered then it's not enforceable. Just be certain to take vacant possession the day you complete. Link to comment Share on other sites More sharing options...
Destiny1990 Posted March 10, 2017 Share Posted March 10, 2017 50 minutes ago, Itsnottheplaceitwas said: Would leave it in your name not your thai wife's now that's the best advise anyone on here should be giving you unless there Thai of course Yeah why it have to be in her name? Link to comment Share on other sites More sharing options...
bazza73 Posted March 10, 2017 Share Posted March 10, 2017 Apart from all the legalities, IMHO it's madness to buy a condo. Consider the following: Does the OP know how well it was built? Many condos have been built to the lowest cost of materials and labor. How well is it managed? Is the management allowing holiday rentals, to the detriment of more permanent residents? How much is in the building fund? I know of one condo in Chiang Mai where the residents are on a permanent supply of rusty water, and another with constant electrical breakdowns. No money in the condo fund to fix the problems, and the Thai majority owners vote down any attempt at a levy. Renters don't last long. If the OP is attempting to ensure his Thai wife has a source of income after he dies, there are better ways to do it. Such as willing her all his assets in Thailand. Link to comment Share on other sites More sharing options...
ericthai Posted March 10, 2017 Share Posted March 10, 2017 7 hours ago, Itsnottheplaceitwas said: Would leave it in your name not your thai wife's now that's the best advise anyone on here should be giving you unless there Thai of course why? If they are legally married makes no difference. This is Thailand not the west were you can be taken to the cleaners in a divorce. I have a few friends that got divorced in Thailand and were very happy with the court decision on their asset split. Which Thai law states anything acquired during the marriage is to be shared 50/50. The advantage of buying in his wife's name is that the funds don't have to come from overseas, but if he puts it in his name then the majority of the funds need to come from overseas. Link to comment Share on other sites More sharing options...
Itsnottheplaceitwas Posted March 11, 2017 Share Posted March 11, 2017 17 hours ago, ericthai said: why? If they are legally married makes no difference. This is Thailand not the west were you can be taken to the cleaners in a divorce. I have a few friends that got divorced in Thailand and were very happy with the court decision on their asset split. Which Thai law states anything acquired during the marriage is to be shared 50/50. The advantage of buying in his wife's name is that the funds don't have to come from overseas, but if he puts it in his name then the majority of the funds need to come from overseas. Assume your thai then amazes me 50/50 for a split to suit the Thais yet anything else other than an advantage point for money to Thais foreginers don't get a looking or any rights in Thailand it's joke ! Link to comment Share on other sites More sharing options...
blackcab Posted March 11, 2017 Share Posted March 11, 2017 18 minutes ago, Itsnottheplaceitwas said: Assume your thai then amazes me 50/50 for a split to suit the Thais yet anything else other than an advantage point for money to Thais foreginers don't get a looking or any rights in Thailand it's joke ! Are you talking from experience? Link to comment Share on other sites More sharing options...
ericthai Posted March 11, 2017 Share Posted March 11, 2017 9 hours ago, Itsnottheplaceitwas said: Assume your thai then amazes me 50/50 for a split to suit the Thais yet anything else other than an advantage point for money to Thais foreginers don't get a looking or any rights in Thailand it's joke ! I'm not thai and I'm talking about expat friends that got divorced in Thailand. Women in Thailand are not treated the same as in the west where everything favors a woman in a divorce. Link to comment Share on other sites More sharing options...
Destiny1990 Posted March 11, 2017 Share Posted March 11, 2017 19 minutes ago, ericthai said: I'm not thai and I'm talking about expat friends that got divorced in Thailand. Women in Thailand are not treated the same as in the west where everything favors a woman in a divorce. Should we feed this troll?or just let him continue to make absurd comments. Link to comment Share on other sites More sharing options...
bazza73 Posted March 12, 2017 Share Posted March 12, 2017 (edited) 6 hours ago, Destiny1990 said: Should we feed this troll?or just let him continue to make absurd comments. What's absurd about the truth? You obviously don't have the benefit of experience. Edited March 12, 2017 by bazza73 Addition Link to comment Share on other sites More sharing options...
smutcakes Posted March 12, 2017 Share Posted March 12, 2017 On March 10, 2560 BE at 5:22 PM, bazza73 said: Apart from all the legalities, IMHO it's madness to buy a condo. Consider the following: Does the OP know how well it was built? Many condos have been built to the lowest cost of materials and labor. How well is it managed? Is the management allowing holiday rentals, to the detriment of more permanent residents? How much is in the building fund? I know of one condo in Chiang Mai where the residents are on a permanent supply of rusty water, and another with constant electrical breakdowns. No money in the condo fund to fix the problems, and the Thai majority owners vote down any attempt at a levy. Renters don't last long. If the OP is attempting to ensure his Thai wife has a source of income after he dies, there are better ways to do it. Such as willing her all his assets in Thailand. Its not madness at all if you are a careful, knowledgable buyer with common sense who studies the market place, does the homework on the developer, financials of the Condominium etc. Link to comment Share on other sites More sharing options...
KittenKong Posted March 12, 2017 Share Posted March 12, 2017 1 hour ago, smutcakes said: Its not madness at all if you are a careful, knowledgable buyer with common sense who studies the market place, does the homework on the developer, financials of the Condominium etc. A building can change dramatically in a very short time if the wrong people get involved in the committee and management. No amount of due diligence will help with this. Link to comment Share on other sites More sharing options...
smutcakes Posted March 12, 2017 Share Posted March 12, 2017 6 minutes ago, KittenKong said: A building can change dramatically in a very short time if the wrong people get involved in the committee and management. No amount of due diligence will help with this. True, but this is pretty uncommon. Link to comment Share on other sites More sharing options...
bazza73 Posted March 12, 2017 Share Posted March 12, 2017 6 hours ago, smutcakes said: True, but this is pretty uncommon. You have some factual information; e.g. statistics on management and committee changes for a representative sample of condos in Thailand to support your assertion? No? Didn't think so. Link to comment Share on other sites More sharing options...
smutcakes Posted March 12, 2017 Share Posted March 12, 2017 1 hour ago, bazza73 said: You have some factual information; e.g. statistics on management and committee changes for a representative sample of condos in Thailand to support your assertion? No? Didn't think so. I have my personal knowledge through my work of many condos in bkk and pattaya. Yes there are some odd balls on committees but overall most have the best interest in their condos at heart, just sometimes differ on the way to get their. Admittedly Pattaya seems to have a lot more clueless and questionable Committee members than bkk. In bkk both the foreign and Thai committee members tend to be of a good quality. If if it was common you would read a whole lot more about it. Link to comment Share on other sites More sharing options...
KittenKong Posted March 12, 2017 Share Posted March 12, 2017 1 hour ago, smutcakes said: Admittedly Pattaya seems to have a lot more clueless and questionable Committee members than bkk. Cant argue with that. 1 hour ago, smutcakes said: If if it was common you would read a whole lot more about it. Not necessarily, because so much is hushed up here. In my own building there have been major thefts that co-owners were not officially informed about at all, either at the time or subsequently. And the likelihood of an incumbent committee reporting its own misdeeds or incompetence is not high. Link to comment Share on other sites More sharing options...
ericthai Posted March 12, 2017 Share Posted March 12, 2017 20 hours ago, Destiny1990 said: Should we feed this troll?or just let him continue to make absurd comments. Been living in Thailand over 20 years. Seen several divorces in that time between expats and thai. Please tell me your experience. Link to comment Share on other sites More sharing options...
Itsnottheplaceitwas Posted March 14, 2017 Share Posted March 14, 2017 On 12 March 2017 at 3:46 PM, ericthai said: Been living in Thailand over 20 years. Seen several divorces in that time between expats and thai. Please tell me your experience. I can a guy 4 doors away from me was very happy in Thailand met a thai girl he married her had a kid she talked him in to selling his condo 17 million and buying a house her take was our kiddy wants a garden ? Errr we have gardens & 2 swimming pools so despite mine & others comments he buys a house on a plot of land builds a pool buys a 2nd small home to rent both in her name as non Thais can't own land / house however can his / could his condo 2 years later when he's money runs low she has an affair with a richer foreigner takes the big house moves new bloke in eventually boots him out the small rental house too he's spent 10000s with "thai " law firms loves his kids but isn't allowed much contact with them she's sold the rental home lives in the big house he's gone from 17 million condo & money in the bank to be broke hanging out in a few bars a renting a room locally just to see his kids he got cleaned out by his thai wife & then by 2 separate thai lawyers and the rental house that was sold was bought by a major thai developer & is now a hotel site people make comments it's not the west ? From this guys true story as I've watched it over 8 years unfold he would be better off had this happen in the west or or simply stayed in his original freehold condo in his name cheeky bit...h hes a broken man now but remains a good dad and sees his lad when she allows it ive heard & seen many others don't have the time to list them so as my post early on put the condo in your name & don't put her name even on the phone bill simple ! Link to comment Share on other sites More sharing options...
bazza73 Posted March 14, 2017 Share Posted March 14, 2017 29 minutes ago, Itsnottheplaceitwas said: I can a guy 4 doors away from me was very happy in Thailand met a thai girl he married her had a kid she talked him in to selling his condo 17 million and buying a house her take was our kiddy wants a garden ? Errr we have gardens & 2 swimming pools so despite mine & others comments he buys a house on a plot of land builds a pool buys a 2nd small home to rent both in her name as non Thais can't own land / house however can his / could his condo 2 years later when he's money runs low she has an affair with a richer foreigner takes the big house moves new bloke in eventually boots him out the small rental house too he's spent 10000s with "thai " law firms loves his kids but isn't allowed much contact with them she's sold the rental home lives in the big house he's gone from 17 million condo & money in the bank to be broke hanging out in a few bars a renting a room locally just to see his kids he got cleaned out by his thai wife & then by 2 separate thai lawyers and the rental house that was sold was bought by a major thai developer & is now a hotel site people make comments it's not the west ? From this guys true story as I've watched it over 8 years unfold he would be better off had this happen in the west or or simply stayed in his original freehold condo in his name cheeky bit...h hes a broken man now but remains a good dad and sees his lad when she allows it ive heard & seen many others don't have the time to list them so as my post early on put the condo in your name & don't put her name even on the phone bill simple ! Perhaps this is an extreme example. He lost control of his money. She could not have done this to him if he kept everything in his name. I've been taken to the cleaners twice in the West. IMHO Thai law is much fairer. Sounds like he had some shonky lawyers as well. Who would have thought it? Link to comment Share on other sites More sharing options...
KittenKong Posted March 15, 2017 Share Posted March 15, 2017 1 hour ago, Itsnottheplaceitwas said: he got cleaned out by his thai wife & then by 2 separate thai lawyers I've lost track of the number of farangs I've met here to whom this has happened. Literally dozens of them. If I count the number who have lost large sums of money to Thais without ever getting married the figure moves into the hundreds. Link to comment Share on other sites More sharing options...
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