Condos, Houses, renting and buying ?

[englishman]

My understanding is that you can as a foreigner  buy a condo but you cannot buy a house... with respect to condos now is this just certain condos or any condo. Now as far as houses go how is it then that many foreigners  seem to have houses ..are they all rented or is there a way around the rules for buying one. Or is it just they are all in a Thai persons name ? If this is the case is this not a rather precarious situation for the person that pays for it? . I never really understood the what and whys of all this since until the last year or two my trips have been limited to 3 weeks or so.

Now spending more and more time here and with a regular GF I'm starting to think long term and more permanent ...can any one clue me in a little more please ..thanks

 

[Explorer8939]

I hate to say this, but foreigners who have houses tend to put them in a Thai lady's name. Yeah, that more often than not turns into a sad story.

[Petesie]

Under current laws you can buy a house in a company name. You can own a condo in your own name.

Lots of do's, don'ts, should do's & great advice are spread throughout the forum; do yourself a favour, search and read them...confusing at first but after a while you will notice the good solid stuff.

Use a lawyer that will act on your interests. They will make sure the seller has the original chanote and no debt is on the house/condo.

Many are asked to build a house in the girls village; ask yourself the big question...would you ever want to live there in the boonies? Many horror stories around that one. Not so much the Nightmare on Elm Street kind but getting ripped off kind.

As always it's recommended you rent first to get the lay of the land, why's & wherefores before investing your hard earned.

We rented condo's for nearly 4 years before buying a house on the darkside. The first 3 houses we looked at the seller could or wouldn't produce the original land registry document (chanote) so we walked away; don't be tricked into paying large deposits until this is available.

A reliable estate agent is a must; we used Gecko for the last condo & then house purchase, excellent staff & service. 

Don't let the exchange rate deter you; I looked at a condo 4 years ago, excellent condition 106 sqm for 4.2 m (75k). Said same condo is up for sale again for 2.9m...75k.

Good luck!

 

[chris2004]

Sorry to add Petesie but isn't buying a house in company name illegal? OK many people seem to do it and the authorities turn a blind eye but not something i would want to do (unless you can afford to lose the money/house). A condo can be bought and owned by a farang if it is with the foreign quota 49% of the overall condo project.

[Petesie]

1 hour ago, chris2004 said:

Sorry to add Petesie but isn't buying a house in company name illegal? 

Not illegal as such but the current legal standing is that if the laws of the land change wrt ownership then you may be eventually impelled to sell it on to a Thai national; that withstanding there will be ways round that. You may also be subject to Capital Gains Tax which has surfaced recently; I've found certain estate agents knowledge is wooly around this, depending on who you ask. As said before; best all done through a lawyer.

My advice to the OP would be to rent a condo first; this will establish your bearings on your outlook from not living from a hotel to somewhere more permanent which will be a step in a positive direction. Lots of condo's on the market so be choosy, not only for amenities/location but also to stuff currently in the condo...is it dated/crap, can you live with someones 12 year old shite?

This also applies to a settling in period in your relationship. Be aware she will be subject to advice & pressure from family/friends/Soi Dogs on what to do; you will have to manage the bullshit/emotional angle, don't be afraid to say no, cannot...they understand that. 

[rondon]

I only deal with condo 99% of condo we own are in foreighn name so can be transferred into your own name

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