Advice for buying land/house in Thailand

[PK1984]

Hi everyone,  I have been traveling to Thailand every year for Almost 9 years now and I have started thinking about buying a house/land in Thailand, I have been looking at the rural parts of the  Rayong area. I have started doing my own research online and I know that it would have to be "a landed property " if I wanted to buy land/house (would love to get a house with a yard). My friend who I grew up with is a Thai National (has dual citizenship) that I trust and that I have know for 25 years says he would be my "sponsor" for the land for this endeavor (He lives in the Rayong Area with his family and i like the area). I am wondering if anyone has gone this route or something similar and I am also looking for advice or recommendations on a good/legit thai property lawyer, because the only advice I have gotten from a few people "get a Thai lawyer and just pay the extra fees and have them do everything in regard to the paperwork". So any friendly advice would be really appreciated. 

[thainet]

5 minutes ago, PK1984 said:

Hi everyone,  I have been traveling to Thailand every year for Almost 9 years now and I have started thinking about buying a house/land in Thailand, I have been looking at the rural parts of the  Rayong area. I have started doing my own research online and I know that it would have to be "a landed property " if I wanted to buy land/house (would love to get a house with a yard). My friend who I grew up with is a Thai National (has dual citizenship) that I trust and that I have know for 25 years says he would be my "sponsor" for the land for this endeavor (He lives in the Rayong Area with his family and i like the area). I am wondering if anyone has gone this route or something similar and I am also looking for advice or recommendations on a good/legit thai property lawyer, because the only advice I have gotten from a few people "get a Thai lawyer and just pay the extra fees and have them do everything in regard to the paperwork". So any friendly advice would be really appreciated. 

Not sure what is a 'landed property'..explain what you mean.

Also is the property purchase going to be in your Thai friends name?

[PK1984]

9 hours ago, thainet said:

Not sure what is a 'landed property'..explain what you mean.

Also is the property purchase going to be in your Thai friends name?

Yes the property would be in my friends name, from what I read and researched so far the property being in my friends name is considered "landed property" my friend would own 51 percent of the property and I would own 49 percent. 

[PK1984]

1 hour ago, PK1984 said:

Yes the property would be in my friends name, from what I read and researched so far the property being in my friends name is considered "landed property" my friend would own 51 percent of the property and I would own 49 percent. 

 

10 hours ago, thainet said:

Not sure what is a 'landed property'..explain what you mean.

Also is the property purchase going to be in your Thai friends name?

Someone told me the "landed property" is just considered a leasehold

[Greg_B]

I have a "friend" who built a home in Udon Thani, which was done according to Farang standards.

Now, he wants to sell it and downsize to a smaller home.

The problem is, it's too expensive for most and not in the best location (one-lane road in/out)

He is stuck with this home unless he takes a loss.

Be careful what you build unless you never plan to sell it.

[bungee]

As you probably know foreigners can not own land in Thailand. 

Saying you friend is you 'sponsor' is a misleading choice of words. It's not like he is sponsoring you for a visa where you would get the visa. He will own the land 100% and you will own nothing. He is just signing his name to say he is the new owner of the land.

You really need to go a speak to a lawyer or two and ask them what your options are. Maybe buying in a company would be a better option but not always a simple option? Your friend could give you a lease to the land, although this is limited to 30 years after which your house would be on someone else's land.

 

[talung66]

On 29/02/2024 at 08:10, bungee said:

You really need to go a speak to a lawyer or two and ask them what your options are. Maybe buying in a company would be a better option but not always a simple option? Your friend could give you a lease to the land, although this is limited to 30 years after which your house would be on someone else's land.

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