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Shipping Household & Personal Clearing agent
English/Thai Law Office
Thailand Trade
Bangkok Lawyer
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2019 -20 HOUSING BUBBLE
The first thing you need to do is obtain the services of a reputable
real estate firm or lawyer on your behalf--go slow. The Thailand Realty Industry
is not regulated so watch out for agents enticing you to sign contracts
& check the title
deed to make sure the property is what it says. If you cannot read or write Thai then you do not know what is being placed in front of you & not being regulated means anyone can buy and sell & the buyer if a foriegner has little comeback. In fact from our experience ---- caveat emptor buyer beware.
Find out how long a realty have been in business as there are many nice looking websites and overseas Chinese etc setting up business in the real estate game in Chiangmai that know nothing about the past nor care to know. Remember being unregulated means once you buy thats it.If a condo or home is someones name you need to check the validity of the chanote or title & for this you need an independent person.
However those who have been in the business for over 25 years or 30 years like us know the city; can tell you many stories of the good and the bad as you have no comeback once you part with your funds to buy a property caveat emptor prevails. For us its helping those who want to buy to make sure they are not duped into overpriced condos, bad buys & clean slate property that you want.
Many homes selling at 5m baht+ in projects in Bangkok are now finding as at Dec 2018 that they cannot find buyers anymore. The real estate bubble has started NOW. In Chiangmai properties are following the trend in Bangkok with overpriced condos--unfinished condos---- & Banks have now toughened up on loans and interest rates are about to rise because of it. A newly built condo complex which states 40-50% sold within months is normally in the ownership retained by the owner for later sales or to rent. So in fact only a few may have been sold as noone will show you the chanotes only the plan layout of the condo? The amount of bank loans given out to private individuals has now changed in criteria although for foreigners you cannot obtain a mortgage in Thailand. We have been told some condo complexes owners who started these projects cannot now meet repayment deadlines due to the Banks new lending system--some have had their condos impounded by the Govt due to money laundering cases so please check the property you wish to purchase to make sure it has a clean title.
Do yourself a big
favour and obtain a House Inspection report which in effect pulls the holes
out of the property! Some buyers have bought
the house only to find the land is on a different title & visa versa
or the cracks have been disguised. Once you buy then its your problem. Many Estates will try to sell a house in a developing block which
has but one title with say 10-20 houses on it. They probably have 2
mortgages and want to unload the houses before they pay off the loan
& secure the titles for their owners. Or will they???--- we had
a case & saved the foreign buyer 12.8m baht that he would have
lost if he did not use our service.We have also has cases where chanotes or titel have been swapped; disguised & not even a title???
The same goes with the boundaries of the property which need to
be the same as the title deed. In Thailand there's no survey pegs as
such but they do use concrete pegs & it is an important point. Sometimes vendors deliberately
understate property area or move so called pegs. If the building is under construction or
the land is having a subdivision look carefully at the provisions for
issuing a title, and easement rights for say roadways. If you are a foreigner you can
lease for 30 years or form a company to hold the house. So in summary iots not just Thailand--its worldwide & the next economy crash will hit Thailand just as it will hit the UK, USA & Australia etc--no different. The Fed cannot keep printing money out of thin air & the same goes for Japan; ECB whose in negative interest with the likes of the UK and USA with a $22trillion debt. It will happen 2019-20.
Remember also
do not start a company for the sake of securing your house. If you do
not carry out business and do not have employees ( and we mean NO
nominees that your law firm has provided) you will find yourself in hot
water.
So in saying that use our law services and be safe
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 EMAIL US TODAY FOR DETAILS
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Welcome to
-----ChiangMai,
Thailand's foreign / Thai Real Estate company offering you real estate services all over
Thailand to make sure what you buy has no liens or improper clauses where you could lose your condo, home or land purchase
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WE CAN ASSIST ALL BUYERS WITH OUR LAW SERVICES AND FOREIGN HELP SERVICE
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EMAIL US TODAY FOR DETAILS
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Easy quick check service. We arrange a full service for foreigners from worldwide whether it be China, Korea to USA, UK, EU with our
ONE STOP SHOP SERVICE |
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To date foreigners may
own
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- a unit in a registered Condominium |
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building (as distinct from its land) |
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registered leasehold of up to 30 years for all types of titled land
(and/or buildings). |
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registered leasehold of up to 30 years for all types of titled land
(and/or buildings). |
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- a company can purchase land and buildings but will be inspected and
all Thai shareholders veted. |
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- more than 49% of a condominium unless in Company form. |
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- foreigners can own land being 49% in a company but the company must operate a business & shareholders interviewed so not that easy anymore |
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- if you invest 40m baht you can buy 1 Rai of land in Thailand outright. |
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WHAT
IT ALL MEANS:
Sor Kor 1 This document means that land occupants are occupying or making use of
certain land plots, whose ownership has not been claimed by any entity.
The document does not indicate legal possession of the informer so one
cannot transfer the ownership of the property to any one else. The Sor
Kor 1 is rare now as the government's land ownership legislation has
covered most area of the country.
Nor Sor 2 states the government's permission for person or legal entity
to make use of land temporarily. Need to utilize at least three-quarters of
the land plot within three years after the document issuance. This right is non
transferable. At the finish, land occupants can seek the right to demand
higher privileged title deed.
Nor Sor 3 is a governmental letter certifying a utilization of certain
land plot by certain people and that the plot of land has been surveyed and
its official map created.
Nor Sor 3 A is similar to the Nor Sor 3 certification. The only
difference is the map survey of the land plot based on an aerial-viewed
photograph of the land.
Ownership Title Deed or chanote is the ultimate certification of
land ownership. Holders of the title deed have full rights to transfer
or sell the properties and to bar other parties from violating their
rights over the land protected by the ownership title deed law.
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BUILDING
YOUR HOUSE:
Recently in 2019 we have been asked to
help foreigners who have paid too much to have their house built. Please
note the following----there are 3 types of builders in Thailand:
1/. A builder 2/. A broker 3/. a
worker/builder. Those who have been caught out are using (2) which could
be a friend who procures a builder for the foreigner then has a separate
contract with the builder for his cut which is 1/2 of the asking
price. Thus you are giving money away & in fact are being ripped off
as inevitably the actual builder will never be able to meet his
deadlines. Plans & fees etc should not be more than 50,000 baht yet we
have seen charges of 400,000 baht. The fees for 1 sq metre is 1/2 a
satang which is not even a baht. If you need a good builder in Chiangmai
and architect refer to your architect for the prices. You also need to have a builder who can complete
an average house in 3-4 months & check his equipment and formwork
supplies, how many workers he/she has & work he/she has carried out.
Talk to the referrals & your architect to see if they keep to their word.
Remember also
Thai holidays workers will stop work on buddhist holidays and funerals etc. Make sure the contract is overseen by a
lawyer or ask us as we can give you a quote with times etc if you want
us to do. Tel (00-66)019527812. We have seen single storey houses charged
at 6.8m baht when the price should have been 1/2 this. Just remember
having a Thai friend doesn't necessarily mean they are a builder---they
are only getting a commission --when it comes to progress payments and
they ask in advance you could find yourself in a bad situation. Itemize
the materials and also how many men they will have on the job and also
if building multi-stories, their deadlines and time limits.
Prices per sq metre to build are approx:
8-12,000 baht or more as labour is expensive in 2019. But, remember this will vary according to the extras and
items like marble and appliances etc.
OFFERS FROM DEVELOPERS
All developers in Thailand can
and will offer you discounts and extras just to get your business. If
youre not happy with some detail ask to change or add on to. Compare what
they might offer you with what you would like. Look for Special
home loan packages, Extra loan rate -- nowadays, local banks offer home
buyers rates that are even below their minimum lending rates (MLR),
Discount on land price, Gift voucher, extra room etc & ground
maintenance. Have everything in writing. If the phone doesn't work and
they say it will be installed next week or month don't believe a word same
with the water, gas lines if any etc. Do not pay a booking fee as then you
are locked in. Never put deposit down until your lawyer has searched the
title out.
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ESCROW SYSTEM
When making a down payment on unfinished project, protect your
money from fraud by the Escrow account system which will ensure
your money will not be paid, unless the developer completes construction
of your new home and meets the agreed requirement on specification. If
you decide to build use a [ lawyer ]
FORMING A THAI COMPANY
Some people will say this is the best
idea for a foreigner to hold a house in ones name. However with a Thai
company yes you can hold a property within the structure of the company.
However be warned that if your books show nil profit after 3 years then
you may be asked especially by immigration & the Commercial Reg via
the tax dept why?? This may affect your visa and the status of your
company after that period so be warned if you are told its easy to do.
It is, however its also easy for the Commercial Registration Dept to
fine you if you are not in profit mode or even take the property from
you??? Wait and see.
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USUFRUCT OR SUPERFICIES THE BEST
Usufruct Interest (Sidhi-kep-kin) - gives you temporary ownership rights to structures on or arising from the
land. In practice, a usufruct is limited to a 30 year maximum period;
like leases, the agreement can be successively renewed. In contrast to a
lease, a usufructury interest can be sold or transferred, although it
expires upon the death of the holder of the usufruct and therefore
cannot be inherited. This is better than a lease which by law can only
be for a period of 30 years.
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WHAT WE OFFER
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Over 25 YEARS IN THE REAL ESTATE BUSINESS IN CHIANGMAI WITH FOREIGN
& THAI STAFF WE SPECIALIZE IN ASSISTING FOREIGNERS AND THAI.
NO HIDDEN COSTS TOTAL DISCRETION WITH OUR FOREIGN PARTNERS
AS YOU CAN BUY. WE ARE HERE TO COVER THE LAW ASPECTS.
Thailand has so many different types of
properties for sale that whatever your dream home is, you can realize it
here if you do the paperwork right. Prices are a lot cheaper than
Western houses but some aspects need close scrutiny especially wiring,
water & most importantly the deed title. Now that you want to buy a
house what should you look for?
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FOUR RULES TO REMEMBER IN THAILAND as told to us by our Thai Lawyer
1/. Do not lend money--- easy to give hard to get back!
2/. Do not lend your car to anyone
3/. Do not sign a guarantee for anyone
4/. Do not allow anyone to buy in your name
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Foreigners can email us anytime for FREE help
EMAIL US TODAY
Whether it is
buying, selling, renting
or leasing all
kinds of properties, businesses,
land and condominiums right to Commercial properties, we have something for you
including our own Thai lawyer.offer full law
services from ChiangMai to Bangkok to Phuket.
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COMPANY
INDEMNITY: Our Company does not conduct conveyancy of property sales, title
searches and lease agreements as we use our Law Office to do these. If you do
not have a lawyer then we can advise you & recommend one. All conveyancy
procedures in Thailand should be conducted by a qualified Law Office and we do
not advise you to use any of our Company staff nor others to assist you even
though you feel they may cut corners for you or save you money. Our Company is
not responsible other than assisting clients to purchase, sell, rent or lease
& we will not be held responsible or accountable. Feel free to ring us if
you have a problem & require advise about our services or you are not sure
what you are signing: Ask to speak to our Manager: |
