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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

EMAIL US TODAY FOR DETAILS

 

 

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

 

 

 

WE CAN ASSIST ALL BUYERS WITH OUR LAW SERVICES AND FOREIGN HELP SERVICE
 
 

 
 
 
 
 

EMAIL US TODAY FOR DETAILS

 

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

 

To date foreigners may own

 
  - a unit in a registered Condominium
  - a building (as distinct from its land)
  - a registered leasehold of up to 30 years for all types of titled land (and/or buildings).
  - a registered leasehold of up to 30 years for all types of titled land (and/or buildings).
  - a company can purchase land and buildings but will be inspected and all Thai shareholders veted.
  - more than 49% of a condominium unless in Company form.
  - foreigners can own land being 49% in a company but the company must operate a business & shareholders interviewed so not that easy anymore
  - if you invest 40m baht you can buy 1 Rai of land in Thailand outright. 
 
 

 

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.

 

 

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.

 

 

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.

 

 

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.

 
 

WHAT WE OFFER :

   FREE advice line
   Company setup and complete law services
  Ongoing service that no one else provides

    House Inspection & maintenance reports

    Title searches on every sale & total honesty
    Utility setup to assist you & No hidden costs
    Total security for your household & the best of all
    Foreign consultant working with our Thai Law Office
    Bangkok- Thailand Real Estate Brokers assoc member
    Buy off us and we help you secure your property
    Secure your yellow book & assist in complete ownership

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? 

 

 

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

 

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:

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