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It is a good time to buy property in Thailand but please be aware you cannot buy a house and land in your name unless you spend 40m baht.You need to take a 30 year lease out for all foreign ownership with a Thai.  Banks are lending & property prices are now dropping due to the insecurity of the present economic situation. The exchange rate is roughly around Baht 36 = US$1.

LAND AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2 = 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai.

Easy quick check service. View Chiangmai by car. Our Thai female staff can take you on a guided tour of Chiangmai's best Moo Baans, areas you may like to live in, learn good and bads aspects, show you schools & places where you would like to stay that may suit you. All English speaking guides. Starting at 1/2 day tours we will pick you up at the airport or your Hotel: Cost 750 baht 1/2 day & 1000 baht for a full day. We also arrange any sightseeing for you, business tours and pickup and deliver by car at your convenience.cmhouses@gmail.com


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 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. 

HOUSE BUYING GUIDE FOR THAILAND

      Check your foreign currency exchange rates against the Thai Baht with Bangkok Bank.

We feel it is a good time to buy property in Thailand. Banks are lending & property prices are now dropping due to the insecurity of the present economic situation, except oil.. Thailand SET index has also been dropping as foreign investment is tending to shift to other countries. The situation with The Baht, and the USA and Japan's firm belief in defending the Yen,  won't change much from what it is. If anything perhaps few Baht swing only. LAND AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2 = 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai 

have temporary ownership to certain things in Thailand. Its really limited to 30 years but can be renewed just like a lease.


However, a 30-year lease can be a good idea with right to renewal to a freehold purchase, or a Thai company (7 PARTNERS) can be established with Thai majority shareholders. Foreigners own 49% shares in the company buying land but we can assist you to make sure your company is safeguarded. Remember if you need advice check first before you commit yourself.

 

Thailand's new Escrow Act in effect
source: The Nation 11 Jun 2008

New Act puts tighter controls on escrow transactions

The Escrow Act of 2008 came into effect on May 21, establishing laws governing the escrow business in Thailand.
In an agreement to purchase and to sell immovable property, or any such reciprocal contract, one party will have an obligation to transfer or deliver assets or documents to another party and the other party will be obligated to pay the first party. In order to ensure that the obligations of both parties are fulfilled, the parties may mutually agree to appoint an escrow agent. This involves a tri-party written agreement known as the escrow agreement.
The escrow agent has the duty to ensure that the parties fulfil their obligations under both the contract and the escrow agreement. The escrow agent will also be responsible for the safekeeping of any money, assets or documents deposited by the parties and for handing over the money or arranging the transfer of ownership or rights to the assets when required.

As well as providing general definitions and outlining the main features of an escrow agreement, the Act lists the conditions and requirements for engaging in the escrow business, the rights and duties of the parties to an escrow agreement and those of an escrow agent, and the powers of the Escrow Committee. It also prescribes penalties for non-compliance. One of the requirements is that companies wishing to engage in the escrow business must obtain a licence from the Finance Ministry. The Act will not affect existing escrow agreements, but if existing escrow agents wish to continue to carry on their business under the new Act, they are required to apply for a licence within 90 days of the Act taking effect.
The escrow business under the Act is a juristic person. The term "escrow agent" is defined as a juristic person whose creditworthiness has been approved by the Escrow Committee, which acts as a middleman.

Only a financial institution, or other juristic persons as specified under a ministerial regulation, will be permitted to act as an escrow agent. Further, the escrow agent must have no conflicts of interest with either party to the contract, and must obtain a licence to conduct the escrow business from the finance minister.

Escrow agents will be monitored by the Escrow Committee, which has the authority to order them to correct or stop prohibited activities if they are detected and to perform their duties in compliance with the Act. If an escrow agent does not comply with an order of the committee or with certain sections of the Act, the committee will have the authority to impose an administrative fine on the agent. The Act also prescribes criminal penalties for escrow agents committing fraud. The fines and penalties will also apply to the managing director or authorised representative of the escrow agent - unless they can prove their innocence or demonstrate that they exercised sufficient duty of care.

Kanitnoy Praneechit is a senior manager of legal services at PricewaterhouseCoopers Mekong.

WHY USE OUR SERVICES: 

We work for you (Both Thai & foreign consultants )
No hidden charges-everything is up front.
Guaranteed conveyancy help &  Company, work permit & land  setup for foreigners
Because you have the benefit of foreign help with our Thai lawyers and expat consultants
Full house onsite appraisals. Cost is 3000 baht for a house under 2 years old & 5000 baht for older houses plus travel. This 5 page report with pics and recommendations is a must if you want to know what your house is really like..

BUYING A BUSINESS:

Thailand differs from every other country and when you decide to buy a service or hospitality business here the first and most foremost thing you do is ascertain who your management structure will be. If you think you can buy a business for under 1m baht and make it forget it. With any business you now need a company for safety and if you want to work with work permit and have the premises under the Company name. The days have gone where you can run a business and make a profit when you only have 500,000 baht. The location is second to management and if you do not have your management sorted out first then you will find it hard to make headway in Thailand eg. honesty. Running a company with 4 employees, paying taxes etc you need 500,000 baht for the first year in fees alone and remember whatever you go into the off or low season is from April= November so make sure you bring plenty of money.  [ SEE MORE ON BUYING A BUSINESS ]

FREIGHT FORWARDER FOR YOUR HOUSEHOLD GOODS & ANIMALS:

Thailand can offer many foreigners moving household belongings to and from Thailand. If you need to ask then check out [ FREIGHT FORWARD COMPANIES ]. If you have animals and pets like a dog please ask a freight forwarder and Vet in your country.  [ Click to see more info ] on bringing your pets to Thailand.

USING A LAWYER:

Do what you would do back home & take our advice. USE A LAWYER but be careful there are good and bad lawyers here????? When using the services of a lawyer please be considerate and talk slowly. Although many lawyers speak English it is not there first language and be slow and patient when stating your case especially if you have just been rolled by your girlfriend???. There understanding of what you are trying to say maybe is not what they are thinking so when talking use local layman speech not heavy doctrine. Do not stand and demand like one will do in the west. Do not look down at a lawyer who is sitting down while you are standing. You are in Thailand not in the West. Do not shout and make demands or bang your fist on the table because you gave all your money to the "local bargirl" & now are crying!!!. Why? Some Thai lawyers will simply turn there back and close you out. You may even lose the money you gave. Simply speaking if you are rude and act like one does in the west then forget using a lawyer here. Thailand people are very patient and they do not like to be threatened or placed in situations where they do not understand the falang. Remember if you have a litigation case pending here in Thailand it can take many years to process & lots of money and court sittings that just drag on and on but this is Thailand and one must abide by their rules. If you lend money to a foreigner or anyone in Thailand do by way of contract and secure assets off the borrower. 9 time out 10 you will not get your money back.

If you have a property to rent, sell or lease in Thailand then WRITE TO US as we can advertise for you in our hardcopy news in Chiangmai .

[ Mortgages ] [ June 2008 Escrow News ] [ Swedes lost money in NEW condos ]

[ Thailand Property Update 2008] [ Bangkok Bank lends to foreigners ] [ Thailand Property Update Dec 2007 ] [ Read Thailand Property Hedge funds ]   [ Thailand Property Investing ]  [ Thailand Property Vs West ] [ NZ warned of Property Finance crash ]

[ THAI LAW HELP SERVICE ]: We are the oldest running Thai foreign Law service in Chiangmai and especially cater for foreigners. We use foreign consultants and law offices in both Bangkok and Chiangmai from local to International. If you are buying a business do not use the same lawyer as the seller and if not sure then ask us.  We have many more properties. Just ask us. Let us broker your business or property. If we don't sell we don't charge you.  Selling or wanting to Buy a Guest House, Restaurant, Business, Bar or Office then just ask us. We do not charge you to find your business. We even guide you to the best deal & help you form a company, partnership, year visa, agreements, leases, accounting services, taxation etc right to offering you FREE hardcopy promotions if you use our services. We offer what no other Thai company can do: FREE hardcopy advertising promotions. 

   COMPANY INDEMNITY: Our Company does not conduct conveyancy of property sales, title searches and lease agreements as we use our Law Office. 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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