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Bank Loan in Thailand, June 2008-
In Thailand you can have loan to buy a condominium and you do not have to travel to Singapore you can visit a regular Bangkok Bank in Thailand and they help you with all forms, loan will be thru Singapore branch. Loan must be in US dollars, Singapore dollars or Euro. The maximum terms of a loan is 20 years, but the term plus a borrower´s age cannot be more than 65 years. - UBO Bank Singapore Branch have loan up to 30 years. -
Purchase property in Thailand
In all matter in buying property it is recommended to do a Due Diligence thru consultants or lawyer to investigate and explain for you what you buy and your property purchase is correct and follow rules in Thailand.
Buy house on land with land Chanote title.
As a foreigner you can own house in your own name. Land where house is built on you can not own, it is some ways you have the right of use and enjoyment of land. Land leasehold agreement at 30 year with option new 30 years leasehold 2 times. In addition to the common paragraph in leasehold agreement you should have some important paragraphs. Important paragraphs in leasehold agreement, if law change in Thailand and foreigner can own land you shall have cogent right to change to freehold land. Whenever you want you can change leasehold to freehold thru Thai person or Thai juristic person, Leasehold agreement with option to purchase. Not forget draw up a will, will must be written in Thai and recommend in English and be register by Thai Government if you not have a legal will process follow Thai law. Easiest way to buy house is thru a development and a company with good reputation with successfully development in the past other way to buy house and land is recommend to get help from Lawyer Company specialized in property rules.
Comment it is not complicated to purchase house only follow the common way to a safe purchase and have patient everything take time and time is in your favor.
Buy Condominium or Apartment
Foreigner can own condominium in their own name with no limit in time. Thru Condominium act it is stipulated that foreigner can own in their own name 49% of estate and 51% thru Thai person or Thai juristic person. Foreign part of ownership is nothing to explain only buy (do not forget lawyer) condominium is the highest level in own property in Thailand. Foreign part of rest of units called Apartment, 51%, is thru Leasehold agreement and in all case 30 years lease Thai law only stipulate and option 30 year more two times, if law change or when ever you want change to freehold thru Thai person or Juristic person is today a common paragraph in Leasehold agreement. Do not forget to draw up a will and register at Thai government. Due Diligence investigation is recommended to purchase property in Thailand and of course similar way abroad.
Buy land
Recommend you consult a lawyer specialized in real estate and order a Due Diligence and contract.
Comments buying property.
It is recommend that you not overwork your purchase and follow recommendation from your real estate company and choose your own lawyer who you received recommendation at.
Now you can start find your dream property in tropical paradise Thailand.
This article is only a recommendation and not a guarantee we can not take any responsibility concerning this information.
Written by Hakan Wallin Phuket Andaman Real Estate Co., Ltd Phuket Town, Thailand
PHUKET, INVESTMENT, PRICE INCREASE, RETURN ON INVESTMENT, ROI. Phuket price increase and property income
Phuket International Airport is getting a five-billion baht face lift to make room for millions more passengers each year. Phuket´s airport to fly in 11.5 million passengers each year, up from the current 6.5 million. Passenger raise 22.6% higher than 2006. Every year Phuket Government put millions in infrastructure. A gigantic marina starts construction outside Phuket Town planning this year and can afford big luxury yacht. Result for Phuket will be a part of the world big Yacht Harbor. Living cost and international standards in Phuket is incredible affordable and no sign to raise. 5 star health sectors are growing rapidly and support all needs.
Phuket Investment criteria.Infrastructure expand Airport from 6.5 to 11.5 million passengers yearly 5 star health care sector Historic price increase 10-30% yearlyWorld famous yacht HarborAffordable living cost
This is a part of investment government make and built Phuket interesting for people with different and special demands.
Phuket comes strongly on world map of high end destinations and go to be Asia number one vacation-retirement attraction.
Phuket scenario open door for Investors and guarantee high price increase and high yearly rental income.
Property so far in Phuket has increase in value yearly 10-30 percent for the last 5 years depends on location and investment property type. Example west coast and high end condominiums and luxury house area with ocean view in good location as Surin Beach, Laguna Beach, Phuket Town and South part of Phuket as Rawai Beach, Nai Harn Beach, Chalong and not to forget part of Marina life at East Coast as Phuket Town See side, Boat Lagoon etcLast year in property have had a recession and it is a latent price increase and when good sign come from market price will raise immediately. Today it is kind of a barging market and a very good investment opportunity especially in Phuket with its famous destination and price increase forecast.
Rental income opportunities is raising every year and investor and home owner can expect higher income yearly, Return of Investment ROI, we have professional Hotel management companies who supply your unit with guest on daily and weakly basis to high market prices. Travelers in world have begin change behavior and show raised interest in apartment or house with resort service from 4 - 6 star and are willing to pay the price to join high serviced resort and facilities estate.-
Written by Hakan Wallin Phuket Andaman Real Estate Co., LtdPhuket Town, Thailand
PITFALLS TO BE AVOIDED WHEN PURCHASING THAI PROPERTY, By Siam Legal.
Purchasing property in Thailand is an experience that should be taken with some advanced planning and forethought. Many foreigners come to Thailand to purchase property for various reasons: for their retirement, as a second home or for investment purposes. Purchasing a second home is gaining popularity in many places in the world. For example, in 2004 just over a third of all homes owned by UK citizens abroad were located outside Europe. Thailand is fast becoming a destination of choice as a location for a second home. In this article, we will look at ten pitfalls which are most common in purchasing property in Thailand.
1.No Title Search
A comprehensive examination of title deed recorded at the Land Department should be done prior to placing on a deposit or signing of a reservation agreement. You need to verify that the Seller has clear and legal title of the land before you enter into any contractual agreement. The title search will trace the land to its first possession. This investigation will also verify zoning, environmental and planning codes in the area. Moreover, any mortgage, liens or encumbrances will be discovered during this process. There have been a number of cases where foreign buyers have purchased property only to discover later that they are restricted in terms of structural height on the land and therefore rendering the land virtually worthless. This is especially true for beach resort communities where there are height limitations closer to the beach. This is the number one pitfall since a title search can be completed within 48 hours of your purchase. Failure to conduct this step is a grave error and could be fatal to your plans to build your dream house on that wonderful piece of property.
2.Failure to Conduct Due Diligence
Every financial transaction requires some sort of due diligence on behalf of the purchaser to verify that it is a sound investment. When you purchase shares of a listed company in the stock market or a mutual fund you will generally research the profile and performance of the company or fund. The same is true when you purchase a property from a developer. You should check with the previous buyers to see if they are satisfied with the quality and time frame of the construction. If you don’t have time to spend on checking the history of the developer, a local lawyer near the development will know or can check the project, who their directors are and their performance history.
3.Buying without a Lawyer
It is often possible for individuals to purchase a property in Thailand without the services of a local law firm. This may be risky unless you are familiar with the country, the language and its legal system. Contracts in Thailand do not always adhere to the international standards that we are used to back home and may seem quite unfamiliar to us.
That is why before you sign any deposit agreement or contract, you should take some time and sit down with a lawyer or solicitor to discuss the process. You need to know the correct legal process in Thailand for a foreigner to acquire property. Remember that you are spending part of your life savings to acquire this property and you must carefully plan your steps in the process. Your lawyer back home can give you general advice about the contracts and agreements; however they will not be familiar with the country’s laws as they may not have the experience in dealing with matters here.
4.Buying without an Estate Agent
Back home, we are always told that when we invest in property, we should always invest in an area that we are familiar with. This is because property markets are affected by so many variables. It is important to know the market and manage the potential risk which may be involved in any transactions.
Investing in Thailand is no different. You will need a local expert who is experienced in property transactions in the local area that you intend to make your purchase. The agent knows how to communicate in Thai and they’re familiar with the location and the general geographical area. They can show you many quality properties in their inventory based on your needs and desires. Typically, a good agent will weed out the poor quality units. They want satisfied clients and they will avoid problematic developments. Think about it: you may not really know the community and it would be wise to find someone who has in-depth knowledge and experience with the property market. The most telling benefit of a using an estate agent is that they will act as a conduit between you and the seller. They will obtain a fair price for you and act on your behalf to respect your best interest throughout the entire process. Several international estate agent firms have recently established themselves in Thailand. This provides you access to the same international standard of business practice as in your home country.
5.Putting the Deposit down too Early
Sellers and agents obviously want to sell properties. When you have found the ideal property and you are satisfied that it will meet your expectations, the usual process in a transaction is to put down a reservation fee or an earnest deposit. In return, the seller or agent will reserve the property for you and begin the process of drafting the contracts for the acquisition. This is normally a nominal amount and should, in good practice, be fully refundable.
This is not always the case as sellers and agents sometimes keep this fee for the opportunity cost involved while the property was reserved. Unless you specifically draft an “exit” clause in the deposit agreement, for example “subject to a clear title” or “subject to agreement on contract terms,” the money deposited is non-refundable. Exit clauses can be items of fundamental importance such as ‘subject to clear title; or ‘subject to a new title deed being issued’ and so on.
6.Buying in a Mismanaged Project
Hua Hin, as an example, has recently seen a surge in new property developers arriving on the scene to build homes. These developers do vary in size and experience. There are many new developers who see the potential in property development as a lucrative business in Hua Hin and decided to venture in this industry. They may not have the necessary experience to manage the project so you would often see delays and other fundamental problems. However, these developers do tend to offer much better prices and are more flexible in their approach to cater to your needs.
The larger developers, on the other hand, are more established and many of them are publicly listed companies. They have the resources, experience and expertise in completing construction projects. They generally will not negotiate on the price of the property and some do not offer any variations that you would like to make to the design plan. They are, therefore, less flexible but the commercial risk is much less. The key factor is to find a developer in which you feel comfortable with. Check their previous projects for the quality of their work and ask questions from people who have purchased from them before. You will know them by the fruits of their labour.
7.Consider the Surrounding Area
If you purchase in a popular development, most likely the developer will be eager to repeat their success and start a Phase II right next door. You should plan for this accordingly in your plot selection. It would be most unfortunate after having waited for one year while your new home to be build and then moving in to endure another one or two years of construction noise next door.
8.Choosing on the Basis of Price
There are many variables involved when evaluating the price. In general, you may wish to check the prices of adjoining projects in the surrounding area and that would give you a fairly good idea whether you are paying too much for your property. Back home, it is possible for us to check the value of various properties through a regulated body and also by looking at tax receipts of a particular area. Thailand is advancing in this area but you will still see large discrepancies between the government’s assessed value and the actual price paid for a property.
9.Forgetting your Heirs
It is strongly recommended that you have a Last Will & Testament prepared in both your home country and in Thailand. It is not a pleasant thought to think of your demise. However you should plan in advance regarding your estate so the affairs are in order in the unfortunate event of your passing. The last thing you want to do is cause additional stress to your family during this period. Your property in Thailand becomes of value once you sign the contract and make an initial payment. Hence even before the handover of the property you will have an asset to consider for your estate planning.
The document will detail your assets in Thailand, such as property, bank accounts, vehicle, and personal items. Typically upon the death of a foreigner in Thailand, the government officer will ask the family for a copy of a Will or they will seek the deceased person’s lawyer for this document. Having a Will drafted in your home country to cover assets in Thailand may be problematic and burdensome to your family as documentations will need to be translated, notarized and approved by a government body. We recommend a separate Will for your assets in Thailand. It may be interesting to note that Thailand does not have any inheritance tax.
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