BANGKOK REAL ESTATE GO TO: www.bangkokrealty.biz
CHIANGMAI REAL ESTATE GO TO:
THE BEST LAW WEBSITE IN THAILAND:
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
- a company can purchase land and buildings 49% foreign shareholding but must carry out business as well.
- not more than 49% of a condominium unless done in Company form unless BOI.
- land/ buildings in a company with business
- 1 Rai of land if they invest 40m baht in Thailand.
- Usufract Interest or (sidhikepkin) allows a foreigner to have temporary ownership to certain things in Thailand. Its really limited to 30 years but can be renewed just like a lease.
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?
WHAT IT ALL MEANS:
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.A yellow title book or Thor. Ror 13 is given to foreigners under the issue of HABITATIONAL RIGHT or USUFRUCT or SUPERFICIES
BUILDING YOUR HOUSE:
Recently in 2002 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: 7-8,000 baht. But, remember this will vary according to the extras and items like marble and appliances etc.
OFFERS FROM DEVELOPERS
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 ]
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