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Friday, September, 03, 2010 
How
to buy land & house by Drew Noyes
In 1997, during the Asian Financial Crisis, I was invited
to Thailand along with many other international businessmen
and we were asked to help the Thai economy by establishing businesses
here. I choose to do so under the protection of the Treaty of
Amenity offered exclusively to American investors by His Majesty
the King. Protecting my assets has always been my primary goal.
Secondary to profits. Since Thai law currently prohibits foreigners
from owning land in Thailand I asked advisors and lawyers for
a good alternative. So when I bought my first house in Pattaya
I put it in the name of a trusted Thai friend, my Thai wife,
and I registered a mortgage (in Thai it is called a "jamnyong")
against the property for the cost of the house plus improvements.
The house can not be sold without paying the debt back to me.
The land office in Pattaya has the tilted deed and it clearly
states on the back the amount owed and to whom so it is impossible
for the property to be sold without paying me since all sales
transactions have to go before the land office for approval.
I could have also record a lease at the Pattaya land office
for property for up 30 years stating that I, and only I, if
I wish, have the right to live in or use the subject land and
or house. The person whom I put the property in the name of
would give me a receipt for money paid in full in advance to
her by me for this 30 years lease. By showing as evidence my
rights to the property with a copy of the recorded lease the
police nor anyone else can evict me from the property should
a domestic dispute erupt. I believe it is highly advise able
to have both a mortgage against the property and a recorded
lease on the property for ultimate security. With a recorded
mortgage the Thai person who is named as the legal owner can
not borrow money against the house if there is already a mortgage
for the equity value of the property. I could also put the property
in any Thai person's name for the benefit and ownership of my
Thai children who could not sell it until they were 20 years
old. The Thai Elite Program has been trying to get approval
to allow members who pay one million baht the right to own one
rai of land for their home, but approval has not yet been granted.
I could also put the property in any Thai person's name for
the benefit and ownership of my Thai children who could not
sell it until they were 20 years old, but there are some risks.
Before doing any of this consult a licensed attorney. Ask to
see his or her license and record its number. This advice is
just to explain what I did, not necessarily what is right for
you to do.
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