Archive for the ‘Readingroom’ Category

Alternative ways to own property

Alternative Legal Mechanism to circumvent Legal  Restrictions of the Thai Land Code
By Porthep Werachaon

Some advisors mostly with non-legal background may advise you to easily circumvent the restrictions imposed by the Land Code by: –

1)      Setting up a Thai limited company with a Thai majority of 51%

2)      Appointing a Thai nominee and having a 30-year lease agreement or mortgage or right of habitation registered with the Land Office

3)      Having a Thai legitimate wife whereby the foreign husband can have the ownership of land with the registered right of habitation for life with maximum of 30 years

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Money Laundering

“Anti-Money Laundering Law”
A web of laws innocent property buyers can be trapped by!
By Porthep Werachon

Foreigners contemplating to buy a real property in Pattaya are beset by a plethora of precepts and legislations spreading and omnipresent in all local and international transactions. The ignorance of law cannot be the excuse in court for the violation of law.

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Buyer beware

CAVEAT  EMPTOR
How Can Buyers Beware If  They Are Not Aware
By Porthep Werachon

The event of a Thai lady who smashed up her defective car in front of TV cameras sparked the public awareness that abusive sellers should no more enjoy the old maxim of CAVEAT EMPTOR. A sledge hammer seems to be the icon of justice which should be done thought the heaven should fall. Many Thai ladies who have had defective husbands, solved the problem with two choices for her defective husbands, -either “Amputation” or “Castration”. It is a real dilemma for their husbands.
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Buyer Beware 2

CAVEAT  EMPTOR – LET THE BUYER  BEWARE
“Legal  Pitfalls of  Purchasing a  Brand New Condominium”
By Ponthep Werachon

“This article is not for children, sailors and drunken men, as they are all protected by God”

With a good location close to the new airport, Pattaya becomes an increasingly popular retreat for many foreigners from around the world. New condominium projects are mushrooming from empty plots of land. Many mega project developers see Pattaya as a promised land where they can make easy money from foreign buyers. These foreign buyers are lured by classy grand opening parties of new projects with good wine, food and fancy music.

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Buyer Beware 3

CAVEAT EMPTOR
False Advertising of Real Estate Developers
“Fiction is More Salable than Truth”
By Ponthep Werachon

In Pattaya where many pagans who worship money in stead of god can easily make fortune from their euphemism. The soft target is always foreign property buyers who are gullible by their ignorance.

Only wisdom can lead you to the road of justice not perdition. Even a truth is stranger than a fiction. But only the truth will set you free from any dilemmas.

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Legal Dictionary

– Lawyer (Ta Nai Kwam) ทนายความ

– Title Deed (Cha Nod) โฉนด

– Construction Permit (Bai Anuyat Koh Sang) ใบ อนุญาตก่อสร้าง

– Certificate of Utilization of Land (Nor.Sor. 3 Kor) หนังสือรับรองการทำประโยชน์ (น.ส. 3  ก)

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Buyer Protection

How Can Property Buyers Be Protected Under Thai Law
By Ponthep Werachon

“To be or not to be” protected, should be the question before buying property; –

However, most farangs ignore this concept, and most farangs will sign a bunch of documents in the Thai language, usually in which they are absolutely illiterate. How about the Thai ladies beside them” They just want their farang to be optimistic, as prudence always means a delay for these Thai ladies to have their anticipated fortune.

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A Thai Ltd Company

A LIMITED COMPANY IN THAILAND

Corporate Status

A Thai limited company has a juristic or corporate status distinct from its director or shareholder. A Thai limited company may enjoy all rights and vice versa be subject to all duties legally and naturally applicable to a juristic person.

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Dormant Companies

Setting Up a “Dormant  Company” to Buy Land

A word “Dormant Company” is widely used in Thailand, especially in Pattaya, for a sleeping company having no business activity, but is created just only to own a property.  If you are retired expat wishing to buy a real property in Thailand, you will be instantly advised by a seller to set up a Thai company to register the ownership of land. It is very easy to set up a company for such a purpose, but it can be a burdensome over a long period of time.  You should somehow come to understand the Thai company and tax laws. A basic knowledge of accounting and corporate structure is a must to ensure that your hibernation life will be easy, just like every Sunday morning.
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Eminent Domain

Eminent Domain Expropriation of Land
Jack who rips your land with or without “Justice, Wisdom & Mercy”
By Ponthep Werachon

The quotation “a man’s house is his castle” implies the owner’s right to exclusive use and privacy of the land and house without any disturbance even from the state. In the past, all lands in the country belong to the King who allocated the lands to all subjects with the areas according to their responsibilities in a community even slaves could have at least five rais of land.  People could develop the empty plot of land and reserve the right to use the land as “Freehold Right”.
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