When the government decides to free up land for construction, it normally does so by selling the land (or ”plot” or ”lot”) at an auction. Legally, the government does not sell the land; he sells the right to occupy it for years. This system gives the Hong Kong government, as a licensor, a high degree of control over how the country is developed and used through agreements and conditions imposed on the lessee and included in the lease. Since 1997, the tenant has a term of 50 years from the date of grant. We have learned before that a foreigner can only own a unit in a condo or building without the country in his own name. Another possibility is to set up a Thai limited liability company that owns the country (or country and house) as long as a foreigner owns no more than 39% of the company`s shares and the foreigners` ownership does not exceed 49%. Since 61% of the share will be held by Thai partners, you should guarantee your control of the company. To do this, select trustworthy employees and multiply the number of shareholders to a certain extent. You can also use a legal power of attorney that transfers control of the company to the foreign director (you). Another way to keep control of the company is to give the foreign partner(s) greater voting rights.
Land shares may be shared by one or more parties and at the same time held in any proportion. Private ownership of land may also be revoked before the expiry of the term by withdrawal for violation of the conditions of the grant or the provisions of the rules of the State or by the acquisition of the State, if the property or land is necessary for public purposes. Any agreement identifies the parties. If a seller offers you their standard contract, they must identify it with their ID card, passport or company documents. A careful review of company documents can help you identify potential problems, for example. B whether or not the company is a Thai company and has sufficient financial resources to supply the property. You can check the creation date in order to get an idea of the quality of the seller`s establishment, although further due diligence includes the company`s financial documents for the last 3 years. The main means of acquiring land use rights for state-owned land is through land allocation. With regard to focal grants, the local fonal administration office concludes a focal subsidy agreement with a single user in the country in which the fonal administration office grants land use rights to the land user for a specified period of time in return for the payment of a large fonal subsidy premium. If the unit is mortgaged, it is necessary to pay the bank. The buyer would have to pay the corresponding amount to settle the debt.
In this case, the buyer will pay the purchase price of the condominium, which will be offset by the payment of the mortgage. If you have rented or bought an empty piece of land, you need to build the house of your dreams on it. You should apply for a building permit in your name to own the house. In this case, what are the possibilities for a foreigner to buy land and a house? The buyer must provide his lawyer with copies of the passport, including the visa page indicating the date of the last stay in Thailand (necessary to prepare a power of attorney that the buyer can give to his representative if he is not present); copies of the marriage certificate and copy of the spouse`s passport (if the buyer is married but buys the condo exclusively under his name, a letter of authorization is required to allow the buyer to purchase the unit); Name and surname of the buyer`s parents and the parents of his spouse (if they bought the unit jointly). . . .