jacko Posted July 27, 2003 Report Share Posted July 27, 2003 [color:"red"] I have been really intriged by this collum, so have done some reserch [/color] A dictionary might have helped too..... :: I have often thought about the mortgage option, although whether 'ex-bargirl' would qualify for one is questionable. Good thinking though! Link to comment Share on other sites More sharing options...
jasmine Posted July 27, 2003 Report Share Posted July 27, 2003 Hello, Just to answer your question without reading this thread, my answer is "yes". However, the man has better be prepared that this "house buying" is NOT an investment, it is a gift to the one he loves. The future of in a long term may be questionable, but if you think it is a gift, it is no concern. :: I said the above because the Thai law and the attitude on money for many Thais. When I am asked for a loan by Thais, if I give out the money, in my mind it is a "gift" for the chance getting it back is just about zero. Strong opinion from a Thai woman like me, I know. Jasmine Link to comment Share on other sites More sharing options...
Guest Posted July 27, 2003 Report Share Posted July 27, 2003 "Why? Let's be blunt; in most cases we are talking about BGs that guys really don't know where there is a substantial age difference" You're talking about "most cases," the stereotypical situation, guys with little experience in Thailand, who buy a house for a young BG. You live and work in Bangkok, have some understanding of Thai ways, language etc.? Does the answer apply to you? Never? Link to comment Share on other sites More sharing options...
khunsanuk Posted July 27, 2003 Report Share Posted July 27, 2003 Hi, I am sorry, but what would the benefit be for me? If she walks, she loses the house, but I still lose all the money I spend thus far. Or am I missing something here? Sanuk! Link to comment Share on other sites More sharing options...
Guest Posted July 27, 2003 Report Share Posted July 27, 2003 In the time I've spent in Thailand I've met only one guy that had a TG dump him after he built a house for her. I didn't meet her but judging by the guy she did the right thing, he's a jerk. I only became aware that this seems to be a common problem once the Internet and sites like this came along. Maybe the Nite Owl did the occasional story on it. OK, I'm not around the "scene" much anymore, but I wonder just how common a problem this really is? How many have seen it first hand or heard about it second hand from a reliable source? How many have only read about it on the net? Link to comment Share on other sites More sharing options...
pattaya127 Posted July 27, 2003 Author Report Share Posted July 27, 2003 Strong opinion from a Thai woman like me, I know -------------------------------------------------- good tpo hear it from a thai. will keep this in reference when someone tells us a thai gave him back money owed, with interest and a bottle of Black label ::. even farangs one does not know too well, like drinking buddies, should not be trusted. This said, i had small money (2000 bahts) given back to me by some ladies, but the bigger the amount, the surere it is "given". IMO and Y............ Link to comment Share on other sites More sharing options...
pattaya127 Posted July 27, 2003 Author Report Share Posted July 27, 2003 Wise words. How many know really of someone who lost a house. a lot on the board is from hearsay, which may prove true, but the circumstances are always held against the thai woman. I have one story. I heard my neighbour tell his 5YO Gf to scamp out. She came back to pick up her stuff, he would not open the door, even when the cops came. After that, he had the nerves to tell me:" see these thais, 5 years with me, i make house in the village, and that bitch won't even give me a call". No doubt he went around his Pattaya buddies telling stuff like this. But i was there, i know what happened, and i know he told me many times he's had it with her and paid his dues with the house. I am not denying there are horror stories, but this whole "don't" from guys who mostly know Tgs from indulging in the nightlife is maybe not the most informed. Link to comment Share on other sites More sharing options...
Guest Posted July 27, 2003 Report Share Posted July 27, 2003 How many know really of someone who lost a house. I do - plenty. I have been living here since 1994 and I have seen many Farangs get sucked into buying house and getting burned big time. I have seen the same thing happen with restaurants and bars when the Farang puts the business in the girl's name. These sorts of thing happen all the time. It is ultimately a personal decision you have to make, but I sincerely suggest you go into this with open eyes and be prepared to loose whatever you invest in the property. I think Jasmine is right when she says you need to consider it a gift, and then you need to think about the person you are giving this gift to (does she have a Thai husband and "boyfriends" in Canada, Australia and Germany sending here money so that she can "go to school" when she really continues to work in the bar?) And realize there are alternatives. Someone mentioned the mortgage option, but that sounds dubious to me (as many here already know, I work for a bank here). There is no way a BG or even a GTG is going to get a mortgage, unless (a) she already has a substantial enough income in the first place to justify the loan, in which case the Farang support is unnecessary, or ( someone else, in this case, a hapless Farang punter, with financial means guarantees the loan. Hence, if you go the mortgage option, and things don't work out, she gets the property, you lose the money you paid to the bank and the bank calls the guarantee on you for the remainder. (As Khun Sanuk pointed out: "I am sorry, but what would the benefit be for me? If she walks, she loses the house, but I still lose all the money I spend thus far." Actually, since it takes forever to foreclose, she'll get to keep the house for a good many years, but you can be damn sure the bank will go against you - the Farang with deep pocket money bags - pronto!) I would not call that a good option. Here are a few alternatives to consider, but before doing anything, I would spend the money needed to consult a reputable lawyer who (a) understands the issues and ( can explain them to you so that you can make an informed decision. If you are spending what is for you serious money, you should understand exactly what you are getting yourself into to so that you make a rational decision. 1.) Farang's generally cannot own land (the exceptions such as BOI, IEAT and the 40 million investment exception are generally meaningless to the types of property acquistions we are talking about here), but they can own buildings. They can also enter into long term leases of up to 30 years, but the lease has to be registered if it is over 2 or 3 years (can't recall which off the top of my head - consult a lawyer.) Actually, this is important for any business here where you plan to stay more than 2 or 3 years - make sure that lease is registered. I know plenty of Farangs that have built up good businesses, but then lost them to their landlords because they failed to register the mortgages. 2.) I know Farangs that have bought property through companies they establish. They hold 35% of the stock, and Thais hold 65% of the stock, but the Thai stock is preferred stock with reduced voting rights so that the Farang actually controls the company. There are all sorts of technicalties with this sort of structure, and they have been explained to me several times, but I am not even going to try to repeat what I think I was told here since I am sure to get at least some of it wrong. Consult a lawyer. 3.) Buy a condo. Farangs can legally own condos, if the money comes from outside of Thailand or the Farang is a permanent resident. But again, be careful; find out if there are mortgages recorded against the condo so that you can arrange to have the mortgage released (in return for paying the bank) when the purchase closes. And make sure the condo unit is in what is known here as a "juristic condominium". I have seen scams here where Thais - and Farangs - have succeeded in "selling" apartments they were only renting to hapless Farangs. Land o' scams. Link to comment Share on other sites More sharing options...
pattaya127 Posted July 27, 2003 Author Report Share Posted July 27, 2003 One thing i will suggest after your great post, is to not make a hasty decision, and think about it when you are back home. the stupid stuff i did over there, that i knew better, etc... The perspective you gain being far away from the "madness" will also put you in better thinking gear. It took me 2 years to decide to buy a condo, and only because the seller was french like me, had 12 on sale in the bldg, and did all the paperwork/land registration with me. At 9000$, I could not lose too, 2 months of leisurely work for me. Link to comment Share on other sites More sharing options...
shygye Posted July 27, 2003 Report Share Posted July 27, 2003 [color:"green"] Buy a condo. Farangs can legally own condos, if the money comes from outside of Thailand or the Farang is a permanent resident. [/color] But aren't there a bunch of additional regulations on condo ownership? I heard that the condo must be above the 3rd floor, lower floors must be Thai owned. That the percent of condos owned by farangs must be less than 50% of the total condos in the building. Now what about the land the condo is built on? What if the bank forecloses on the landowner? What if the leasor (that built the condos) doesn't pay or quits paying the landowner? Do you think your ownership papers are worth anything in a Thai court? :: Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.