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webfact

Phuket court rules 'secured' or 'collective' leases are void

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Don't worry. It's just another step to Thai Happiness

I don't think so. Some might be happy to get their land back with a nice home already built on it but any developer trying to sell now has even less chance considering this & the fact the Russians are basically out of the market. I went to a development this morning built by Thai owner. Construction standard was not good & I could not believe the asking price of 12 million for a 2 bedroom pool villa that was on not more than 250m2 of land with living area about 120m2. Unless they were laundering money it would be sheer lunacy to buy.

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I read it as the worse case is any 90 year lease that starts with the 30 year lease, the entire contract could be voided and even the initial 30 year lease could be void. This sounds possibly like the beginnings of a "nationalization" of Thai properties. See Venezuala and recent company and company asset siezures.

That's the way I read it too.

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Just reciprocate this treatment to Thai people in western countries and see them lose their houses , its about time western governments protected westerners.

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And why is this 'news'? Only the seriously stupid fell for this.

There must be a lot of seriously stupid people then.

God loves stupid people. That's why he made so many of them. biggrin.png

David

Stupid people invented god to represent them faithfully. They did a good job. 55 :)

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And why is this 'news'? Only the seriously stupid fell for this.

 

Not necessarily stupid, but extremely naive.

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The point is the loop hole people have been using to buy via the company route is not safe. It was never intended for people to buy a residential property.

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Foreigners cannot own land and landed properties. Period!

All the smokes and mirrors created by developers and their legal and property 'experts' are just out to make money from you. Period!

How careful you are with your money is the outcome of the struggle between greed and wisdom.

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No one should be surprised at this ruling. The "90 year leases" pedaled by estate agent and developer spivs were an obvious scam from the start.

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I read it as the worse case is any 90 year lease that starts with the 30 year lease, the entire contract could be voided and even the initial 30 year lease could be void. This sounds possibly like the beginnings of a "nationalization" of Thai properties. See Venezuala and recent company and company asset siezures.

That's the way I read it too.

It is not. The court was asked to rule on the issue and it did based on the provisions of the Land Code. The Land Code clearly states that fictitious agreements designed to make the transaction look other than it really was will be voided. There is no problem for people who bought 30 year leases which is the maximum term permitted by the Land Code. Better to check the law first.

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No one should be surprised at this ruling. The "90 year leases" pedaled by estate agent and developer spivs were an obvious scam from the start.

A friend is caught up with this! He was warned about the doubtful nature of the "90 lease" but chose to believe the seller.

He also used the sellers lawyer to complete the "deal" !

Some are , sadly, victims of their own stupidity.

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It depends on the contract because often a contract will have a clause that if one clause is found to be void then it does not invalidate the whole contract and other clauses. If this was in then maybe the buyers have a chance of restitution at appeal.

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I will like to believe that this rule is to avoid the use of those 90 years leases by foreigners for speculation, some times leaving farming land without any use. Makes sense for overpopulated agricultural countries like Thailand and others in Asia.The problem is that will affect also many foreigners that just built residences in small areas. Thailand need a big reform in real estate laws. No doubts that buy real estate here is risky, and not just for this rule, and not just for foreigners. It is very common for Thai people buy, farm, and build in land without proper documentation, some in public areas.

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So are they saying that anyone that signed a 30 year lease, built a house on there girl friends land is now totally screwed.

looks like that to me .

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Well I've said it before ... You'd have to be a complete and utter moron to buy property in Thailand. Who in their right mind would think about handing over 51% of their assets to what is little more than a nation of thieves?

It's a shame the UK, US and EU countries don't apply the same rules to Thais but of course we understand the importance of foreign investment and we also know that they can't dig it up and take it with them.

The other issue has for many years been pricing; in most cases the property market especially in areas such as Phuket, are so over the top it beggars belief anyone would think they are buying a home / villa or apartment of good investment value.

I honestly cannot understand how anyone could be stupid enough to buy property in Thailand ... there again the Nigerian 419 Scam continues to catch the very stupid and greedy and I can only conclude that the expats who brought property in Thailand fall into both categories.

'A nation of thieves'? and yet obviously YOU stay/ live here.. another ex-pat spouting negative crap about everyone who is a native here.. I mean, really, how rosy exactly is everything 'back home' (where really you should go and stay if its so bad, here!)?.. I always believe that there a good and bad everywhere, in all things, all places, and that we should remain fully aware of the pitfalls and dangers wherever we go and whatever we do, but still I really don't get this self-righteous bullshit spouted by people who seem so convinced of how morally superior and righteous WE, and the places and laws and rules and people WE ALL left behind, usually long ago, are!!! wai.gif

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And why is this 'news'? Only the seriously stupid fell for this.

There must be a lot of seriously stupid people then.

Yes you are correct.

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