Buying a house already in a company name

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AJBangkok
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Buying a house already in a company name

Post by AJBangkok »

Hi,

I have been looking at some houses recently to buy and several have been owned by foreigners in a company name. Most of these owners want to sell the company with the house included in order to save transfer fees or whatever. I don't need/want to put a house in a company name I just want to transfer the property as I am quite suspect of a company structure an have no idea if the company has other liabilities or if there may be issues with nominee shareholders etc.

I would hazard a guess that some of the sellers haven't even considered what is intailed in selling the company or selling the property from the company and I suspect that some of the companies may not be audited and/or up to date with annual requirements.

Whatever I do the first thing is I will get a lawyer, but has anyone had experience in buying or selling a property to or from a company . Also I understand there is stamp duty and transfer tax involved in any sale would any corporate tax be payable. I don't mind doing a deal where I cover all the legal fees and taxes as I would adjust my bid price accordingly but I would like to have some idea of company costs in a sale before I speak with a lawyer.

Cheers
hhinner
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Post by hhinner »

Are you a Thai citizen, or do you mean your Thai spouse will be buying the house?
AJBangkok
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Re: Buying a house already in a company name

Post by AJBangkok »

My Thai spouse will be buying the house
hhinner
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Buying a house already in a company name

Post by hhinner »

I think definitely you should avoid anything that involves you ending up with a company. I think the seller's company should sell the house to you, but the seller keeps the company to do with as he wishes. Definitely you should use a lawyer when buying from a company like that.

There are plenty of properties available in Hua Hin without such complications.

I expect someone who's done it will show up in due course to give some real advice. Good luck.
AJBangkok
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Re: Buying a house already in a company name

Post by AJBangkok »

Cheers. Unfortunately the house we like the most has the most convoluted ownership structure. I sometimes think that nothing I want to do is ever easy or straightforward. I'm beginning to wonder if the problem is really Thailand or if it's just me.
Dieter78
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Buying a house already in a company name

Post by Dieter78 »

I would insist on buying without the company. If they really want to sell I'm sure they will sort it out. If not there are a lot of other properties on the market.
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JamesWest
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Re: Buying a house already in a company name

Post by JamesWest »

AJBangkok wrote:Cheers. Unfortunately the house we like the most has the most convoluted ownership structure. I sometimes think that nothing I want to do is ever easy or straightforward. I'm beginning to wonder if the problem is really Thailand or if it's just me.
it's not you.

wow, i would make damn sure they have set THEIR company up correctly so it does not make their ownership of the house problematic.
I really like this forum because there are no personal attacks. All the members contribute in a positive way to my posts.
Kingburn
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Re: Buying a house already in a company name

Post by Kingburn »

Choose an attorney from a large firm in Bangkok. Many of the lawyers in Hua Hin cooperate with the developer. Organised fraud, the next victim could be you.
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