buying land from banks

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buying land from banks

Postby 60minuteman » Wed Feb 10, 2010 5:51 am

does anyone know the process of buying land from banks, it appears that a lot of the land in pran buri and to the south of there is owned by the banks, if i find a plot i like;

1. is the price negotiable
2. if the offer is accepted do i pay the full amount straight off.
3. is there anyway of finding out what the adjacent lands situation is (land registry etc)
4. warning signs! what to look out for.
5. im presuming banks are a fairly safe bet when it comes to buying land, but this is thailand! am i being a bit naive???
6. what are the additional costs i will incur buying the land, if any?
7.is there any protection i can take to cover my ass between buying the land and getting my girlfriend to sign the land into my control....assfruct or whatever its called??? lol.....
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Re: buying land from banks

Postby fredlk » Wed Feb 10, 2010 6:31 am

60minuteman wrote:does anyone know the process of buying land from banks, it appears that a lot of the land in pran buri and to the south of there is owned by the banks, if i find a plot i like;

1. is the price negotiable
2. if the offer is accepted do i pay the full amount straight off.
3. is there anyway of finding out what the adjacent lands situation is (land registry etc)
4. warning signs! what to look out for.
5. im presuming banks are a fairly safe bet when it comes to buying land, but this is thailand! am i being a bit naive???
6. what are the additional costs i will incur buying the land, if any?
7.is there any protection i can take to cover my ass between buying the land and getting my girlfriend to sign the land into my control....assfruct or whatever its called??? lol.....

The land I'm building on was bought from a bank. They had repossessed it because of non-payment of mortgages. It was not negotiable, but valued lower, about a third of the normal commercial price.
A 10% deposit was required, the paperwork was completed and about 2 weeks later payment in full was required. The land was transferred a couple of days later.
A foreigner can never own it and the Usufruct can only be done for the house as far as I know.
I forget all the details, but if you are planning to build, do make sure that the Chanote is a full one and not just agricultural.
Before signing, I had the land office come out and do a survey and mark out what I was going to buy. This service cost me 3,000 Baht and gave me peace of mind.
The bank we bought from is KKasset and they have a lot of land available on their website.
Transfer fees and taxes were about 10,000 Baht in all.
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Re: buying land from banks

Postby 60minuteman » Wed Feb 10, 2010 7:11 am

nice one dozer, you are proving invaluable at answering any questions i have, thanks a lot fella....

i think you are wrong about usufruct though....it is on the land..
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Re: buying land from banks

Postby fredlk » Wed Feb 10, 2010 7:26 am

60minuteman wrote:nice one dozer..

Dozer? :shock: :lol:
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Re: buying land from banks

Postby 60minuteman » Wed Feb 10, 2010 7:30 am

see this is why i need advice, im not naive, but i can miss the small print :lol:
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Re: buying land from banks

Postby thaifly » Wed Feb 10, 2010 7:40 am

60minuteman wrote:does anyone know the process of buying land from banks, it appears that a lot of the land in pran buri and to the south of there is owned by the banks, if i find a plot i like;

1. is the price negotiable
2. if the offer is accepted do i pay the full amount straight off.
3. is there anyway of finding out what the adjacent lands situation is (land registry etc)
4. warning signs! what to look out for.
5. im presuming banks are a fairly safe bet when it comes to buying land, but this is thailand! am i being a bit naive???
6. what are the additional costs i will incur buying the land, if any?
7.is there any protection i can take to cover my ass between buying the land and getting my girlfriend to sign the land into my control....assfruct or whatever its called??? lol.....
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Re: buying land from banks

Postby thaifly » Wed Feb 10, 2010 7:45 am

60minuteman wrote:does anyone know the process of buying land from banks, it appears that a lot of the land in pran buri and to the south of there is owned by the banks, if i find a plot i like;

1. is the price negotiable
2. if the offer is accepted do i pay the full amount straight off.
3. is there anyway of finding out what the adjacent lands situation is (land registry etc)
4. warning signs! what to look out for.
5. im presuming banks are a fairly safe bet when it comes to buying land, but this is thailand! am i being a bit naive???
6. what are the additional costs i will incur buying the land, if any?
7.is there any protection i can take to cover my ass between buying the land and getting my girlfriend to sign the land into my control....assfruct or whatever its called??? lol.....

its a gidday..to 60 m/m...its the thai fly from mae rim...take a captain cook in legal section on the board ..then if no luck..engage a lawyer..to answer your questions..will not cost you a arm or a leg..ITS A BYEBYE GUNNNERS gidday to all ITS THE THAI FLY FROM MAE RIM
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Re: buying land from banks

Postby Nawty » Wed Feb 10, 2010 7:53 am

Just be carefull which lawyer you use....hope you not in Pattaya.

But, for land transfers a lawyer is really not required unless it is a huge deal....or you want someone to hold your hand on the first deal.
conwood is not real wood.....break it down 'con' to deceive...'wood'
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Re: buying land from banks

Postby BKKBILL » Wed Feb 10, 2010 10:33 am

We (sorry my wife) bought our last house from a bank here in BKK and was told the price was non-negotiable well low and behold my much reduced offer was accepted after about a two month wait. I also got the bank to pay for all the transfer fees and taxes.
Information on adjacent land can be obtained from the land registry office. Have found tea money speeds up the request.
When going to pay for the purchase we were offered a loan for 80% of the price as long as an acct. was opened at the bank for the same amount. I pasted on that offer.
We did not use a lawyer as it was just a mater of paying at the land registry and transferring the deed to my wife's name. All done at the same time. Was able to have a note put on the back of the deed stating my interest in the property. I’m not sure what it said but could see my name in English. :roll:
As for your 7th question if you are worrying about the g/f doing a run between getting the land and registering a usufruct agreement IMHO it should have been you doing the running and a long time ago.
It's not who you know, it's whom you know.
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Re: buying land from banks

Postby fredlk » Wed Feb 10, 2010 10:46 am

BKKBILL wrote:... was told the price was non-negotiable well low and behold my much reduced offer was accepted after about a two month wait. ...

Maybe the same would have happened in my case had I waited, but I found the asking price satisfactory at the time.
Ever since then, the bank's sales people have been bombarding us with special offers on already cheap land. It really is a buyers market at the moment.
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Re: buying land from banks

Postby jaytee » Wed Feb 10, 2010 12:05 pm

[quote="BKKBILL"]
Information on adjacent land can be obtained from the land registry office. Have found tea money speeds up the request.

yes bill :) :D some tea money it sure works wonders in some cases :D :D
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Re: buying land from banks

Postby Tommy » Mon Sep 26, 2011 12:20 pm

Besides KKasset...any other good banks to recommend?

sorry if my questions are redundant.. only starting to do my homework on all these recently. hope you guys don't mind.
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Re: buying land from banks

Postby Roger Ramjet » Mon Sep 26, 2011 12:59 pm

Tommy,
Most of the Thai banks have an asset management arm. I know Siam Commercial Bank (SCB) does. They also have "fire sales" (auctions) for houses and land and as long as you register with them at their Head Office and have a "bid limit" (extent of your credit or loan capacity) you can either offer or bid at one of their many auctions they hold at head office. My wife has purchased a number of properties through them and they give excellent service.
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Re: buying land from banks

Postby Tommy » Mon Sep 26, 2011 1:25 pm

Thanks for the quick reply Roger. Appreciate it greatly.
Can you clarify what does "Fire Sales" mean?

Currently I do not have any link ups with any of the banks in thailand yet. I'm just starting on my homework on all these stuff. But will get my wife to check out on what you mentioned.

thanks alot once again.

Tommy :D
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Re: buying land from banks

Postby Roger Ramjet » Mon Sep 26, 2011 7:14 pm

Tommy,
The "fire sales" over here are for people who have used the land for collateral (mortgage) and can't pay the bank back. A complete "extended" family will buy land then find that half the members are unemployed or have no work, so they just more on until times get better. Some of the land/houses has/have been half paid for so the bank will give them at least three months to get their act together, but in most circumstances that doesn't happen. When the bank sells it they will ask for the full value of the house/land, and will not tell the prospective customer what is owed. If you make an offer on land that has been in use for some time, just make a reasonable offer.
The banks would prefer to auction it (held at their head office) because people do strange things at auctions and normally the bank will make a handsome profit.
If your wife is Thai and has a bank account and a job the Thai banks will loan her money on what she earns. I forget how they work it out but they gave us a ceiling of 3 million baht at the auctions we went to at SCB head office. The ceiling is the maximum you can bid as it is recorded against your bid number and the auctioneer has a readout in front of him. As my wife works for a "farang" company she earns a lot more than most Thais. You really need to tour around the properties (they'll give you a complete list) that are coming up for auction and some of the places would cost more to fix than they are worth.
Good luck. Get your wife to log onto any Thai bank and go to properties and houses for sale. Huge, huge variety.
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