*more from Robby – Krabi Dream House builder*
Just finished reading your comments. Don’t know where I put my password, etc., to respond……..I’ll look it up tomorrow. By the way, I paid 1.1M Baht for the 3 rai. That’s a lot of territory. I was thinking about waiting until the land price went up in value and selling 1 rai. I could use the money for building a wall and gate for our property.
The land is registered in my son’s name. He is a Thai national. One of the questions I had concerning the lease issue is since I have to pay for the lease, what is the least amount I need to pay? Who decides that and how is it determined? Not sure you know this answer. Obviously my son doesn’t want to charge me any leasing fee but in view of the Thai law, he has too. Thanks for the great write up.
>editor: I don’t have the answer but I’ve never let that stop me! This like so many things is one of those gray areas. Have you ever noticed how motorcycles often drive on the wrong side of road. That is against the law — but they never get stopped. It is only in the case of an accident that anyone will question it.
>It is the same with your land. If you didn’t pay nothing would happen, except in the case of a complaint. Although it is highly unlikely, your son for one could challenge the lease if it was done without compensation.
>There is no official method of valuation. The best bet is to ask a real estate agent or attorney what a low but fair valuation is.
>This type of agreement is commonly used between husband and wife here in Thailand. Once the lease fee has been officially transferred (ie placed in the account of the lessor) and there is a receipt, there isn’t anything that says the lessor cannot loan or give the lessee money for some other matter. For example, if you are low on money your son could legally give you some (but not related to the lease agreement).
>Mrs. Dozer says that the lessor should hold enough back to satisfy any tax liability.
>With this type of standard lease any lawyer will be able to make sure the i’s are dotted and the t’s are crossed.