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November 10, 2008
SELLING CAN CREATE PROBLEMS
Sometimes A Sale Is Not A Sale - Most people would generally agree that whilst purchasing can often require a good deal of thought before making a decision to buy, selling usually may be a very simple operation; - Simply find a buyer and collect the cash at the end of the deal. As a lot of shrewd businessmen have quoted down through the centuries; - a sale is not a sale until the money is in the bank. Well this saying is simple enough to comprehend, as many people are big on words, but small on action, when it comes to actually making the move to purchase.
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October 15, 2008
NEW CONDOMINIUM ACT BRINGS STABILITY
Pattaya Dispute Sets a Precedent In Enforcement - With the recent introduction of the new Condominium Act on 4th July 2008, the management of condominiums is now more clearly defined, and the obligations of tenants, owners and managers are now more precisely detailed. The responsibilities of Condominium Committees and their appointed manager are many and varied, and it is often a thankless job, that brings plenty of complaints but very little praise.
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October 02, 2008
Property investors should now take a long term view
Nigel Cornick says fundamentals are strong - IN an article published in the Bangkok Post on September 21, the chief executive officer of Raimon Land put into perspective the recent political and social unrest in Thailand. "Investors in the kingdom’s real estate sector need to take a long term view and acknowledge the country will continue to face challenges as it has in the past," said Nigel Cornick.
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September 06, 2008
FROM DREAM TO NIGHTMARE
Even Professionals Can Be Conned - Years ago I heard of a case where a relative newcomer to Thailand paid a builder to construct his very own dream home, and unfortunately paid the full amount in advance. Progress seemed to be going very slowly, and only the foundations had been completed, when he visited the site to find that the builder had disappeared with his hard earned cash. However, it is not only newcomers who get caught by such illegal capers, and earlier this year I met an experienced property developer, who was smart enough to make progressive payments, depending upon the work completed.
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August 16, 2008
BEWARE OF UNETHICAL OPERATORS
Yes, - You Could Still Be A Victim Of A Scam - No, - I hear you say, “such things only took place in the old days,” - but be warned, history has a nasty habit of repeating itself, and anyone can become the victim of some clever trickery, by some very smart con men, who make a very comfortable living out of cheating others out of their ‘hard earned’ life savings. Whilst many such operators have good financial skills in the business of earning from commissions on the services that they provide to clients, they can reap a much higher profit by simply pocketing all of their client’s cash, and then simply disappearing from the scene.
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August 11, 2008
YEAR 2008 INVESTMENT PREDICTIONS
Guru’s Give Opinions for the Year Ahead-With the beginning of the year it is a favourite preoccupation of many to forecast events for the next three months, but these must be at best based on research or conversely, at worst on educated guesses. Major events such as last year’s military coup are rarely predicted with any accuracy, but once they occur it is often possible for some experts to predict what will follow.
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August 04, 2008
TAKING LEGAL PROCEEDINGS
If disputes cannot be settled by negotiation, then the only course left is to resolve matters by a legal process, either by way of taking the matter through the courts, or if the other party concerned has broken the law, you may be lucky enough to have a government or semi-government body to intervene on your behalf, if the breach of the law has been sufficiently serious. This latter method is a good alternative to going to court, but if you are thinking of taking a matter to court, then you will probably need a fair amount of money to cover all sorts of costs, plus quite a bit of time, which you may or may not be able to afford.
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July 28, 2008
MAKING THE CHANGE TO LEASING
Not Such a Big Deal & There Are Some Positives-At the moment a few people are getting “their knickers in a knot,” about being no longer able to own the land upon which their residential or commercial property is sited. However, they are not as disadvantaged as you may think, especially if we look at some of the other Asian Nations in the region. We will soon learn that normally, not only can’t you own land, but you cannot become a resident in any way, shape or form, even if you are married to one of their citizens. With the ownership of land in Thailand being so easy in years gone by everyone has become very paranoid about leasing the land upon which their residential or commercial property is sited.
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July 14, 2008
THE SALE THAT NEVER WAS
Payment Does Not Always Mean Ownership-I happened to be at the local law courts one day to follow the progress of a legal dispute over a property developer’s right to build, which resulted in the construction company being given the right to proceed. However, the subject of this article is somewhat different, because whilst there I encountered a lone foreign man, which I thought was a little unusual for this predominantly Thai Government establishment, so I enquired as to the nature of his visit. It transpired that he was from Europe, and was in the process of taking up residency here, but had run into a very serious legal problem over property ownership.
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July 03, 2008
ELITE INVESTMENT OPPORTUNITIES
Whether Big Or Small, Get Professional Help-The “Thailand Elite Card” membership has been around for a while and fees were originally set at one million Baht for all foreign nationals, who are technically known under Thai law as an “Aliens.” With a recent promotion at the Dusit Hotel in Pattaya, it was announced that membership for expat residents and visitors was now set at 1.5 million Baht, with a slightly extended range of benefits. This lavish promotional evening started with a sunset buffet, attended by many of the organizations who were offering discounts, and finished with an exclusive dinner with entertainment and informative speeches, from high ranking officials.
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June 21, 2008
Check Ownership Before You Buy
In a prior article we mentioned the importance of doing some homework and making sure that the property you are purchasing is actually owned by the "seller", as we outlined a case where the “sellers" had nothing to do with the ownership. Of equal importance is to take the trouble to make sure that there are no encumbrances (either financial or legal), that could exist on the property at the time of purchase.
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June 07, 2008
The Greater Fool Theory
In the late 1960s and throughout the 1970s in Southern California, real estate prices roared upward on average 20% each year. The property market was so hot that there evolved there what became known as The Greater Fool Theory. The Greater Fool Theory posited that it really didn't matter how much you paid for a piece of SoCal property there would always be an even greater fool who would pay you even more when you sold it.
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May 31, 2008
Doing Business Without "Escrow"
Protecting Your Advance Payments From Pilfering. In most financially advanced countries, most people who have to transact business involving a large amount of cash prefer to use the ‘escrow’ financial system, which involves a legally liable ‘Third Party’ holding the funds that are being transferred from the buyer to the seller until all of the requirements pertaining to the legal ownership have been completed.
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May 22, 2008
Cambodia Rising
After the Horrors of "The Killing Fields". New Hope for an Ancient Kingdom - I’ve just just returned from a 10-day trip to Cambodia, a trip that included both the capital, Phnom Penh, and the major beach resort/port of Sihanoukville.
This was my second visit to Sihanoukville, the first coming some nine months ago, and the changes in that short time were striking. Dozens of new, mostly foreign-owned businesses have opened in the past year, including guesthouses, bars, restaurants, bakeries, realtors, and even a Norwegian dentist’s practice.
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May 12, 2008
What in the World is "Key Money"?
Or, why should I have to pay so much for a key…If you’ve read ads for businesses for sale in the Pattaya area, you've no doubt noticed that a typical listing will say “Price is 1.5 million baht plus 200,000 baht key money", or "Key Money of 500,000 baht is included in the price". Some ads may neglect to mention "key money"…but don’t imagine for a minute that you’re going to get away without paying it.
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May 02, 2008
VISAS & PERMITS REQUIRE PROFESSIONALISM - Getting It Right The First Time Is Important
If you are lucky enough to meet an expat who has lived in Thailand for many decades, take the time to get to know them, as there is much to be learned from listening to their advice. I was fortunate, when I chose to reside in a guest house with such a gentleman when I first arrived in the Kingdom many years ago, and the advice that he gave me on day-to-day living saved me many a headache.
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April 23, 2008
2008 OUTLOOK Tax incentives lift everyone's mood
Amid concerns about higher costs of construction materials, the tax incentives announced in early March have come as good news to the property market this year. Analysts expect it to improve significantly from 2007, a sluggish year due to lower confidence. The Finance Ministry led by minister Surapong Suebwonglee has essentially revived the tax incentives that proved successful in spurring the property market in 2003 when they were used by former prime minister Thaksin Shinawatra.
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March 20, 2008
Considering Casino Gambling
The recent announcements by PM Samak and several other high-ranking government officials that the Administration will push for the legalization of casino gambling in tourist areas like Pattaya, Phuket and several others has put this issue back on the front burner of public discussion. It really should have been anticipated that the PPP would raise the legalization of gambling as a means of raising revenues now going to illegal games and to other ASEAN countries. Former PM Thaksin Shinowatra had backed legalizing casinos before he was overthrown in the September, 2006 coup, and the current PM has spoken out in favor of legal gaming several times over the course of his career, dating back some 30 years.
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February 25, 2008
Chasing Lost Dignity
Nothing can truly compensate an innocent man for ten years behind bars, but the desire to regain his good name has given a wrongfully imprisoned native of Nakhon Ratchasima province the strength to take his fight to the limits of he criminal justice system. Kowit (not his real name) served almost 10 years in prison for a crime he always insisted he did not commit. Released in 2006, he set out to clear his name.
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February 24, 2008
THE POINTING ROOM
It is called Hong Chi, or the Pointing Room in English. Readers may have never heard of it. It is not in law textbooks, nor does it appear in the judges' qualifying exam. But it does exist at every criminal court in the country - and it is off-limits to the public and lawyers of any type.
This is where the accused first face the judiciary. Those without bail and lawyers have a particularly difficult time. They are asked to stand in front of two judges and plead guilty or not-guilty to a set of accusations they have only heard just a couple of hours before.
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February 15, 2008
Your home’s your own
With the increasing availability of high quality vacation and primary homes in paradise locations such as Koh Samui, Sattahip, Pattaya, and Koh Chang, many people from Western countries are considering purchasing a second home in Thailand. While it’s fairly easy to decide on a location and the type of property you like, the specific risks of acquiring land and property in Thailand may be very different from your home country.
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February 15, 2008
Who needs a last will and testament
The short answer is “You do!”. So does your Thai loved one. Your family and loved ones back in your native country also need for you to have a Thai last will and testament – and one back there, as well.
Chances are if you’re living here (or contemplating living here) you’ll own a home (house or condo); a car or motorbike; very possibly a business;
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February 15, 2008
Start Planning for the Sale of Your Business - Today
If you own a business, sooner or later you are going to exit that business. The time to start thinking about that eventuality and discussing it with a business advisor is now – whenever you bought the business. It’s never too early to prepare both the business and yourself for your eventual departure.
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February 15, 2008
So You Want to Buy A Retail Business
If you’re thinking about buying a retail business, there is a lot that you must consider outside of the basic nuts and bolts of the business. There’s an old saying that retail success hinges on three factors: "location, location, location." It’s an old saying because, to a great extent, it’s true - but it’s not always the case. When looking at retail businesses, your #1 goal must be to determine what “drives” the customers to the store.
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February 15, 2008
Selling a Business in Thailand
So, you’re thinking about selling your business in Thailand. It’s an exciting and important decision. You’ve invested a substantial amount of hard work, time, sacrifice, risk, and money in creating a source of wealth for you and your family. We’ve been involved in helping literally hundreds of buyers and sellers navigate their way to successful business transfers over the past decade. We can help you, too.
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February 15, 2008
How to Sell a Troubled Business
OK, let’s confront our worst nightmares: You awaken one morning to the realization that the business you've poured so much time, energy and thought into; the dream that was once the preoccupation of your every waking moment…has turned sour. Gone south. What do you do?
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February 15, 2008
How to Select a Remodeling Contractor
The U.S. National Association of the Remodeling Industry publishes a very helpful booklet on How to Select a Remodeling Contractor. Some of the their recommendations, i.e., make sure you see the contractor’s State license, don’t apply in Thailand, so we’ve gone through their recommendations and distilled them down to apply in the Land of Smiles.
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February 15, 2008
Getting The Best Price For Your Home
All About Marketing Whether you are moving into a larger home or having to relocate to another place because of a job transfer, you have decided to sell your residence. Naturally, you want to get the best price possible for it. You can do a great deal to help make that happen by following these five rules.
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February 15, 2008
Financing a Property Acquisition in Thailand
Most foreigners interested in buying property in Thailand – especially if they are relatively new to the country - will start off assuming that they can finance the purchase through some form of bank financing or mortgage loan. After all, that’s most often the way that properties are acquired in Western countries, whether or not the purchaser has sufficient cash on hand to pay the purchase price. Tying up so much capital would be seen as imprudent by most Western investors.
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February 15, 2008
Exclusive, Sole Agent & Open Listings
What do those terms mean?
1. An Exclusive Listing is one in which only the Listing Broker has the right to offer a property or business for sale. If the property or business covered by an Exclusive Listing Agreement is sold, the Listing Broker is owed a commission by the seller regardless of who actually made the sale, including the owner.
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February 15, 2008
Due Diligence
Due diligence is probably the most critical stage in the buying process. Many prospective buyers incorrectly identify this period as strictly a financial review, but it goes far beyond that. Due diligence encompasses a far greater project - the complete investigation and review of the business.
One of the keys to buying a business that’s good for you comes from your ability to learn the intimate details of the business - to identify its strengths and weaknesses, pluses and minuses, growth opportunities and areas of concerns.
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February 15, 2008
Do You Need a Business Broker
One of the most frequent questions asked by prospective investors, and by both buyers and sellers of businesses, is whether they should hire a business broker. The best answer is probably: “Yes…but.” The "but" is that you should "use" one, not just "hire" one. A business broker can have a very specific and important role in the buying process. The “but” is related to understanding what that role is.
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February 15, 2008
Company Registration in Thailand
1. Registration: Reservation of name is the first item to attend to in company formation and can be done online. The name of the company must not be identical to the name of any existing company , or so nearly resemble the name of any existing company as to lead to confusion. It is recommended that applicants reserve three names, ranked by priority of interest, to maximize chances of success.
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February 15, 2008
Calculating the Value of a Business
Accurately valuing a small business is often the most challenging part of the process for prospective business buyers. However, it doesn’t have to be an overwhelming or difficult undertaking. Just remember that valuation is an art, not a science.
Naturally, a buyer’s valuation is usually quite different from what the seller believes their business is worth. Buyers want to buy the business for as little as possible. Sellers usually factor their years of hard work into their calculation. And, undoubtedly there were many years of hard work and worries. However, that’s not how you determine the value of the business.
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February 15, 2008
Buying A Bar or Restaurant
f you've spent any time at all looking at bar/restaurant for-sale listings in and around Pattaya, you’ve probably noticed that there are more of these listed than any other single type of business. Is this a good or bad thing?
There are two ways to approach the question: the optimist will say that there's a great market when the time comes to sell; the pessimist will want to know why all of these people are selling their business. Actually, they're both right.
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February 15, 2008
Attorneys And Attorney-Client Privilege In Thailand
Thailand, with its King as Head of State, bases its judicial and legal system on the democratic nation’s Constitution, which recognizes four courts: the Constitutional Court, the Courts of Justice, the Administrative Court, and the Military Court.
The Courts of Justice are classified into three levels: the Courts of First Instance, the Courts of Appeal, and the Dika Court (Thailand’s Supreme Court).
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February 15, 2008
20 Steps to Successfully Acquiring Your Own Business
1. JoinzThe Evans Team
We’ll advise and assist you through the entire process. Help you find an appropriate business. Help you determine your budget for the acquisition. Help you evaluate the business to determine a mutually beneficial offer. Help you negotiate the final price and terms. Help you with all the legal and tax documentation.
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February 15, 2008
12 Common Mistakes to Avoid When Buying or Selling a Business
1. Don’t Concentrate on Disagreements
It’s easy in a competitive situation (which to some extent buying and selling is) to put the emphasis on problems. Approaching the process in that way, though, can build up distrust and resentment that can make it harder and harder to ultimately create a “win/win” solution. Neither buyer nor seller will get everything they want. But a positive approach that keeps an eye on the “big picture” is more likely to create an agreement that both find attractive than one that bogs down over every minor imperfection.
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February 15, 2008
10 Pitfalls to Avoid in Purchasing Thai Property
Purchasing property in Thailand, like purchasing property anywhere and most especially in a new country with new laws and practices, is an experience that should be undertaken only with a great deal of advance planning and care. Many foreigners come to Thailand to purchase property for various reasons: for their retirement; as a second home; or for investment purposes. Purchasing a second home is gaining popularity in many places in the world, and Thailand is becoming a very popular destination of choice as a location for a second home. Welcome to Thailand, and best wishes in your search for a home or investment property in our beautiful country. Here are some of the mistakes we hope you’ll avoid as you consider buying property here.
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January 11, 2008
Buying a Business in Thailand
Welcome.
So, you’re thinking about buying a business in Thailand. It’s an exciting and important decision. You’re investing a substantial amount of the savings you’ve created through time, risk, sacrifice, and hard work, and you need to make sure that the investment you’ll make is sound and prudent. Even more, you’ll want to make sure that your decision reflects the decisions you’ve made about the kind of investment you’re looking for – one that generates income, or one that maximizes security, or one that anticipates asset appreciation.
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October 01, 2007
Visa Primer
First and extremely important:
Visa regulations are subject to change at any time and with little or no notice by the Thai Ministry of Immigration. Though these are usually minor changes, regulations are not applied evenly.
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October 01, 2007
Update on Visa Regulations
The foreign community is a bit
stirred up by the recent spate of announcements regarding new and tougher rules
for visa-free entry into Thailand, and for long-term residence here. These have
been widely reported in the local press and on various web-boards, notably
including www.thaivisa.com .
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