To ensure your Property Investment in Thailand will be fully protected, we recommend necessary steps for Property Acquisition in Thailand as the following:
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We offer property acquisition package which includes (1) Due Diligence (2) Sale and Purchase Agreement (3) Transfer Registration.
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Below is the Checklist for buying property in Thailand recommended by Real Estate Lawyer.
1. Foreigner Property Regulation:
Basically it is worth to share the fundamental rule according to Thai Law, foreigner is not allowed to own the landed property. Therefore, only one type of property that foreigner is allowed to own is the condominium or apartment that is registered as condominium and separated Title Deed is issued particularly for such unit, and foreigner will be allowed in one building maximum 49% of total building area, money for purchase of the condominium also strictly required to be brought from overseas with the evidence of remittance.
For Foreigner who is interested in buying landed property, there are several options to entitle the right of possession such as (1) Leasehold for 30 years term (2) Leasehold the land and ownership on the building (3) Ownership through the Thai company (4) Other property rights such as Sub Ing Sith, Habitation, Superficies, Usufruct and etc. For further information please feel free to contact us
2. Due Diligence on the Property and Seller:
To ensure your investment will be fully protected, we always recommend our client to conduct the proper Due Diligence to check the following scope:
a. Legitimacy of Title Deed, by checking the original file at the database of land office.
b. Legitimacy of seller’s ownership, by checking the name of seller which has been registered as owner in the original file at the database of land office.
c. Obligation on the title deed, by checking registered right and obligation to any third party on the title deed such as mortgage, servitude, lease, etc.
d. Seizure or Transfer Restriction, by checking with land officer whether the title deed has any writ of transfer restriction which may caused by seller’s creditor or outstanding tax.
e. Outstanding CAM Fee, in case the property is a condominium or any property in the property development project, if there is outstanding CAM Fee, the title deed shall be restricted to transfer as Free Debt Certificate is required.
f. Seller’s legal status, by checking Bankruptcy Status and status of being put under receivership as appears in the database of Legal Execution Department.
g. There are also additional scope of due diligence upon request such as National Forest Area Restriction, Land Usage Restriction, Accessibility to Public Road, Military Area, Land under the Law of Agricultural Land Reform, etc.
We provide legal service for conducting the Property Due Diligence, please feel free to contact us if you have any questions.
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3. Sale and Purchase Agreement:
Another significant part to protect your right, Sale and Purchase Agreement should be fair and equally for either Seller or Purchaser. Furthermore, for the sale and purchase transaction with property developer there is a form of Sale and Purchase Agreement to control the form used by developer. Therefore, we always recommend our client to use our legal service for review/comment the agreement for highest benefit and protection. For further information please contact us.
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4. Conveyance of Title Registration
Final step that the ownership right of the property shall be properly transferred from Seller to Purchaser. There are some significant issues that require attention such as the required letter from the bank, letter from Juristic Office as well as other necessary documents required for Seller and Purchaser. We help you ensure the smooth transaction and the ownership properly in your name. For further information please contact us.
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Once all steps have been done properly, you can be ensured that your right on the investment will be fully protected. We, W Law International (Thailand) a Real Estate Law Firm will be pleased to answer all of your questions regarding the property acquisition in Thailand.
For further information please contact us:
Email: contact@lawthai.com
Tel: (66) 026485111
Line: @wlaw
Bangkok Office: 989 Siam Piwat Tower 12A Floor, Unit B1-B2, room no. 1252, Rama I Road, Pathumwan Sub-District, Pathumwan District, Bangkok Metropolis 10330 THAILAND
Pattaya Office : 333/102 Moo 9 Central Festival Pattaya Beach 4th Floor, unit RMU411, Nongprue, Banglamung, Chonburi Province 20150
Phuket Office: 63/202 Moo 2 Royal Phuket Marina, MC2 Building, Room No. 023, Thepkasattri Road, Kohkaew District, Muang Phuket District, Phuket Province 83000
Good morning..Would like to know about purchasing house in bangna phli yai where iam currently renting different property. Can I purchase house outrightcash buyer ? I know I won’t own land under thai laws and is it only a 30 year lease on property? Thankyou
I am looking to purchase property with a thai woman and want provisions put into contract to protect my rights .The property is located in Rangsit
Certainly, we can help you with the legal structure to protect your right to stay and take benefit on the property entire of your right. Please feel free to contact us at contact@w-lawthai.com
Hi, I am interested to buy a property in Thailand.
Do you know any bank who offer mortgage loan facilities to foreigners.
Thank you
Ashvin
I am interested to rent a hotel in Thailand
Hi
I’m buying a Villa in Hua Hin and would like legal representation to guide me through the process. Purchase price is THB5,000,000. It is an off plan investment.
Can you assist with this?
Please provide quote.
Hi.
Could you help me with the purchase of a condo. I am from UK and unsure on how the process works. I have left deposit with the agent in the building at Nam Talay, Jomtien. I would like to purchase the full acquisition service that you offer.
Regards
Chris
Certainly we can help you with full property acquisition package, which includes Due dilugence, Sale and Purchase Agreement, Transfer Registration.
Please feel free to contact us at contact@w-lawthai.com
I am almost ready to buy a house in Thailand with my wife of 13 years. Is there some way to separate and have the Land in my wife’s name and the house in mine with a 30 year lease. I do trust my wife but I’ve been married before and I’ve experienced when things go wrong
We recommend the easiest option as Usufruct Registration, which you will be allowed to stay and take benefit for entire of your right.