Aug
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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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.
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) will be pleased to answer all of your questions regarding the property acquisition in Thailand.
For further information please contact us:
Email: contact@homelawthai.com
Tel:
Address: Soi Sansuk 3/6, Pru Yai, เมือง Nakhon Ratchasima 30000, Thailand
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