What do you need to know before buying property in Thailand

Highlight Real Estate Legal Services:

1. Full Property Acquistiontion Package THB 45,000 (includes a. Due Diligence b. Sale anb Purchase Agreement c. Conveyance Registration) https://www.w-lawthai.com/en/product/property-acquisition-package-en/
2. 30 Years Leasehold Package THB 35,000 (includes a. Lease Agreement b. Lease Registration) https://www.w-lawthai.com/en/product/30-years-leasehold-registration/
3. Sale and Purchase Agreement THB 18,000 https://www.w-lawthai.com/en/product/review-condominium-sale-and-purchase-agreement-en/
4. Condominium Due Diligence THB 18,000 https://www.w-lawthai.com/en/product/lawyer-property-due-diligence/
5. Property Registration at Land Office THB 18,000 https://www.w-lawthai.com/en/product/property-lawyer-proceeding-registration-at-land-office/

For further information please contact:

Tel: (66) 026485111

Line: @wlaw

Email: contact@w-lawthai.com

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

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Thailand is one of the most attractive destinations where is suitable either for travelling, living or investing. As a result, property in Thailand has been seducing foreign buyers.

However, before you spend your money for property in Thailand, there are some issues you should know:

Foreign ownership restriction: As most foreigner know, foreigner is not allowed to have ownership on the landed property, only a type of property that foreigner can legally own is the condominium with the requirement that the foreign ratio of each building not exceeding 49% of total building salable area.

Exemption that allows foreigner to own the land in Thailand: Not every case that foreigner is forbidden to have ownership over the land, there are some Laws and Regulations that allow foreigner to own the land such as 40 million baht investment condition, regulation of BOI (Board of Investment), Land in industrial zone and etc.

Steps to purchase condominium in Thailand: To purchase the condominium in Thailand isn’t complicate, however there can be some issues to be concerning such as:

• Developer or owner background, to make sure that you will get exactly you have paid for. There were some cases in Thailand, that the developer was arrested in the case of money laundering and appeared that the money spent for the development came from fraud action as a result whole condominium building is forfeited by Anti Money Laundering Office, the buyers even have paid full payment still cannot accept the delivery of their paid unit. Or in the case of purchasing from an individual, if such property is during the legal execution, it may cause the trouble to the buyer.

THEREFORE, we suggest you to perform a Property Due Diligence prior to making the decision.

• After the Sale and Purchase agreement was signed, foreigner even holding tourist visa or visa exemption is allowed to open bank account in Thailand, for purpose of making further payments. The Laws is restricted that foreigner who is entitled to purchase the condominium, money must be brought from overseas only, even you have income in Thailand, that money is forbidden to be used for purchasing the condominium. As you are required to prove the money transfer from overseas at the amount not less than the sale and purchase price.
• Foreign ratio is restricted at maximum 49% of each building, this is another issue that need to be monitored.
• Outstanding payment of the maintenance fee, as free debt certificate is strictly required for ownership transfer registration.
• Upon transfer registration, if the seller was married, consent of the spouse is required otherwise the transaction maybe voidable.

Available options to possess the Land by foreigner

• Leasehold, foreigner is allowed to hold the property by maximum 30 years leasehold. Thai Law allows another renewal which allows maximum total period of 60 years. However, the lessee shall express his intention answering the promise of the lessor to renew such lease at the next 30 years.
• Leasehold on the Land and ownership on the construction, this can be another option for foreigner to own only the house on the land.
• Ownership by the company, foreigner who performs the business in Thailand in the company which having Thai partner holding share over 51% of total shares, this company is considered as a Thai person having thoroughly right to have ownership over the landed property similar to Thai individual.
• Other

For further information about property acquisition in Thailand, please feel free to contact us at: W Law International (Thailand)

contact@w-lawthai.com I Line: @wlaw I www.w-lawthai.com