Thai Property Law
The property market in Thailand is not well regulated and you need to seek legal advice before you put down a deposit or sign any agreements. Trying to recover your money in a property dispute is a costly affair as could be seen during the Asian financial crisis where people simply wrote off the money which was owed to them by developers.
It is always best to have a due diligence done on a property before you buy it in Thailand so that you know what you are buying is what you get. When buying a condo unit and buying it off plan comes with its own problems. Where is says 6.7 meters does that mean the internal dimensions or include the thickness of the wall? Foreigners are not allowed to own more than 49% of the units so how many units are already owned by foreigners and should you register a company to hold the property for you? These are all issue that you need to consider when buying a condo unit.
As a foreigner you are not allowed to own land in your name. You can however register the property in the name of your Thai wife however your will need to surrender all claims to the property at the Land Department. This is not normally good especially if there is a divorce later. You have other options such as a property lease agreement or a usufruct registered over the property. There is also the superficies option where you rent the land but own the property on the land. You need to speak to a lawyer in Thailand for more information and assistance.
Property transfer costs can be calculated by your lawyer for you. The property transfer costs is going to depend on how long the current owner has owned the property. In order to stop “property flipping” the Thai government has added an additional tax to avoid a property bubble. The shorter the current owner has held the property then the more the transfer cost is going to be. Again contact an attorney for more information in this regard.
With very little regulation in the property market there will always be problems which you did not expect. The Due diligence report would make the property transaction less problematic and minimise any problems you might have. Most property problems in Thailand tend to be those which stem from either developer not being properly registered with the government or that the property has not been zoned properly or does not have the correct title deed. Property scams will always be a problem however a due diligence report will be able to highlight this early as the property title needs to be checked.
When in a foreign country always seek legal advice from a property lawyer. Thailand has a good property market which is expanding but problems still occur where developers and sellers try and take shortcuts which could cost you your investment in the long run. You should always look for a good law firm in Thailand for assistance.https://www.thailand-lawfirm.com/thai-property-law.htmlhttps://www.thailand-lawfirm.com/wp-content/uploads/2015/11/ID-100160411.jpghttps://www.thailand-lawfirm.com/wp-content/uploads/2015/11/ID-100160411.jpgProperty LawThai PropertyThe property market in Thailand is not well regulated and you need to seek legal advice before you put down a deposit or sign any agreements. Trying to recover your money in a property dispute is a costly affair as could be seen during the Asian financial crisis where...admin7 AdministratorThai Law Firm