Buying Property in Thailand

Real Estate blue building clouds construction home icon logo real estate sun symbol white yellowRegistered with the competent authority (i.e.e. When the right to use the land expires, the right to own the house on the land expires with it. A house book is not an ownership document but merely a house and resident registration book.Bor. Land office procedure (Land Dep. This could be combined with a loan agreement. It could state the name of the owner but in case of a foreign owner not necessarily. Sometimes a mortgage registration. Usufruct contract refers to the agreement and the right to use or occupy another’s real property for a term up to 30 years but in any case not exceeding the life of the person granted the right of usufruct. The right in the real estate property exists so long as the usufructuary (the holder of the usufruct right) is alive. After his or her death the real estate property reverts back to the owner.

A registered right of servitude is an important right in case a plot of land is surrounded by other plots without direct access to a public road. In this case a right of servitude registered over adjoining plots guarantees uninterrupted access to dominant property. The practice of holding companies for property purchases by foreigners is currently much less common. A company that owns a real estate property must appear to be a normal active company running a business and show business activity, hold yearly shareholding meetings, file yearly balance sheets and correct accounting, and as a partly foreign owned company must comply with foreign business laws. The most important part of any real estate investment is the land title deed. Does the land have a suitable. It cannot be a dormant property holding company merely holding land on behalf of the foreigner (that would be illegal). This type of land can be upgraded to a Nor.Sor.3.K. 1), Nor. Song (N.S. Nor. Sor.S. 5), Nor.S. This land may only be sold subject to a 30-days notice period in which it is not uncommon that boundary or ownership disputes are started. Chanote title deed. Por. Gor.P.G. 4-01), Sor. Gor. 3 (N.K. Sor. Nor.S.N. S.T.G. Bor. Tor.B.T. 5), Nor. 12.5% over the yearly rental or assessed yearly rental. Introduce a more general property tax. There are plans to reform the current tax system. There is also a small local maintenance tax which has as object of tax undeveloped land only.

riverThere are various contract structures under which these units are sold which vary from time-sharing schemes, mere apartment leases to leases combined with shares in a holding company. Beware, these apartment projects do not offer individual freehold ownership of the units and the purchasers do not find protection in the law as with registered condominiums. The contract structures and intention of the developer should be triple checked (e.g. the content of the lease structure, management system of the building, and ongoing financial costs through maintenance and management contracts). 4. Thai law does not give the lessee’s heirs an automatic right to inherit the leased property, and for the same reason the lessee is not allowed to sublease the property or assign (‘sell’ the remaining term of the lease) without permission of the owner. A lease agreement is not terminated upon death of the owner (section 569) but death of the owner does terminate all options in the lease agreement which are personal to the owner (e.g. renewal option).

The right of habitation differs from a usufruct contract that the person granted a usufruct is allowed to transfer the exercise of his rights to a third person (not the actual usufruct), where the right of habitation grants only the use of a property for the residence of the grantee himself and family. A habitation contract refers to the right of dwelling in a house. The right of habitation is granted gratuitously, otherwise the matter would become ‘hire of property’. A right of habitation is complete upon registration. It is a non-possessory interest in land. Endorsement on the title deed at the land office where the property is located. Servitude usually involve two or more separate properties/ plots of land, one of which is burdened and the other benefited by the servitude. The burdened parcel is called the servient property. The benefited parcel the dominant property. Servitude can involve several kinds of benefits and burdens, but usually it involves the use of neighboring well, the use of an access road over adjoining land plots, laying irrigation ditches, laying pipelines or utilities over neighboring plots.

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