Thai Property Law
You will need to understand Thai Property Law. If you are buying property in Thailand then you should speak to a property lawyer in Thailand as you would be best served by having a due diligence report on the property done. The real estate market in Thailand is not well regulated and should there be problems you will have great difficulty recovering the money later. Many people lost their investment during the Asian financial crisis due to a lack to due diligence before they bought property.
Thai Property Law
Most expats and foreigners buy a condo unit as an investment as it is easier to manage. Phuket has seen a rise in property values in all their condo units over the past 10 years. You might be aware that foreigners may not own more than 49% of the units in an apartment block. Speak to a property lawyer about this as you might need to register a Thai company in order for the company to hold the property for you. Always ensure that you have done a due diligence on the property as you need to ensure that you don’t lose your investment. These are the basics of Thai property law.
Foreigners are not allowed to own land in Thailand. You can own a small patch of land however you would need to invest millions in Thailand as also receive permission from the Minister of the Interior in order to buy the land. Many expats place the property in the name of their child but this become s a major issue during a divorce when the mother gets to exercise all property rights over the child property. You can look at other options such as a usufruct or superficies in Thailand where you own the house but not the land. You need to take proper legal advice from a lawyer in Thailand before you sign any documents. always speak to an attorney in Thailand about Thai property law.
Property conveyancing costs can be calculated by your lawyer for you. Thailand has a different transfer setup compared to the West as they have tried to block property speculation. The property transfer costs is going to depend on a number of issues such as how long the current owner has owned the property. In order to stop “property flipping” in Thailand the government of Thailand has added an additional tax to avoid a property bubble. Note that this works that the shorter the current owner has held the property the more the taxes on transfer.
If you are buying a condo in Thailand then you need to ensure that you have done a due diligence report on the property as property scams do occur in Thailand. The due diligence report will ensure that the property and seller of the property have been checked and that there are no problems. The report has to check for any usufructs registered over the property and also check ownership as well as checking for any other restrictions on the property.
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.
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