How to Own a Property in Thailand
If you want to purchase a property in Thailand, you should know that it's possible for foreigners to do so. However, you must first secure a Thai Permanent Residence Certificate before you purchase the property. You also need to be able to finance the purchase with foreign currency. This is because you'll need to present proof of how you're going to exchange your currency while in Thailand. If you're interested in buying a condominium, you can either purchase a unit fee-simple in your name or in the name of your company. Alternatively, you can own a land parcel in Thailand. You can own a piece of land in Thailand by forming a corporation that has been granted landholding privileges by the Thai Board of Investment.
Steps in Purchasing the Property in Thailand
Purchasing a property in Thailand can be a complicated process but there are some simple steps you can take to make the process smoother. First, consult a lawyer or real estate agent. They will help you understand the Thai property laws and local market. They will also help you protect your investment. You can choose to buy a ready-made property or build your own. While the process can take between 30 and 60 days, it is usually easier to sell an existing property in Thailand.
To purchase property in Thailand, foreigners must first understand the Thai property ownership laws. They must ensure that the title they purchase matches their nationality. In some cases, foreigners cannot own land outright in Thailand, but they can buy it as a leasehold. A leasehold in Thailand is typically for 30 years but can be extended. The leasehold also gives you full protection, so you will not have to worry about land issues or location restrictions.
Conduct Due Diligence
One of the most important steps in buying a property in Thailand is to conduct due diligence. This means ensuring that the property is legitimate and not owned by an unethical individual. This includes looking at the property's location and zoning regulations. This is especially important when buying a condominium property.
Another important part of due diligence is checking whether the property is legally assessed. This can help you avoid falling victim to a scammer who tries to fool you into buying a property for a higher price than it is really worth. If you're not sure, a property lawyer can help you determine this.
If you're considering purchasing a piece of land or condominium in Thailand, you should check to make sure that the title deed is valid. It is also important to check if the property owner has any unregistered leases, usufructs, superficies, or servitudes. You also need to look up the zoning and building regulations to ensure that the property you buy is legally owned by a real person.
Hire a Thai Lawyer to Review the Contract
There are many benefits to hiring a Thai lawyer to review the contract to own a property in Thailand. First, a lawyer will help you avoid common pitfalls that can lead to problems later on. Second, a lawyer will ensure that you're getting the best deal possible. Thailand property law is complicated and if you don't understand it, you could end up paying hefty fines. Finally, a lawyer will be able to explain to you the zoning restrictions that might affect the property you're purchasing.
In addition, a Thai lawyer will make sure that your contract is legally binding. The Civil and Commercial Code of Thailand has strict deadlines for breaching a contract. These deadlines can be extremely confusing for a foreigner, so it's a good idea to hire a lawyer before signing a contract.