How to Purchase a Property in Thailand
Investing money in Thai property is advantageous in many ways as Thailand is a fast growing hotspot for foreigners with sociable people, excellent food, sandy beaches, eventful nightlife and low cost of living.
Investors who are investing in Thai property market are getting annual appreciation of around 10-15%, and gross rental yields of approximately 4-8%.
In Thailand, foreigners are allowed to purchase only condominiums and apartments. Even after purchasing an apartment they are liable to get only 40% ownership.
Foreigners can purchase a property in Thailand by having a renewable lease of 30 years on a property and registering the lease at the land office can renew the lease indefinitely.
But the most common procedure of purchasing Thai property is by setting up a company of mixed ownership by Thai and foreigner. The ownership of the limited company should be just 49% in the foreigner’s hand. Foreigners can even purchase and own a land in Thailand.
In Thailand, several types of title deeds were available like:
1. Chanotti ti din- These title deeds provide incontestable possession of the land.
2. Nor sor sam – This is the mostly used title deeds.
3. Nor sor sam kor-These title deeds have the clear record of ownership.
4. Sor Bor Nung, Tor Bor Tor Hoc and Tor Bor Tor Ha- These title deeds are successfully squatter’s rights and can’t officially be sold and “sor bor kor” deeds are true deeds correctly measured, however they can’t be leased, sold or transferred.
Always make certain that you use a lawyer to complete due conscientiousness checks and have a building survey performed prior to entering into any contract to purchase property. You’ll have to pay a deposit; mostly approximately 10% when signing the contract to purchase, and you will be deprived of this if you pull out of purchasing. Closing on your Thai property takes nearly 30-60 days when contracts are replaced and the balance of payment is done.
Investors who are investing in Thai property market are getting annual appreciation of around 10-15%, and gross rental yields of approximately 4-8%.
In Thailand, foreigners are allowed to purchase only condominiums and apartments. Even after purchasing an apartment they are liable to get only 40% ownership.
Foreigners can purchase a property in Thailand by having a renewable lease of 30 years on a property and registering the lease at the land office can renew the lease indefinitely.
But the most common procedure of purchasing Thai property is by setting up a company of mixed ownership by Thai and foreigner. The ownership of the limited company should be just 49% in the foreigner’s hand. Foreigners can even purchase and own a land in Thailand.
In Thailand, several types of title deeds were available like:
1. Chanotti ti din- These title deeds provide incontestable possession of the land.
2. Nor sor sam – This is the mostly used title deeds.
3. Nor sor sam kor-These title deeds have the clear record of ownership.
4. Sor Bor Nung, Tor Bor Tor Hoc and Tor Bor Tor Ha- These title deeds are successfully squatter’s rights and can’t officially be sold and “sor bor kor” deeds are true deeds correctly measured, however they can’t be leased, sold or transferred.
Always make certain that you use a lawyer to complete due conscientiousness checks and have a building survey performed prior to entering into any contract to purchase property. You’ll have to pay a deposit; mostly approximately 10% when signing the contract to purchase, and you will be deprived of this if you pull out of purchasing. Closing on your Thai property takes nearly 30-60 days when contracts are replaced and the balance of payment is done.
Labels: renewable lease, Thai property, Title deed
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