FAQ's - ThaiProperty.com & East Coast Real Estate
Detailed below are the most commonly asked questions we have received to date. If you cannot find an answer to your particular question, please feel free to Contact Us
Can I Own a Condominium in Thailand? Buying a condominium, is perhaps the simplest and easiest option available to foreigners. The only restrictions on purchasing a condominium, are that the percentage of units sold to foreigners cannot exceed forty nine percent (49%) of the total sellable floor area in the condominium block; and that the funds used to buy the condominium have been remitted from abroad and correctly recorded as such by a Thai Bank on Foreign Currency Remittance Form. Purchases of condominiums by foreign individuals come under the jurisdiction of the Condominium Act B.E. 2535 (1992). The owner of each condominium is issued with a certificate of unit ownership. The certificate also has a statement saying exactly what percentage of rights over the common areas of the building each owner has. What is the Foreign Currency A Foreign Currency Remittance Form is an official bank document issued by the receiving bank upon the receipt of foreign currency into your bank account in Thailand. You must request a Foreign Currency Remittance Form from your bank when you are remitting funds to Thailand for the purpose of purchasing a condominium, and the document must specify that the remittance is solely for the purpose of purchasing a property/condominium. This is a very important document and you should retain copies so they can be used if you ever sell your property and wish to transfer the monies out of Thailand again. The owner of each condominium is issued with a certificate of unit ownership. The certificate also has a statement saying exactly what percentage of rights over the common areas of the building each owner has. Do they have Title Deeds in Thailand? A Title Deed is the purest form of evidence that an individual owns a piece of land. Title Deeds are given only for areas of Thailand, which are surveyed. For areas that are not surveyed, there are other documents for land possession such as evidence of the possession of the right to utilise the land or other interests in the land. These documents are called "Nor Sor Sam (3) and Nor Sor Sam (3) Kor". Unlike the Title Deeds, these Nor Sor documents are issued to show the possessors' exploitation of the land. Though these documents do not provide ownership rights, as do Title deeds, they can still be registered for transfer of the lands for which they are issued. East Coast Real Estate are ready to help guide you through your next property purchase of sale in ThailandContact us today! Can I get a Mortgage Loan? Foreigners generally cannot mortgage properties in Thailand, however, most of the financial institutions in Thailand provide loans for real estate purchasing to Thais and Thai companies. It is common for a real estate developer to arrange for his customers to have a financing package from a financial institution. In most real estate development projects, a down payment can be made in installments from 10 to 24 months. After the down payment has been paid, the sale contract will be made and the balance amount is paid through the loan, which is financed from a financial institution. The financial institution requires you to mortgage the property with it as collateral against the loan. What Should I Look For in a Property? Whether you are considering renting, leasing or purchasing property there are several infrastructure and other considerations that must be taken into account:
For More Details on What to Look
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Can I Own a House in Thailand? Ownership of land is governed by the Land Code BE 2497 (1954), the Civil and Commercial Code, Land Reform for Agriculture Act BE 2518 (1975) and the regulations set forth by the Ministry of the Interior.
Although Thai law prohibits foreigners from owning land in Thailand, there are various ways in which you can structure your affairs so that you can own land, and still comply with existing Thai laws:
Land Appraisals and Valuations Finding the exact appraisal price for land is difficult, since there are generally three different appraisal rates; the government rate, the appraisal company's rate and the rate that is considered to be fair market value of the land. Over the last few years all of these rates have begun to come closer together. With the East Coast team's wealth of experience in Thailand, they are well placed to assist you in valuing various properties proposals. My Wife is a Thai National, Prior to 1998, any Thai woman who married a foreigner would lose her right to purchase land in Thailand. She could, however, still retain land that she owned prior to marrying the foreigner. However, the recent (1999) Ministerial regulation now allows Thai national's married to foreigners the right to purchase land, but the Thai spouse must prove that the money used in the purchase of freehold land is legally solely theirs with no foreign claim to it. This is usually achieved by the foreign spouse signing a declaration stating that the funds used for the purchase of property belonged to the Thai spouse prior to the marriage and are beyond his claim. |