Buying Property in Thailand

Buying Property in Thailand


In this video I’m going to be talking about buying property in Thailand and the risks The first obstacle to overcome is the fact that foreigners are not allowed to own land Then the next problem is how to find a reputable property agent as Anyone can be a property agent in Thailand as the industry is unregulated and no licenses are required Another issue is that all of the official paperwork is in Thai So common sense says you should engage a lawyer before buying property in Thailand Okay, armed with the knowledge that you’re not allowed to own land in Thailand What are the options as a foreigner if you wish to live or invest in Thailand? The simplest way for a foreigner to own property in Thailand is to buy a condominium or apartment The condominium act of Thailand 2008 allows non Thai nationals to purchase up to 49% of the condos in a development, and this kind of purchase is regarded as freehold Now although buying a condo in Thailand is straightforward people should be aware of the associated risks as different condominium developments may have different by laws and regulations Leasehold is a very popular way for foreigners to buy property in Thailand and the Thai authorities do encourage foreigners to go this route the most popular type of lease agreement involves registering the property for 30 years Which can then be? Reassigned or passed on but only if these clauses are written into the lease agreement before the registration at the land office Setting up a Thai company is another way for foreigners to own a home in Thailand, but it can be complicated and expensive You should seek legal advice from a local lawyer before you consider this option Now if your partner is tied then yes You can buy property in Thailand because the land can be registered in their name And you could even register a lease agreement with your partner at the land office So let’s have a quick recap of the risks if you’re thinking about buying property in Thailand One you can’t own land Two you can buy a condo or apartment which is regarded as freehold three you can own a property for a maximum period of 30 years in a lease agreement and Four you could buy property registered in a Thai limited company next we to talk about property agents property agents in Thailand are unregulated and unlicensed So you need to be careful as anyone can set up a property agent without prior experience Our advice is to use the internet and read the local Forums as the first step in order to find a property agent with a good reputation Do your homework before buying property in Thailand and when you find the right property you feel is right for you It’s wise to research the owner online read the local internet property forums and ask questions regarding the property Trust me don’t be shy after sales support and estate maintenance fees are another issue So again by talking to local residents and doing your research online. You could save yourself a lot of trouble and costs in the future Before signing contracts make sure that a comprehensive examination of the land title deed at the land office is carried out It’s important to verify that the seller has clear and legal ownership of the property and that there are no Encumbrance is registered against the property before entering into a contractual agreement Make sure that you have it in writing that any deposit paid prior to signing contracts are fully refundable All bills require a building license whether the property is privately owned all part of a development And you must ensure that there’s a building license available Remember there is little in the way of planning consent in Thailand Another reason why it’s so important to engage with a local lawyer to protect your interests servitude basically secures access to a public road Before buying any property you should ensure it has unrestricted access to a public road in Many developments the internal roads are owned by the developer who can block your excessive or dispute arises Utilities in Thailand many properties don’t have mains water supplied by the government via pipeline These properties typically receive their water delivered by tanker from private companies Now this water is often dirty and the availability can be unreliable Another issue worth consideration is who owns the electricity supply again many developers register the supply and then and charge residents a Substantial markup if a dispute arises some developers have been known to disconnect the electricity supply All property transactions are subject to government fees a rough guideline for this figure is approximately six point three percent of the total sale price of the property in addition to annual property taxes Use common sense when thinking about buying a property in Thailand Remember the old saying if it appears too good to be true. Then it probably is Don’t be impulsive. Take your time and look around before making a decision research is easy these days with the internet so use it to your advantage I Hope you found the content in this video worthwhile if you have any questions related to buying property in Thailand don’t hesitate to get in touch with us at legal services –

10 thoughts on “Buying Property in Thailand

  1. Girl you easy on the eye .
    But their just one thing And one
    Thing ONLY
    1 if the thai girl or GURL friend
    Moves into MY MY condo
    Can she or ( he ) take it of me
    Like woman in the western countries use the courts
    To do there dirty work

  2. You mentioned "annual property taxes"
    Every R.E. agent I asked have said that there is none – just a one time transfer tax payable to the government and nothing else thereafter. So when did this pop out?

  3. Having purchasing a condo myself. I am so glad I took that plunge. I know there maybe a lot of people that are scared. I lucked out and was able to get my condo for about 40% below market value as it was a cash offer. The in only maintained fees which are very small. I pay about $150 a month that includes my parking spot for my car. My electricity and maintenance fees. Check out dd property it’s a great place to start. Best of luck. But there is no yearly tax that has to be paid once you own it.

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