Proper Ways To Own Property in Thailand

Proper Way To Own Property in Thailand

When planning to own property in Thailand, doing some research is a must before going through with your purchase. In many cases, foreigners may think that the process is straightforward but there are many factors to take into account before taking the plunge. Given this, you may consider hiring the right property lawyer to guide and help you with purchasing property.

Here are some items to consider when buying property:

• Think about the purpose of your purchase – is it for business, for farming, to use as your residence or for other purposes.

• Check into the location of your property and if it is conducive for its intended purpose.
• Does the price of the property fall within a comfortable range? You may also want to consult a property lawyer about pricing to determine if the price is fair based on the quality of the property.
• Retaining a property lawyer will help you with the legal aspects of purchasing property. Their services may include title search, due diligence, deed of sale, transferring ownership of the property, taxation and other legal necessary procedure on buying property.

Options To Own A Property in Thailand

Buying a Condominium

• In Thailand, one option for foreigners who wish to acquire property is to buy a condominium. Since foreigners are not eligible for land ownership in Thailand, buying a condominium is one of the best and most common ways to own property under their name.
• A benefit of purchasing a condominium is using the title deed as collateral in Thailand. It is also a much cheaper option compared to other property purchases.
• When it comes to reselling a condominium, it is easier than selling a house with land attached.
• The maintenance fee for the condominium compared to other countries is much lower.

Buying Land in Thailand

• Foreigners are not eligible to own land through freehold ownership, thus they are only able to own this through a lease. In leasing the land, they can register their ownership through the Land Department which guarantees that they can use the land as their own not exceeding 30 years.
• Before renewing your 30-year lease, it is recommended to consult a property lawyer to ensure the smooth processing of your renewal.

Buying Land by Thai spouse

• While a foreigner cannot own land, their Thai spouse can purchase land given that it is declared as separately owned by the Thai spouse (non-marital property). Further, they have to declare that the money used to buy a property was from the Thai spouse alone.
• In this case, the Thai spouse can manage the land purchased as they please without seeking approval from the foreign spouse.