Many foreigners are interested in making a property purchase in Thailand. The leasing or purchasing of land, a house, a villa or a condominium unit are some options available.
As a foreign buyer, it is essential to be familiar with and comply with the Thai laws relating to property purchase. That is why we recommend consulting with a property specialist. At Juslaws & Consult we have property experts that can handle all types of property purchases, from condominiums to commercial buildings.
As mentioned previously, generally, foreigners may own condominiums outright, 100% freehold, but at the same time there are Condominium development quotas for foreign ownership that must be respected.
There are also origins of fund stipulations as well as certain fees associated with condo ownership. So, although, at face value, the purchase of a condo may appear less complicated than another property, it’s best that a property expert examine your proposed property, performing a due diligence and review the paperwork, in order to avoid any surprises. Juslaws & Consult has been providing such services to foreigners for many years.
Foreigners may also choose to lease out premises for the maximum period permissible by law of 30 years. Generally, there is an extension of the lease permissible for a period of up to 90 years, however, the land department is usually reluctant to register such a lease, and this is also upon the discretion of the land and house owner. Lease options give a legal right to reside and possess a house with an option to sub-lease should the land-owner permit. Leases are not transferable however they are inheritable if it is agreed upon by the parties and stipulated in the contract.
In order to secure your investment, our team of real estate experts in Thailand would be pleased to provide you the following legal assistance:
Whether purchasing a condominium, villa, land or a house, it is suggested that prior to making such a purchase please contact a lawyer or solicitor to assist with your acquisition of property. Contact Juslaws & Consult at our Bangkok or Phuket office to learn more.