Thailand is a wonderful destination for a holiday. Stunning natural scenery, pristine beaches, delicious food, and unique culture are some of the factors that draw people to the Kingdom. Often times, return visitors to Thailand decide to invest in property.
Investing in property in Thailand is lucrative, but it is also a lengthy process with many issues that need to be addressed. There are many factors to consider, so Harwell Legal International has come up with answers to important Thailand Real Estate Legal Questions.
Why are you investing in Thailand?
The biggest factor to take into consideration is why you want to invest in Thailand. There are various types of real estate in Thailand that are functional for a family home, a holiday home, or simply an extra stream of income. Consider a location that suits your lifestyle and ensure to do some research regarding local amenities as well as what is available in the neighborhood. Upon finding a property that meets your needs, the age of the property will need to be assessed.
Obviously, older properties may need more upkeep where newer properties tend to be more modern, and often offer an attractive return of investment options.
What ownership rights do you have as a foreigner in Thailand?
Foreigners in Thailand are not allowed to own land. There are ways to overcome this obstacle by setting up a Thai company. Harwell Legal International is able to guide you through the process of buying land in Thailand as well as assisting in setting up a Thai company. We’ll ensure that investing in Thailand is as hassle-free as possible.
How to buy a property in Thailand?
In order to legally buy property in Thailand, you will need identification verification, such as a passport, in order to put down a deposit on the property you’d like to invest in. This type of deposit is typically non-refundable. The seller will also need to provide deeds to the property which confirm the property is able to be sold. Another matter of importance is checking the Tabien Baan to ensure that the seller of the property has not registered their personal address there. Once these initial checks are made, a Sale & Purchase Agreement will be drawn up. The agreement includes the amount of the purchase price, the amount of the deposit, and the transfer of any taxes that might be due.
One more important thing to note when buying a property in Thailand is that payment for the property must be made from the buyer’s native country. The money has to be transferred from abroad.
Thailand What needs to be done at the Land Department?
A visit to the Land Department is the last step in securing your investment in Thailand. There are a variety of documents that must be presented to the Land Department including passport with recent visa stamp, a marriage certificate if applicable, a foreign currency exchange form as well as bank documentation. The list is extensive, but our team of lawyers at Harwell Legal is prepared to assist in the process in order to ensure that all necessary documentation is in order and signed.
Harwell Legal International is here to provide legal counsel in cases such as these, as well as assist in your investment in Thailand. Our team has a vast knowledge of Real Estate matters in Thailand. To learn more, feel free to send us an email firstname.lastname@example.org
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