Tag : Bangkok Condo, Bangkok Condo, Bangkok Property, Bangkok Apartments, Houses for Rent & Sale in Bangkok / Thailand
   
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Tag : Bangkok Condo, Bangkok Condo, Bangkok Property, Bangkok Apartments, Houses for Rent & Sale in Bangkok / Thailand

 

  
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Thailand Property FAQ's

We have recreated certain commonly asked questions relating to property in Thailand. Please do not hesitate to contact us for further information, go to the contact us link at this site.

Q: As a foreigner can I buy property in Thailand?
A: A condo or apartment can be bought in your own name provided the foreigner allocation rules for the building allow it. If the 49% allocation is available it is the equivalent of freehold property elsewhere in the world. This is the ideal situation for most overseas buyers. Generally speaking Land cannot be acquired by foreigners but in the past various legal channels have been utilized to create 'virtual' ownership such as the formation of Limited Companies but the rules have been tightened considerably recently. Leasehold purchase has therefore become an alternative avenue however Thai law doesnt not guarantee more than 30 years. We can put you in touch with lawyers who will advise you.
Q: Can I get a bank loan to purchase property in Thailand?
A: Yes but is a minefield. We have contacts in this area and we may be able to help, please contact Warren Hardoon at warren@parkerbridgeproperty.com for further information or go to our contact page. Just recently (in 2007) it has once again become possible to get bank loans for condo ownership (where the condo is owned as a foreign allocation) but is very difficult otherwise. We can introduce you to an associate company so that bank finance can be arranged outside Thailand (but at present clients need to own overseas property already) and funds can then come into Thailand to purchase property here.
Q: What government taxes are levied when purchasing property in Thailand?
A: The taxes periodically change and we would suggest you email us for up to date information. At the time of writing there is tax of approximately 3.3% when the title is transferred in the case of a foreign-owned condo. This is based on a much lower Land Office estimate of the price of the condo rather than the actual sales price. There is also a further tax of 3% payable if the property has been sold in the previous five years.
Q: What taxes are payable on investment properties or capital gains?
A: There is no capital gains tax as such on the sale of a condominium or apartment. The taxes are paid at the time of the transfer as per the above question. With regard to property owned by Limited Companies often the Thai company is sold with the property (in which case there is no land office tax paid as there is no transfer) but if not there would be corporation tax due on the gain, if any. Once gain though owning land or property through a Limited Company in Thailand is something you should be clear about as far as the legal structure and objects of the company are concerned and we recommend legal advice is taken before going this route.
Q: What would a lawyer charge for the transfer and attendance at the land office?
A: The costs vary wildly here - we do we have several lawyers that we have used before and we can pass on your request and obtain a quote for you depending on the your circumstances.
Q: Are there any council taxes, rates bills or other utility bills?
A: There are no rates or council taxes just water and electric which is usually settled at the land office as part of the administrative process.
Q: What would a typical water bill be for an average size villa or condo?
A: The average water bill for a villa or condo ranges between 250 & 450 THB a month.
Q: What would a typical electricity bill be for a villa or condo?
A: The average electricity bill ranges between 1000 & 6000 Baht per month the latter being relevant to large and heavy users of air conditioning.
Q: Why should I use a real estate agent in Thailand?
Unlike western countries, real estate agents in Thailand are responsible not just for the introduction of the parties but for all the administration of the sale and purchase including organizing the inventory, electric and water transfer papers, ID and passport details, and attending the land office (which can be an all-day attendance). If the client is not using the services of a lawyer the agent will co-ordinate all the paperwork and get it ready for the land office staff but we dont recommend not using a lawyer unless you are very familiar indeed with Thailand.
Q: Should I bring an independent person with me for the land office transfer?
This is helpful for piece of mind especially as you will be asked to sign many papers in the Thai language.
Q: How should I remit funds into Thailand for the purpose of property purchases?
A: Foreigners must prove that funds came INTO Thailand and must obtain a form confirming the transaction came from overseas (called a tor tor 3). The transfer must specify that the reason for the funds transfer is to purchase xxx condo (the unit number) and the details (include the project name) of the condo project and the senders (your) name.
Q: Is it expensive to import furniture, cars etc?
A: Yes. We recommend you import only personal items and purchase furniture locally if possible. There are many excellent places to purchase furniture made in Thailand such as Ban Tawai in Chiang Mai.
Q: How is land measured in Thailand?
A: 4 square metres (2m x 2m) is 1 square Wah (or Talang Wah) 100 Talang Wah is 1 Ngan (400 square metres) 1 Rai is 4 Ngan (or 400 Talang Wah or 1,600 square metres As a guide 1 Acre is about 2.5 Rai or in hectares, 1 Ngan equals 1 hectare!
Q: What are ownership types of land titles in Thailand?
A: The system is that, for much of the land and property here, a Land Title Deed is the legal certificate of land ownership. This certificate can be used as evidence that one owns the land and property or has the right to use or has used the land. Global positioning satellites are used to set the boundaries of the land. However much land in Thailand is not titled, or even surveyed accurately . Land disputes are not uncommon even where previous land ownership titles have been granted. We recommend that you use professional land title companies if you are buying bare land anywhere in Thailand.

Forms of Land Title
Ownership of land, possession and use are governed by the land Code BE 2497 (1954), the Land Reform for Agricultural Act BE 2518 (1975), the Civic and Commercial Code and by regulations issued by the Ministry of the Interior.

Land may be acquired by sales, hire-purchase, gift, inheritance or adverse possession. A sale of land must be made by a written document and must be registered by the Land Department Office to be effective.

There are broadly 4 types of Land Title in Thailand, they being Title Deeds (Chanote), Confirmed Certificate of Use (Nor Sor Saam Kor), Certificate of Use (Ngor Sor Saam) and Certificate of Possession (Sor Kor Nung) are common evidence of land ownership, possessory rights and other interests in land. An explaination of each follows.

Chanote (Title Deeds)
 Freehold title with the owner able to leave the land unattended. Title deeds are registered at the Land Department in the province in which the land is located, and there is no wating time required to transfer title. Chanote titles are accurately surveyed, plotted in relation to a national survey grid and also marked by unique numbered marker posts set in the ground. It is the long term goal of the Land Department, that all land in Thailand will be covered under the Chanote title system..
 
Nor Sor Saam Kor (Confirmed Certificate of Use)
 This certifies that the person named on the certificate has the confirmed right to use the land, implying all requirements for the issuance of title deed have been met, and issuance of the title deed is pending. They may be sold, leased, used as mortgage collateral etc. The holder of this certificate cannot leave the land unattended for more than 12 years.
 
The Chanoted and the Nor. Sor. Sam. Kor. Are the only titles over which registerable right of ownership or lease can exist, and are as such the only ones that a prudent foreigner should consider.
 
Nor Sor Sam (Certificate of Use)
Similar to the above Confirmed Certificate of Use except that not all of the formalities to certify the right to use have been performed. Before a transfer can be made, a notice of intent must be posted and then 30 days public notice is necessary before any change of status over the land can be registered.
 
Sor Kor Nung (Certificate of Possession)
This recognises that a person is in possession of land but the Certificate does not imply that there are any rights associated which the possession. It is not transferable, but a person in possession may transfer physical possession and the new possessor may apply for a new Certificate of Possession.
 
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