Feb 21, 2009

How can foreigner purchase land and property in Thailand?

Map of ThailandImage via Wikipedia

Have you ever wondered about living in a place that's always warm and the people friendly?

Welcome to Thailand, the land of peace and smiles. Land and Houses is proud to invite you to live in this wonderful country. Because we know there are many foreigners who are finding for a house in Thailand, so we are glad to provide this useful information for you to help you move and successfully live in Thailand.

How can foreigner purchase land and property in Thailand?

Following to Thai legal statements, only Thai person and Thai legal entity are allowed to own a freehold title of land. Therefore, foreigners are not able to have a freehold ownership of land in Thailand. However, there are two options for foreigners to purchase land in Thailand. First, foreigners are able to purchase properties with the name of Thais whom they trust. Every Thais who married to foreigners are legally still Thais and can own properties in Thailand with their names although their last names are changed. Second, this is usually recommended,foreigners can form a Thai registered company limited to own parcels of land and properties. There are many professional law offices in Thailand, which help foreigners meet their requirements easily with reasonable cost.(around 70,000 - 100,000 Baht per case)

How can foreigners receive mortgages or financing packages?

Foreigners are able to apply for any loan packages from banks in Thailand if they have any businesses in Thailand or they have a Thai partner who will sign any loan contracts with them. They can purchase their properties in the name of Thai registered companies or the name of Thais.

Foreigners can lease out their homes to other people.

In Thailand, There are no restrictions for the owners to use their properties as an entirely commercial venture, for example, to rent out their homes.

What are other relevant costs to purchase land and houses?

There are five more items, which have to be paid in addition to the prices of properties.

1.Government charge for the guarantee of water - meter. (428 Baht at present)

2.Government charge for the guarantee of electrical - meter.(2,000 Baht at present)

3.Government charge for Registration fee. (2% of government appraised value of this properties)

4.Extra charges for upgrading the standard matters of the buildings, for example, structures, materials, etc. On the other hand, standard matters will be refunded to clients if the upgrades of these matters are required. (Our clients will be informed usually about standard matters of their purchased houses before they signed the contract.)

5.Charges for public - service fees. (300 Baht per 4 square meters of purchased land for land and houses buyers and 200 Baht per 4 square meters of purchased land for only - land buyers) For example, if a client purchases a house on a parcel of land of 400 square meters, this fee will cost him 30,000 Baht. However, it will cost him 20,000 Baht only if he purchases only a parcel of land of 400 square meters. This fee covers the services of garbage clearness, lights of common area, 24 - hour securities, clearness of common area, clearness of sewage pipes. Each payment will be submitted as a community fund to the management team of the community, which will be chosen formally by the clients. This fund can be used approximately for 2.5 - 3 years. It means that our clients have not to pay any fees until this fund is entirely used. This fee, however, will cost our clients around 1,000 - 1,500 Baht per month per unit thereafter.

All of above is the information in brief that you should know when you desire to buy a house in Thailand. Anyway buying and selling property in Thailand can be a complex matter, and you should ask a lawyer to complete advice.

The article is from LH

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