If you are considering buying property in Thailand, you will need to understand how the property conveyance process works. Thailand’s laws do not allow the transfer of ownership to be carried out just by handing over a title deed. Rather, the transfer of ownership needs to be registered by both parties.
If you’re selling a property in Thailand, you’ll need to pay stamp duty and land transfer tax. Both taxes are collected by the land department. They are a small percentage of the total sale price, and are paid by the seller. In fact, if the property is not used for business purposes, the seller is responsible for paying the entire amount.
A good property conveyance firm will be able to help you with any questions you have about Thai real estate law. They will take you to the relevant land department and represent you in the conveyance and registration processes. In addition to property conveyance, they can help you with a wide range of legal services, including usufructs and servitudes. They can also help you understand Thai law and make sure your transaction is completed smoothly.
Thai property laws are similar to those in the United States and other Western countries. The Thai Civil Code, for example, closely mirrors the civil law systems of the Western world. In fact, it incorporates many common law principles that we take for granted. However, foreigners cannot own land in Thailand. However, you can legally own a condominium in Thailand, if you can obtain a freehold title to the property. If you are considering purchasing a condominium in Thailand, be sure to ask about the terms of the lease.
If you are unable to go to Thailand, you can still transfer ownership remotely by using a Power of Attorney (POA). This will allow a representative to transfer the title deed on your behalf.
The Power of Attorney form must be obtained from the Land Department. It must be notarized in the country where you currently reside, and it cannot be more than 30 days old as of the date of signature. The POA for remote ownership transfer in Thailand may need to be notarized at your nearby Thai Embassy or Consulate, depending on your country of residence.