In Thailand, transferring a property’s title requires a number of stages and formalities. Here is a general description of what happens:
Sale Agreement: The Sale and Purchase Agreement (SPA), which the buyer and seller negotiate and sign, specifies the terms and conditions of the property transfer. It is recommended to get a lawyer to evaluate the contract and make sure your interests are safeguarded.
Conduct a rigorous due diligence procedure to confirm the ownership of the property, the title deed, any encumbrances, and any legal difficulties. This could entail conducting a property survey, examining the land office records, and looking over pertinent paperwork.
complete payment: In accordance with the SPA’s stipulated provisions, the buyer is expected to make the complete payment. This covers the purchase price as well as any related expenses, like transfer fees and taxes.
Transfer of Ownership at the Land Office: To complete the transfer of ownership, the buyer and seller travel to the local land office with their representatives and witnesses. Both parties should carry any required supporting documentation in addition to their forms of identification.
Taxes and transfer costs: The buyer is responsible for covering all taxes and transfer costs related to the purchase of the property. These costs are normally split between the buyer and seller and are computed based on the property’s appraised value.
Title Deed Transfer: At the Land Office, the seller will give the buyer the title deed (Chanote) or any other pertinent land title documents. Accordingly, the Land Office will update the ownership records.
Change of Utilities and Services: The buyer must make arrangements for the transfer of utility accounts, such as water and electricity, into their name after the title has been transferred. This guarantees the continuous delivery of services.
In order to ensure a seamless and legally acceptable transfer process, it is crucial to retain the services of a respected lawyer and speak with experts knowledgeable about property transactions in Thailand. Depending on where the property is and what kind of property it is, different procedures and requirements could apply.