Buying and selling Thai property legal services

We offer full real estate conveyancing legal service packages for the acquisition of a condominium or real estate property (property in the form of land or buildings), as well a professional online drafting and review of contracts and property related documents in Thai and English by property lawyers. Buying real estate in Thailand involves many legal issues making the help of a Thai property lawyer proficient in Thai and English necessary.

Save on Lawyer fees
In Thailand foreigners may own condominium units and buildings (separate from the land) in their own name. Foreigners are not allowed to own freehold land in Thailand. To secure their rights in real estate (land or buildings) foreigners have long term leasehold interests in land or land and houses and they may have registered property rights like the right of usufruct, right of superficies, right of habitation, or they have an interest in the property through a Thai company that owns the land and in which they own shares.

but_1  Reservation agreement

Before signing a contract for sale and purchase agreement  (condominium, land or house) and paying a deposit the process of buying real estate in Thailand could involve a reservation agreement. This is usually a simple document in which the seller and the purchaser expresses their intention to the sale and purchase. The reservation agreement will reserve the property for the buyer for a short period of time, usually between 7 to 30 days. The reservation agreement contains the details of the property, the agreed price and conditions of the reservation. It normally requires the potential buyer to pay a reservation fee of up to 100,000 thb, which is non-refundable or refundable under certain conditions depending on the agreement with the seller. 

but_info  Often the seller and buyer will enter into a contract for sale and purchase of property without a reservation agreement (see under item 3).
Our service and prices for drafting of a customized reservation agreement in Thai and English including traditional lawyer assistance, or as a do it yourself contract:

Do It Yourself contract   -     our price 3,800 THB  (non complex)

Traditional Lawyer Service   -    Pricing starts from 5,300 THB
We accept
Contact: but_2

    Pre-contract due diligence

Now that you want to buy a real estate property (condominium, land or house) you should exercise proper care and planning prior to committing to buying a property in Thailand. The buyer should in this stage be aware of foreign ownership limitations and have obtained the service of an independent Thai property lawyer who should verify all legal facts affecting the value and use of the property and information given by the seller in detail (usually referred to as due diligence). Due diligence forms an important part of any freehold or leasehold property investment in Thailand. The due diligence process varies for different types of property, but includes an investigation at government departments, such as the land department, to confirm that the property has a proper title, is free of debts, liens and encumbrances, that the property really belongs to the seller and that the seller is free to dispose of the property, that the description of the property matches what the buyer has been told and the building is built according to the building permit and zoning regulations, etc.. We complete this process by a written advice outlining relevant legal information, potential risks and legal issues (if any) that are discovered and need attention by the buyer.
In case of  'off the plan' development property (a property that is not yet completed or based only on the plans of a building) the due diligence process could include a check on the developer's background and track record, and verification with government departments that various development licenses have been granted or applied for and the construction can begin without issue.
Resources:

Service and prices for this service by a qualified property lawyer, or as a DIY help service (we supply a property checklist and questionnaire for the seller and do online review of the documents, such as the land or condominium unit title deed): 

Do It Yourself due diligence   -    our price 4,800 THB

Traditional Lawyer Service   -    pricing from 15,000 THB

but_3  Contracts for sale and purchase

The sales contracts for land, house or condominium should be drafted or checked carefully as it outlines the sales process and responsibilities of the parties under various scenarios. The sale contract establishes the respective rights and responsibilities of the parties. Upon signing the contract for sale and purchase of a real estate property the buyer is committed. A non-refundable deposit of up to 20 % of the purchase price is usually required  upon signing the contract with a final payment on registration of transfer of ownership.
In an 'off the plan' purchase the purchase price is often paid in installments following the completion of the development, with a final installment on registration of transfer of ownership. Deposits and installments could be paid to the seller or developer's bankaccount, or could be held in a third party's escrow account, depending on the agreement with the seller. Deposit in escrow offer greater security for the buyer in the event of seller of developer's default.
Different sale structures of real estate (private or development):
  • Sale of a condominium unit (within the foreign ownership ration of a condominium registered under the Condominium Act )
  • Sale of a leasehold condominium unit (exceeding the 49% foreign ownership ratio)
  • Sale of a leasehold apartment unit (not registered under the Condominium Act )
  • Sale of land
  • Sale of land and house
  • Sale of leasehold land
  • Sale of leasehold land and house
  • Sale of leasehold land and sale of freehold house
  • Sale of leasehold land and a construction contract 

Thailand Title Deed real estate

info   As foreigners are not permitted to own land under the Thailand Land Code Act foreigners can't be named as the purchaser in a contract for sale and purchase of land. Foreigners can be named as the purchaser in a sale contract for a condominium or a building. Sale structures aimed at foreigners involving land generally offer alternative structures to obtain an interest in the land. Often this will be a land leasehold interest and a separate sale contract for the building. It may also include a registered right of superficies, which concerns the separation of the ownership of buildings and land. Also visit our real estate template contracts page.

Service and prices: for a traditional lawyers service (personal assistance of an English speaking Thai lawyer), or online drafting of the contract for sale in English and/ or Thai based on the property checklist supplied or information and documents given.

Do It Yourself contracts for sale   -    our price from 6,700 THB

Traditional Lawyer Service   -    pricing from 15,000 THB

but_4

 Transfer and registration of the property

The transfer of ownership of an immovable property in Thailand is not complete unless the transfer of ownership is registered at the local land office. Also a long term land or ground lease must be registered at the local land office. Lawyer representation is not required, but recommended. The lawyer will make sure that the transfer or registration is properly registered and the property transfer fees and taxes are correctly calculated and paid by the responsible parties. We often save money for our clients and prevent costly mistakes when we represent them.

Different transfer procedures for real estate:
Service and prices:

Do It Yourself transfer   -    (n/a, online legal advice 3,000 THB per hour)

Traditional Lawyer Service   -    Pricing starts from 15,000 THB
We accept
Contact:
The information about the process of buying real estate in Thailand is made available to give you general information and a general understanding of buying property in Thailand, and is not intended to be comprehensive nor to provide legal advice. We cannot accept responsibility for any inaccuracies, incompleteness of information, errors or omissions in respect of information on our website.
ok More frequent used services and contracts:


Share:Ask!BlinkBits!Blinklist!Blogmarks!BlogRolling!Cannotea!Del.icio.us!Digg!Diigo!DZone!Free and Open Source Software NewsFacebook!Fark!Faves!FeedMeLinks!Furl! GodSurfer!Google!linkaGoGo!Live!Ma.gnolia!Maple!Mister-Wong!Mixx!MyLinkVault!MySpace!Netscape!Netvouz!Newsvine!RawSugar!Reddit!ShoutWire!Simpy!Slashdot!Smarking!Spurl!Squidoo!StumbleUpon!Swik!Tailrank!Technorati!Wists!

Tags:
Joomla Templates and Joomla Extensions by ZooTemplate.Com