As the real estate industry in Thailand is still unregulated by the government, it is very important that you (foreigner or Thai) hire a lawyer to help when you purchase property. A lawyer will be able to provide legal security and assurance while a real estate agent can’t.
Additionally, part of the transaction will be done at the Land Office and some of the agreements will be in Thai so having a lawyer well versed in English will help you through the process.
Once the property is located, ensure that a complete title search and land survey is carried out by the law firm. As a foreigner can own property in Thailand but not land, it is very important for a land survey to be done.
If you are a foreigner and are buying property on your own or with a Thai national, the documents you will need are your passport and the Exchange Control form.
The seller will prepare the other documents such as the purchasing contract.
However, if you are buying property through a company, then you will need the following documents;
• Certified copy of the certificate of incorporation
• Certified copy of the memorandum of association
• Notaries certificate
• List of shareholders in English and Thai
• Minutes of directors’ meetings with permission granted toward purchasing the property
• Letter of advice
• Power of attorney if you will not be present at the transactions
• Letter indicating you are free of debt
• Foreign co-owner letter
• Certified copy of identifications of authorized director(s)
• Certified copy of the house registration of the authorized director(s)
• Title deed of the condominium unit
Ensure that the lawyer does a thorough check on the property such as its title deed and condition before proceeding with the transaction.
A 10% deposit is expected at the point of sale and is non-refundable unless the seller backs out of the deal.
30 to 60 days is the usually amount of time it takes for the closing process to conclude. After this is done, the title deeds will be submitted to the Land Department for registration. Payment of government duties will also be made at this point before you can officially take ownership of the property.
