Chiang Mai Thailand

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Real Estate In Thailand - The expat perspective. What you can buy - and how.....

Thailand has recently witness a surge of interest in property buyers from around the world. One of the first questions on everyone's lip when they enter the Kingdom is "How can I owned the property I want to buy?"

There are a number of answers to this question, which revolve around the Thai law that foreigners may own up to 49 percent of condominium property. Hence if a property develops has build an apartment block of 100 units, he can sell 49 percent of the condominium space (units) to foreigners. In this case each expat who want to buy one of the 49 units will wholly own the flat in his or her own name.

Buying a house standing on a piece of (Thai) land is a different story. In the past, many people opted for the easy route of buying the house in the name of a Thai friend. Effectively, you are giving them the money to buy a house and hope they do not lock you our after the first argument. History tells us that this method does not always have a happy ending.

Land for building comes with a title deed, or "chanod" in Thailand. It is possible to have your Thai partner's name on this document as owner, with your name also register as mortgagor, as you lent the money in the form of the mortgage. This means that house cannot be sold without your consent.

You can also use a Thai Nominee to purchase a property and have a 30-years lease with 30-years renewal options form the nominee.

Another method is Usufruct Interest (sidhi-kep-kin) that gives you temporary ownership rights to thing on the Thai Land. In practice, a Usufruct is limited to a 30-years maximum period; like leases, the agreement can be successful renewed. In contrast to a lease, a Usufruct interest can be sold or transferred, although its expires upon the death of the holder of the Usufruct and therefore cannot be inherited.

Finally, there is the limited Liability Company, which is most popular as the Articles of the Association can be varied to allow greater protection for foreigner minority shareholders. The recommended foreigner ownership share in this case is 39 percent, but with changes to the Articles Of Association, the foreigner can be the only active director of the company.

All these choice can be discussed with an experienced Real Estate Agent and satisfactory outcome is normal these days.

by....Ajarn Kietisak Phantawong
Director,
International Legal Counselor Office (LLP)

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The Best Real Estate and Home in Thailand,
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Chiang Mai 50230 :: E-mail :: info@homeinpark.com
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