When you are buying into a new development in Thailand the developer needs to be properly registered with the Thai government. As explained on this website about property problems, many times the developers take shortcuts to avoid all the paperwork which needs to be completed from the government for the property development to commence. It was also explained why this was important.
With the growth in the property market the Thai government over the last 5 years have stepped on cracking down on what they view as abuse of the property laws and also tax laws. The following are good examples on what they are cracking down on at present. Note that you should always take proper legal advice from an attorney in Thailand so as not to run afoul of the law.
Property sales are not well regulated in Thailand and this is the primary reason why most buyers retain the services of an attorney in Phuket or Thailand to ensure that they understand the law and that they are not going to invest in property that is not what it seems. Property scams are not new and many do make the news in Thailand. Below are some of them from the local Bangkok Post over the past few years.
These would be the most common property problems in Thailand. These also occur on the island of Phuket and other tropical island in the Gulf of Thailand such as Samui and Koh Pha-Ngan. Always talk to a property lawyer in Phuket if you are looking to buy property as they will need to do a due diligence report on the property, developer as well as the land title deed.
Phuket with is palm trees, white sands and fantastic scenery with clear blue water makes for one of the best retirement locations in Thailand. Its tropical vegetation and all year sunshine makes it an excellent place to spend your retirement at. Unlike other property locations in Thailand Phuket offers many visitors, expats and investors with some of the best property developments available in Thailand. Buying a villa in Phuket or investing in a condo is usually one of the best investment you could make.
Considering buying property in Thailand also requires considering a due diligence in Thailand. Servitudes should be checked for when buying property in Thailand. This is registered against the title deed and normally brings down the value of the property, depending on the type of servitude. These servitudes usually affect 2-3 properties but in remote regions this could be even more.
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Superficies is one of the strategies used by expats in Thailand since owning land in Thailand is not possible with millions in investment and permission from the Minister of the Interior for owning 1 Rai of land. Superficies allows you to build on land which you do not own. Many times foreigners will place the land in the name of the wife or child and then build a house on it in their own name after registering a superficies over the property.