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.
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.
The following title deeds are the more common title deeds which are offered to foreigners. You are best served by seeking legal advice from an attorney in Phuket for more information and assistance. See also the title deeds in Thailand which is mainly meant for Thai nationals. Most foreigners buy property which has a Chanote as a title deed which is similar to a title deed in the West.
There are a number of Thai title deeds in Thailand and they have limitation except for the Chanote title deed. Note however that there are limitations on certain Chanote’s being the ones which the government gave to landless Thai nationals. These Chanote title deeds are normally limited to 10 years being that the land cannot be sold for a period of 10 years since they received it from the company.
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If you are going to buy a condominium in Phuket then you should have a property lawyer in Phuket calculate the transfer duty and taxes for you. The transfer costs are also split between the buyer and the seller. Before you buy a condominium always do a due diligence on the property before you sign the sale agreement or provide a deposit on the sale.
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The usufruct is a right over a property to use and benefits from its ‘fruits’. Most foreigners in Thailand opt for a usufruct over a property as a safety net during a divorce. The usufruct can either be used to negotiate a better divorce settlement or provide you with a roof over your head until you die. Usufructs are usually registered for a period of 30 years or for the lifetime of the usufruct holder.