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Have you ever wondered about living in a place that's always warm and friendly people ?
Welcome to
Thailand
, the land of smiles. There are many foreigners who are finding for a house in
Thailand
,
so this useful information can help you move and successfully live in
Thailand
.
How can foreigner purchase land and property in
Thailand
?
Following to Thai legal statements, only Thai person and Thai legal entity are allowed to own a freehold title of land.
Therefore, foreigners are not able to have a freehold ownership of land in
Thailand
. However, there are two options
for foreigners to purchase land in
Thailand
. First, foreigners are able to purchase properties with the name of Thais
whom they trust. Every Thais who married to foreigners are legally still Thais and can own properties in
Thailand
with their names although their last names are changed. Second, this is usually recommended, foreigners can form
a Thai registered company limited to own parcels of land and properties. There are many professional law offices
in
Thailand
, which help foreigners meet their requirements easily with reasonable cost.
How can foreigners receive mortgages or financing packages?
Foreigners are able to apply for any loan packages from banks in
Thailand
if they have
any businesses in
Thailand
or they have a Thai partner who will sign any loan contracts with them. They can purchase their properties in the name of Thai registered companies or the name
of Thais.
Foreigners can lease out their homes to other people.
In
Thailand
, There are no restrictions for the owners to use their properties as an entirely
commercial venture, for example, to rent out their homes.
What are other relevant costs to purchase land and houses?
There are five more items, which have to be paid in addition to the prices of properties.
1.Government charge for the guarantee of water - meter.
2.Government charge for the guarantee of electrical - meter.
3.Government charge for Registration fee.
4.Extra charges for upgrading the standard matters of the buildings, for example, structures,
materials, etc.
On the other hand, standard matters will be refunded to clients if the upgrades of these matters
are required.
(You need to ask about standard matters of your purchased houses before you signed the contract.)
5.Charges for public - service fees. (300 Baht per 4 square meters of purchased land for land and houses buyers
and 200 Baht per 4 square meters of purchased land for only - land buyers) For example, if a client purchases a
house on a parcel of land of 400 square meters, this fee will cost him 30,000 Baht. However, it will cost him 20,000 Baht
only if he purchases only a parcel of land of 400 square meters. This fee covers the services of garbage clearness,
lights of common area, 24 - hour securities, clearness of common area, clearness of sewage pipes. Each payment will be
submitted as a community fund to the management team of the
community, which will be chosen formally by the clients. This fund can be used approximately for 2.5 - 3 years. It means
that clients have not to pay any fees until this fund is entirely used. This fee, however, will cost the clients around
1,000 - 1,500 Baht per month per unit thereafter.
All of above is the information in brief that you should know when you desire to buy a house
in Thailand
.
Anyway buying and selling property in
Thailand
can be a complex matter, and you should
ask a lawyer to complete advice.
Source from L & H Thailand.
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