There are two types of property in Thailand: ⠀⠀
⠀
FREEHOLD is a full property for foreigners.

This form of ownership, applies only to:
– A condominium that is licensed and registered under the Condominium Act.
– Villa (house only, no land).
The property is owned by you on a fully owned basis
Chanote – the original title deed is kept with you.

PLUSES: ⠀
-You can dispose of such property: to make repairs (without essential changes), to sell, rent, give, transfer by inheritance. ⠀
-You participate in meetings and resolve all issues with all owners, with your management company. ⠀

MINUSES, minor:⠀
– Fee for registration in Freehold, in the amount of up to 10% of the cost of the object. ⠀
– The transfer of funds for such of property must be from your account (or that of a relative) only from another country. For example: from your bank account in your country, to the account of the developer in Thailand, indicating the object of transfer and for whom (in whose name the ownership will be registered). ⠀
– It is forbidden to keep pets (regulated by the Condominium Charter)
⠀
LEASEHOLD is the ownership of a property for rent for 30 years. ⠀
Villa, Land and Apartment (which are not regulated by the Condominium Law) ⠀
It is possible to extend the lease twice for a period of 30 years, provided that the agreements between the parties to the contract are respected (there are nuances). ⠀
Document of ownership, the original remains with the Lessor. A copy is kept by the Lessee. ⠀
The right to inherit this form of ownership is only possible if there is a corresponding condition in the contract registered with the Land Department. ⠀

PLUSES:

– Purchase of such property is possible for cash payment directly to the developer⠀
– Often, such facilities are located in close proximity to the sea and are good for subleases (subject to this right in the contract)
– You can keep pets (at the discretion of the management company) ⠀

MINUS:

-In case of change of the Lessor, the legal successor may refuse from its obligations to extend the contract for 30 years and/or from the right of the Lessee to transfer its rights by inheritance (Consultation with a Lawyer is mandatory)

– To make repairs (without essential changes) only upon agreement with the Lessor.

Such a brief, but basic information allows you to determine in advance the appropriate form of ownership for you.

 

26.11.2019