Frequently Asked Questions Thailand Property

Best Investment Phuket ThailandFrequently Asked Questions Thailand Property

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Frequently Asked Questions

These are the most common property and real estate questions that are asked in Thailand when it comes to buying or selling property in Thailand. If your question is not listed here then speak to us online for further advice and guidance

How much is electricity in Phuket?

The goverment Rate is 4,5 Baht per KW/h. The monthly cost for 3 Bedroom Pool Villa with aircondition and fully equipt kitchen is about 3000 - 7000 THB.

How much is goverment water?

For a 3 Bedroom Pool Villa with private pool the cost about 200 till 500 THB depense on

Can foreigner get loan in Thailand?

However foreigners generally cannot mortgage properties in Thailand. In fact, mortgage lending by local banks to foreigners was virtually unheard of in Thailand. Nonetheless, in recent years we have seen a slight shift in policies to allow foreigners limited access to financing.

Can a foreigner legally own a land in Thailand?

Normally, a foreigner cannot own land in Thailand; however, there are other alternatives exist for a foreigner to acquire land or property.

What are the Thai laws regarding a land lease?

A land lease for duration of 3 years and more must be registered with the Land Department, and some fees must be paid. The maximum duration is 30 years, which may be renewable for another 30 years. In case the parties agree for a lease of 60 years (30 years with an option to renew for another 30 years), a deposit payment against the rent payable during the 2 nd part of contract shall be made at the same time a payment of 1 st half's deposit. The land title deed should be in possession of tenant to ensure his rights under an agreement. This sort of leasing agreement may become problematic in case a land passed on to a tenant's heirs.

Can I buy a property in Thailand at my absence?

Yes. A person wishing to buy a land, including a foreigner, may purchase a land without being present at the time of registration of ownership at the Land Department. This shall be done by appointing, by a power of attorney, a lawyer to act on your behalf. Nevertheless, if you are married to a Thai, you, a foreign spouse of a Thai, is required to declare in a written agreement that a fund, of a purchase of land, is purely of your Thai spouse as her personal affair before marriage. This procedure may be done by signing such declaration abroad, and demand for a certification at the Consulate of Thailand in your country.

Can I legally rent out a property in Thailand?

Yes. A foreign-owned property may be rented out. Some banks may allow you to open an account to collect the rents. You, as a non-resident, must be aware that personal income tax shall be deducted from your income earning in Thailand.

What is mean freehold in Thailand

Thailand defines an apartment as a residential building that is owned by one person and it has only one title or deed. ... Foreigners interested in obtaining Thai real estate can complete their transaction through leasehold, freehold through a condo title and freehold through acquisition by Thailand Company Limited

What is a Chanote title in Thailand?

Chanote – Nor Sor 4 (Si) – Freehold Title Deed. A Chanote title allows ownership and possession rights over the land. This is the best type of title deed if you are planning to buy land in Thailand.

What is a land title deed?

In property law, a title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership.

Can a person's name be on a deed without being on the mortgage?

It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner

Is Thailand safe to live?

Outside of traffic accidents and taking risky behavior, Thailand is actually a very safe place to live. Theft, muggings, and personal attacks are all quite rare. ... Overall, I would describe life in Thailand as carefree.

Can one person take out a mortgage on a jointly owned property?

If you share property ownership with someone else -- spouse, business partner, relative -- it's unlikely he can take out a mortgage or a home equity loan without your consent. It's not, however, completely impossible. A lot depends on the terms of your ownership agreement, and the type of ownership that you share

What happens when one person on a deed dies?

In other words, after the owner dies, the only way to get the asset out of the deceased owner's name and into the name of the deceased owner's beneficiaries is to take the asset through probate. ... Nonprobate assets are simply that - assets that will not need to go through court-supervised probate after the owner dies

What happens if one person stops paying mortgage?

Paying the mortgage after separation. ... A joint mortgage means you're both liable for the mortgage until it has been completely paid off - regardless of whether you still live in the property. If you miss a payment or fall behind on payments, it will negatively affect both yours and your ex-partner's credit report.

Should both spouses be on the mortgage?

A lender will consider the combined credit scores of both spouses (or use the lower credit score) applying for a loan. ... In those instances, both spouses are owners, and both will sign the mortgage documents, but only the spouse signing the mortgage note is obligated for repayment of the debt

Can my name be on the title but not the mortgage?

By adding your name to the title, but not to the mortgage, he is giving you half ownership in the property without any responsibility for making the mortgage payments. ... Some day in the future when rates are low enough or when you have to refinance your loan, you can refinance the property into both of your names.

Can foreigner buy house in Thailand?

Foreigners are not allowed to own land in Thailand by law. If interested in buying, a foreign investor has two options: either a 30-year leasehold or purchasing the property through a limited company. Apartments can be purchased by foreigners as long as at least 51% of the building is owned by Thais.

Can a US citizen buy a house in Thailand?

U.S. Citizen Buying Property in Thailand. While U.S. citizens are prohibited from buying land in Thailand, you can buy condominiums, long term land leases of up to 30 years, and the structures built upon the land. ... Thai law only allows foreigners to own 49% of a condo development.

What happens if my name is on the deed but not on the mortgage?

If your name was on the deed before the your spouse signed the mortgage, then normally the bank can only foreclose on your spouse's share of the home. Generally, your name is on the deed to the home, then you you own an interest in it. ... Therefore, lender does not have a full interest interest in the property.

What happens to a joint account when someone dies?

The usual position is that on death of one of the account holders, the joint account will pass by the rule of survivorship to the surviving account holder, outside the terms of the deceased's Will. ... The starting point is a presumption that the monies contributed by the deceased joint owner will fall within his estate.

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