Thailand Property: Condominiums And Other Types Of Real Estate ...

? Sunday, August 07th, 2011

This article was designed to provide some insight as well as an overview to those researching Thai legal matters pertaining to property and real estate. Those seeking legal advice regarding such matters should contact a Thai law office employing both Thai and English speaking legal professionals.

There are several different kinds of Thai property and many different individuals decide to purchase different real estate instruments which confer differing obligations and privileges. For example, the use of a Thai usufruct could permit the holder of such an instrument virtually unfettered enjoyment of specified types of real property in Thailand. Meanwhile, a lease agreement allows the person leasing property to enjoy the use of said real estate for a specified period of time. Those who wish to have a Thai lease drafted are prudent to contact a law firm in Thailand prior to making any binding decisions since Thai law specifies that lease agreements over a certain duration must be recorded at the Thai land department lest the language of the lease be later rendered unenforceable.

Many people interested in purchasing Thai real estate look at the possibility of utilizing a Thai corporate structure to own land. In the relatively recent past, this type of structure was somewhat more common, but at the present time use of a Thai limited company for such purposes has seemed to be in decline as officials in Thailand apparently enforce restrictions against this practice in a more stringent manner. Nevertheless, it may be possible for certain companies to purchase land in the Kingdom. For instance, in some cases companies with Board of Investment certification may be able to purchase land in Thailand notwithstanding the presence of foreign shareholders in the company.

Many foreign nationals in Thailand ponder the acquisition of land in the Kingdom. In virtually all instances it is not possible for a foreign national to acquire clear title to land in Thailand. In Thailand real property title deeds are referred to as Chanotes. Such instruments operate in much the same way as fee simple absolute property titles in a country such as the United States of America. That stated, obtaining a Chanote for land in Thailand by a foreigner is extremely difficult. However, it may be possible to obtain freehold title to a Thai Condominium.

Pursuant to the Thai Condominium Act, it may be feasible for a foreign national to acquire a Chanote freehold title deed for a Thai condo. That stated, in order to obtain such title the condominium community must comport with relevant provisions of Thai law. Therefore, those foreign nationals seeking to obtain such title are well advised to retain the services of a Thai law office which employs both Thai and foreign attorneys since explaining Thai legal principles in an international context can prove to be integral for full understanding of relevant Thai regulations.

Benjamin Hart is a licensed American attorney residing in Bangkok. Contact: 1-877-231-7533, +66 (0)2-266-3698, or info@integrity-legal.com. Please see: Thailand Property Law or Thai Condo.

Source: http://legal.myblogzone.info/2011/08/thailand-property-condominiums-and-other-types-of-real-estate/

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