The Thai government has become very vocal about property developers who are under-declaring the property values during a sale in order to lower the property transfer taxes payable. In the Thap Sakae district the Revenue Department has been asked to step into investigate tax fraud with regard to the transfer of property in the region.
If you have ever thought of retirement in Thailand then you only need to look at where foreigners own property. Currently according to the Thai Land Department 30% of all land in Hua Hin and Pattaya belong to foreigners either in the name of a nominee or in the name of their Thai wife. The Auditor-General Sriracha Charoenpanit stated that at this rate property in the future will become very expensive for your average Thai citizen.
Over the years there have been a number of land scams in Thailand. The biggest and best known was the land scam in Samui where developers in Koh Samui has been selling /transferring more title deeds than there are on the island. The latest has the same problems except this time it is in Phuket. Take advice as ensure that before you buy any property in Thailand that you do a due diligence report on the title deed to ensure that the deed is correct.
In Thailand you may not own land as a foreigner however you can own the structure on the property. Owning a small piece of land in Thailand is difficult but not impossible however for the size you are allowed to buy and the amount of investment you need to place in Thailand the cost is not worth the effort. Most simple buy the house in their name while they lease the land.
If you are considering buying property in Hua Hin Thailand then there is a brief checklist for buying a condo or a villa in Thailand. Speak to a lawyer in Hua Hin for more detailed information. Before you sign any property or real estate agreement in Thailand always have an attorney view the documents before signature. There are a number of reasons for this. Read More
If you are looking at buying property in Hua Hin then speak to us online or call us on our UK and US toll-free numbers. You could also simply walk into our Hua Hin office for assistance with regards to property in Hua Hin. With offices in all the major tourist cities in Thailand we at Siam Legal are able to offer you the best and most cost effective legal advice.
Buying a Wah of land or looking at a Condo unit 14 square Wah might not mean much to you however this is what will be in the contract when it is signed. Land measurements in Thailand are a bit strange. These are the basic land measurements in Thailand as listed. We have included a Rai conversion calculator to help you figure out what it is that you are buying and how large or small it really is.
Property taxes in Thailand is usually split between the buyer and the seller. Speak to our attorneys about the cost calculations and who normally pays for each tax. These are the tax basics on property. When you buy property or any real estate in Hua Hin or Thailand you need to know beforehand who will be paying for what. The transfer fee is usually 2% of the registered value of the property.
If you are thinking of buying property in Thailand then you would have to sign an agreement. Speak to one of our attorneys in Hua Hin first before signing the agreement. These are the basics. Before you sign an agreement in Thailand it is always best to have a property attorney view the documents first. There needs to be certain clauses in the contract and these are the basic clauses to look for: