Real estate laws which can equally be referred to as property laws in Thailand are the set of standards in Thai law that are put in place to govern the right of use, possession and various forms of ownership of immovable property which includes land and houses. Just like any other country, thailand also has the property ownership laws as displayed by the https://www.siamrealestate.com/
This laws prohibit foreigners from owning land freehold. However, unlike many of its neighbors, Thailand is far much ahead in that it has in place clear laws which allow foreigners to legally own land there. The source s of Thai property law for foreigner include; the Thailand land code act, the Thailand condominium act, civil code book IV ‘property, civil code book II ‘specific contracts.
Before owning land and house in Thailand, foreigners are allowed to own a unit in a condominium building under the condominium act. According to (section 86) foreigners may not own land in Thailand unless there is a treaty or exemption allowing the foreigner ownership of land in Thailand. When it comes to renting or leasing land in Thailand, both foreigners and Thailand nationals have equal rights.
In Thailand, there are a number of taxes and transfer fees involved with transfer of real estate and such include; transfer fee of 2%, specific business tax of 3.3%, stamp duty of 0.5%, and withholding also known as income tax. The above mentioned taxes and fees apply in the transfer of property.
Title deed is one of the most important part when buying land in Thailand. That is to achieve a legal land issuance. The land title deed is the only official document administrated by the land department which states a person’s legal rights to possess or own a piece of land.