The transfer of a property title in Thailand can be a difficult process, so it’s crucial to take all the right precautions to make sure the transfer is legitimate. The general procedures for changing a property’s title in Thailand are as follows:
1. At the Land Office where the property is registered, request a copy of the property title deed (chanote).
2. With the seller, create a sale and purchase agreement that details the terms of the sale, including the purchase price, the payment plan, and the transfer requirements.
3. In front of witnesses, the sale and purchase agreement is signed by both parties.
4. A down payment from the buyer to the seller, usually 10% of the total cost, is made.
5. To ensure that the property is free of liens, encumbrances, and other claims, the Land Office does a title search.
6. The buyer gives the seller the remaining balance of the purchase price.
7. To transfer ownership of the property, both parties must visit the Land Office.
8. The Land Office provides a new title deed and transfers ownership of the property to the purchaser.
9. Taxes and transfer costs are often split between the buyer and seller, but the buyer is responsible for paying them.
There are some limitations on foreign ownership of land in Thailand; thus, it may be required to form a company or use a leasehold arrangement to be able to legally possess property. It is advised that you speak with a real estate agent or trained attorney who is acquainted with the neighborhood’s rules and ordinances.