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Buying Real Estate | Real Estate in Thailand | Thailand Real Estate

Real estate reservation agreement

A reservation agreement allows the prospective buyer to designated a particular condo or real estate unit and establish a price by giving a deposit (this is in Thailand usually somewhere around 50.000 Thai baht). A reservation agreement should be non-binding for a period of time and within this time the buyer should be free to cancel the agreement for any reason and upon such action the buyer should be entitled to a full refund of the reservation deposit. In Thailand is more common that reservation deposits are non-refundable or refundable under certain specific conditions. It is also standard practice that the reservation deposit is held by the seller and not in an escrow account held by a third party.

Buying a condominium with a Thai spouse

Foreign or Thai owned

When a condominium unit in Thailand is acquired by a Thai national married to a foreigner the unit will automatically be considered foreign owned under the condominium act, unless the aquisition of the condominium unit is in accordance with the procedure for the acquistion of land by a Thai national married to a foreigner (read procedure). Only in this case the unit will be considered Thai owned and will fall within the Thai ownership side of the condominium. This also means that under Thai matrimonial property laws the unit will be considered a personal (non-marital) asset of the Thai spouse and not a jointly owned marital asset of husband and wife.

Anti-Corruption Commission called in on Phuket land grab

FORMER OFFICIALS ACCUSED IN SCAM

The National Anti-Corruption Commission has been asked to investigate the alleged involvement of a former Phuket deputy governor and a former interior permanent secretary over unlawful land acquisition on the island.

Ombudsmen urge draconian new law

Source Bangkokpost 28 June 2012

Thai ombudsmen is drafting a carrot-and-stick law to protect Thai lands from illegal foreign nominee ownership, while developers and consultants suggest more legal transparency, a longer leasehold period and higher foreigner property taxes to prevent nominees.

Long-stalled land tax bill back in discussion

Undeveloped plots to attract a penalty rate

Source BangkokPost, published: 1/06/2012

The Finance Ministry is vowing to push forward the land tax bill, stalled for a decade, and may increase the tax ceiling, says the Fiscal Policy Office (FPO).

Director-general Somchai Sujjapongse said the FPO is now amending details of the draft. Once the amendment version is completed, it will arrange a public hearing. The major amendment is the tax ceiling rate.

Nakhon Ratchasima illegal resort developments

In a series of raids since Tuesday, forestry officials have seized 25 resorts in Nakhon Ratchasima's Thap Lan national park, including a newly renovated one on a 7.5 rai plot yesterday.

Condominium in Thailand, foreign ownership

Usufruct and responsiblities for expenses of the condo and voting rights in the meetings

Whether a condo apartment in Thailand is foreign owned within the foreign ownership quota of the condominium or Thai owned, a foreigner may be given the right of usufruct over an apartment unit registered under the Thailand Condominium Act. Usufruct under Thai property law means that during the term of the usufruct the person granted the right of usufruct is entitled to the use, management and enjoyment of the condominium apartment and the owner gives up these rights for the term of the usufruct.

Under-declaring and avoiding property taxes in Thailand

Tax fraud concerning real estate transactions with foreigners

Intentionally underdeclaring land and house or property taxes or avoiding tax liabilities is an illegal practice under Thai laws (tax law). When caught evading taxes criminal charges and (substantial) penalties could be applied.

Nominee holdings in the gun

Revelations by the Ombudsman that one third of land in Thailand is owned by foreigners, some of it illegally, has raised concerns about whether authorities are doing enough to police land ownership laws.

The figure is based on research by Assoc Prof Piyanut Potawanit, a law lecturer at the National Institute of Development Administration. She explains ways around the problem in an interview with Bangkok Post reporter Mongkol Bangprapa. Here are the excerpts:

Phuket interior staff implicated in land scams

Investors invade 100 plots in two provinces

Several former high-ranking officials at the Interior Ministry were involved in land scams in Phuket and Phangnga provinces, the Office of the Public Sector Anti-Corruption Commission has found.PACC chief Pol Col Dusadee Arayuwuthi said the officials were involved in the misappropriation of more than 100 public land plots in the two provinces.

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