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Issues Associated With The Purchase Of Thai Property

By Ben Hart

Republish: EasyPublish™ Published: 26May2011 Word count: 417 Viewed: 268 time(s) Get Free Content For Your Site

This article is written for readers interested in finding information regarding property acquisition in the Kingdom of Thailand.

Thailand is increasingly becoming a destination of choice amongst international retirees as well as business travelers doing business in the jurisdictions comprising the Association of Southeast Asian Nations (ASEAN). As a result, there would appear to be continuing demand for condominiums in Thailand. Bearing this in mind the reader should be aware of the fact that the differences between the pricing and accommodations provided by condos of differing caliber varies across a wide spectrum of the Thai property market. Therefore buyers should be prudent about making condominium purchases and only make irrevocable decision regarding the purchase of Real Estate in Thailand pursuant to proper due diligence and sound legal research.

One of the significant aspects of Thai property purchase for a foreign buyer in Thailand is chanote title. Such title implies freehold ownership of the underlying real estate. Therefore, in order to fully secure one's rights in a parcel of real estate within the jurisdiction of Thailand it may prove necessary to acquire a chanote title deed.

Some individuals exploring their real estate options in Thailand opt to take a long term lease on a piece of Thai property. In some cases, such a lease could have a duration of as much as 30 years under normal circumstances and under special circumstances it might be possible to secure a leasehold in Thai property for a longer period of time, but it should be noted that such instances are rare.

Another common instrument utilized by foreign nationals wishing to enjoy property in Thailand is the usufruct. In American jurisprudence the usufruct is somewhat similar to the future interest commonly referred to as a "life estate". The person in possession of a usufruct can use the appurtenances of the real estate for a period of time agreed upon by the parties. In Thailand, lifetime usufructs are not wholly uncommon, but such privileges may be more difficult to secure compared to those granted pursuant to a Thai leasehold agreement.

Those wishing to purchase real estate in the Kingdom of Thailand are well advised to conduct research and due diligence in order to be best equipped to make informed decisions. In some cases, it may prove necessary for foreign nationals to retain the services of a law firm in Thailand with both Thai and foreign attorneys on staff in order to acquire advice and counsel regarding Thai property purchasing from a multitude of perspectives.

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