Real property transfer require the use of a contract for the sale of real estate. The real estate contract will contain the terms of the agreement between the seller and the buyer. The sales agreement will detail how the seller will transfer the property, and the responsible party for the taxes on the sale, and what happens to the initial deposit if the sale is not completed. In Thailand, specific regulatory requirements must also be met to ensure the legality of the property transfer. The primary issue for foreign nationals is that the property contract is written in Thai.
After an initial deposit, a contract for the sale to purchase land is issued by the seller. This sales contract is usually written in Thai and has a translation in English, if the purchasing party is a foreigner. Before signing the sales contract, a buyer must read it thoroughly to make sure it reflects the basic rights of the consumer, and that it provides legal, complete, enforceable provisions on the land. The Thai version of the contract will be used in a court of law in case of a disagreement.
The foreigner should also be represented by independent counsel to ensure that the English translation conforms to the original Thai document. A competent Thai property attorney can recommend amendments to the contract to ensure that it meets the needs of their foreign client. In addition, a Thai attorney can ensure that there are no hidden provisions or charges in the contract.
If the foreigner leased land in Thailand, it is important to ensure that their rights under the lease is protected. These rights include the right to use the land and build on the land for the purpose intended by the foreigner. These rights are separate from the right to own the land. Generally the right to lease the property can be given for up to thirty years. The rights should also be transferred if the property lease has been extended. All of these documents should be properly registered with the local provincial government. See the property lease in Thailand by Law Firm in Thailand