With exception on condominiums, Thailand’s real estate market is largely unregulated. This makes any foreigner venturing into the country’s property areas vulnerable to the mercy of property agents. See the top 9 mistakes when buying Thai property. Well, property agents are not really vultures per se but if you are not careful, their actions may lead you to emotional and financial distress. Property agents are there with one purpose and that is to sell. Many of them considers selling … [Read more...] about What to Expect When Venturing into Thailand’s Real Estate Market
Property
Inheritance for Foreign Nationals in Thailand
What is Thai's current inheritance law say? Currently, there is no inheritance tax or gift tax in Thailand. A person who receives cash or property as a result of a death may be liable to pay income tax upon the sale of the property. The beneficiary is not liable for income tax for most moveable property. When someone passes without a will, the deceased's estate is transferred through the list of statutory heirs in the Thai Civil and Commercial Code. There are six classes of statutory heirs … [Read more...] about Inheritance for Foreign Nationals in Thailand
Thai Property Contracts
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 … [Read more...] about Thai Property Contracts