When you’re in the market to buy a new property in Thailand, you will likely need to transfer the title deed to the Land Office. This is typically done on the back of the Land Title Deed. The process is not difficult, but it is a bit complex. Here’s what you need to know about the process:
Superficies
The right of superficies is a legal agreement between a foreigner and a Thai landowner. It enables the superficiary to obtain real rights over a piece of land. This is one of the few foreign property rights in Thailand. Once created, this right does not terminate upon the transfer of land title. The superficiary may exercise the right in Thailand and may be sued by third parties for infringements of their rights.
Forms of Title Deeds
There are two types of land title deeds in Thailand: freehold and agricultural. A freehold title deed grants the owner full ownership rights over the land. A freehold title deed is the strongest form of title deed in Thailand. An agricultural title deed, on the other hand, gives the owner only certain rights over the land. Both land titles must be accurate to avoid disputes.
Process of Transfer
The Land Office Thailand processes title deed transfers in different ways. While it is possible to apply for a property title, a full title deed bequeaths the entire ownership rights of a plot of land. This can be used for selling, leasing, and securing a plot of land against interlopers. According to Thai law, you must start using your land within ten years from the date of transfer. If you don’t use it, the Land Department can repossess it for a period of five years. It’s important to check your land’s size and validity.
Duty Stamps
When purchasing a property in Thailand, you will be required to pay a number of taxes, duties, and fees. These fees will vary from country to country, so make sure you understand all of the costs before you buy a property. You should consult with a property lawyer before buying a property in Thailand, and be sure to check for errors. You should also make sure that the property is registered correctly, and check to see who owns the title deed.
Possessory Rights
A person who holds a possessory right may have a certain right to the land, but this does not mean that the land belongs to him. Possessory rights are merely notification that you own the land. Possessory rights are different from those of a tenant. If you own an apartment building in Thailand, it is possible that another landlord is in possession of the property. You must make sure to follow the right procedure to acquire legal ownership of the property.