|1 Rai||= 4 Ngan||= 1,600 m2|
|1 Ngan||= 4 Talang wah||= 1,600 m2|
|1 Talang wah||= 4 m2|
|1 Acre||= 2.529 Rai|
|1 Hectare||= 6.25 Rai|
|Specific business tax||= 3.3%|
|Transfer fees||= 2%|
|Stamp duty||= 0.5%|
A Chanote is a certificate for ownership of land and the person with their name shown on the deed has the legal right to the land, and can use it as evidence to confirm the right to government authorities. A Chanote title deed shows the official government land survey points using the very accurate GPS survey method to set the area and boundaries of the land. So this is the most secure type of land title and is highly recommended to the purchaser.
It is the long term goal of the Land Department that all land in Thailand will be covered under the Chanote title system.
This certifies that the person named on the certificate has the confirmed right to use the land implying that all requirements to issue the title deed have been met and that the issue of the title deed is pending. Land with a Nor Sor 3 Kor title deed may be sold, leased, used as mortgage collateral and so on. The holder of this certificate cannot leave the land unattended for more than 12 years.
The Chanote and Nor Sor 3 Kor are the only titles over which registerable right of ownership or lease can exist and are as such the only ones that a prudent foreigner should consider.
Similar to the above this is a Confirmed Certificate of Use except that not all of the formalities to certify the right to use have been performed. Before a transfer can be made, a notice of intent must be posted and then 30 days public notice is necessary before any change of status over the land can be registered.
Or Certificate of Possession, this recognizes that a person is in possession of land but the Certificate does not imply that there are any rights associated with the possession. It is not transferable, but a person in possession may transfer physical possession and the new possessor may apply for a new Certificate of Possession. Not recommended for foreigners buying property, as you will have no rights to the property even if you pay for the certificate.
It is very importance that you should always ask your lawyer to check the front and back page of the property title deed. A faithful translation of this will show you who the current owner is; if the property has any endorsements or liens; the shape, area and orientation of the property and border to a public property (such as a road, stream or the ocean). If the lawyer's report is negative and there are problems with the deed certificate, you should not continue with the purchase of that property.
A safe and secure registered long term lease by signing a 30-year (or less) lease with a domestic company or Thai individual, with an automatic option to renew for another 30 years. Typically with 2 x 30 year extensions, making a total of 90 years
An individual foreigner or a foreign company may acquire and own a house and land through a Thai Company ("Holding Company") and have control over such company as a Director and via a preference share scheme. The shares held by Thai shareholders will be common shares, and the shares held by the foreign Investor will be preferred shares. Under Thai laws, the preferred shares mean shares with different rights from common shares. Preference shares in this case would give the holder control over the company.
Condominiums are available for outright Freehold ownership by foreigners. The Condominium Act of 1979 gives buyers a title to part of a building or buildings with multiple owners. It also confers a fractional interest in the land and other common assets and areas. Thai Law allows foreigners to own only up to 49% of the units in a Condominium development. So supply is rather limited.
When you transfer money into Thailand to buy property you should instruct the bank here to issue a Foreign Currency Exchange Transaction Certificate (or Tor. Thor. 3 as it is commonly called) to show that you are importing funds to buy a condo, or as partial capital investment, or as a partial loan to establish a company to acquire land, or land and house.
A Tor Tor Sarm (3) is an official bank document issued by the receiving bank upon the receipt of foreign currency into your bank account in Thailand. You must request a Tor Thor Sarm from your bank when you are remitting funds to Thailand for the purpose of purchasing a condominium, and the Tor Thor Sarm must specify that the remittance is to be used solely for purchasing a property under Code 5.22.
Funds for setting up a corporation to acquire/buy property will be normally split into equity (registered capital) injection and debt arrangement (shareholder's loan). This certificate will enable you to smoothly repartriate the brought in money out of Thailand in the future.
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