The process of transferring property titles in Thailand varies based on the region and specific circumstances. It is therefore advisable to consult with legal professionals who specialize in Thai real estate.
Due diligence: This includes a thorough review of the title deed and confirmation of ownership, as well as checking for liens and other encumbrances. Transfer fees and taxes: Buyers are responsible for paying transfer fee, specific business tax, stamp duty, and withholding tax.
Nor Sor 3
This is the least recommended type of title deed, because it doesn’t hold full real rights to a property. It is simply a notification form and ownership is only substantiated by tax payments at the local administrative office. This deed also has no specific land boundaries and it is not possible to register rights like usufruct or lease. This deed is used while awaiting measurement for a Chanote and can be changed later to Nor Sor 3 Gor or Nor Sor 4 Jor.
The difference with a Nor Sor 3 Gor is that the exact boundaries are measured by the Land Department (although it is not as precise as a Chanote survey). This deed allows the owner to mortgage, sell or divide into smaller plots. There is no need to publish the legal act and it can be upgraded to a Chanote. A Nor Sor 4 Jor has exact boundaries and parcel points which are set using a GPS survey.
Chanote is the most secure type of land title deed in Thailand and grants the document holder full ownership rights. This deed is registered at the Land Department and includes a legal description of the property that is verified by national survey markers and satellite images. Additionally, the document holder can transfer and sell the property without restriction. However, before transferring the title deed, it is essential to conduct due diligence and ensure that the property has no liens or encumbrances. It is also important to transfer utility accounts (including water and electricity) into the new buyer’s name.
Unlike NS-3K, which is unofficially surveyed, a Chanote is fully surveyed and confirmed by official marker posts. The owner of the property can request to upgrade a Chanote to a Nor Sor 4 Gor at any time, provided that there are no objections from other property owners or local authorities. This process typically takes 1-3 hours. This type of land title is typically available in more developed areas.
Power of Attorney
If you give a Power of Attorney to someone, you must make sure that they understand what you are giving them. Otherwise, they could make costly financial mistakes. Also, they may do things that are not in your best interests, such as changing beneficiaries on insurance policies or retirement plans. You should only give a POA to someone you trust and who is financially aware.
The Land Department has seven different title deeds for Thailand, each offering a different level of rights to land. These range from ownership rights to a surveyed and delineated plot of land to possessory rights to use land for farming purposes.
Foreign individuals cannot own land in Thailand, but they can buy condominium units in a development that is registered with Or Chor 2. This title deed only shows ownership of a condo unit, not the land the condo development is built on. This title deed can be mortgaged, leased, or sold.
There are many laws governing the transfer of land ownership in Thailand. Some of them are complicated and require extensive legal paperwork. Others are simple enough to understand, such as a building’s sale or lease. To legally transfer a building, its owner must submit proof of ownership to the local district or amphoe office.
The document issued by the Land Department generally shows a person’s rights to property (ownership in the case of Chanote titles) and registered encumbrances like mortgages and leases. If a person cannot personally present themselves to the Land Office, they can appoint an attorney-in-fact to act on their behalf.
To avoid potential problems, a buyer should always conduct due diligence before buying any property in Thailand. This includes verifying the history of the property’s title, surveying the land boundaries, and checking for encumbrances. In addition, buyers should pay the transfer fee and any applicable taxes at the Land Department. Moreover, they must change their utility accounts into the new owner’s name.