A Full Title Deed is a legal document that grants the owner full ownership of a plot of land. Full Title Deeds are useful for selling, leasing, or protecting a plot of land from interlopers. Moreover, Thai law requires land owners to use the land within ten years, or else the Land Department can repossess it for up to five years. This is to promote development. As a result, full Title Deeds can increase the value of land.
Generally, a Sor Kor Nung, or Transfer of Title Deed in Thailand, means the right to use a plot of land. It grants the owner the right to use the land and to farm it. It is issued by the land department. A Nor Sor Song, on the other hand, grants the owner the right to use the land for a limited period of time. Generally, the owner has six months to begin occupying the land and complete utilization within three years.
Sor Kor Nungs are issued by the Thai Land Department. These documents do not grant the owner full ownership or use rights of the land, and the boundaries are not clearly defined. Nevertheless, this type of title deed is important if you plan on buying a property in Thailand. You can also register your property using other types of title deeds, which are issued by the Thai Land Department.
A Chanote transfer of title deed is a legal way to own land in Thailand. It is a land title deed that notifies other people of your right to use the land and has no mortgage attached to it. Chanotes are often used by farmers and landowners to keep track of their land. A Chanote is usually accompanied by a rudimentary map showing the dimensions of the land. If you are planning to sell or buy a Chanote plot, it is important that you get the correct size.
Before making a purchase, you should do a title deed search of the property. The results of this search will allow you to determine if there are any outstanding liens against the property and whether the seller owns the property. This search will also help you determine whether the property is protected by the right documentation.
In Thailand, a Transfer of Title Dee (TTD) is a legal document that entitles you to live on the land and pay taxes on it. Unlike a mortgage, however, a PBT5 does not give you the right to live on the land or build anything on it. Instead, it just establishes that you have occupied it. The PBT5 is also a prerequisite to registering certain rights, such as usufruct and building permits.
A PBT5 is the most common type of Title Dee in Thailand and is used when a foreigner rents the land. It is valid proof that the person occupies the land, has been paying taxes on it and is not using it for commercial purposes. In some cases, a PBT5 is upgraded to a Sor Khor 1 title.
Whether a foreigner is purchasing a property or is transferring a title deed in Thailand, it is important to understand superficies rights. A superficies right is a legal right that gives an individual or company a real right over a specific property. It is one of the few foreign property rights in Thailand. In Thailand, a superficies right does not expire once the title deed is transferred, and it can be enforced against third parties.
The right of superficies is a transferable right that the holder may transfer to their heirs. This right may be for a limited period, or it can be for a longer period. It has even been used as an alternative form of estate planning.
The first thing you should do after deciding to sell or buy the property is to sign the pre-purchase agreement with the other party. It is usually done during your first payment or deposit.
According to Thai law, the fund used to purchase the property must come from oversea and not in Thailand. The one who transfered the money from oversea needs to fill in the Telegraphic Transfer Form (TTF) specifying the objective of transaction. The transferred funds must be in foreign currency ONLY and converted to Thai Baht by your beneficiary bank in Thailand.
After the fund is transferred to the Thai bank, the buyer will need to go to his beneficiary bank in Thailand and request for the Foreign Exchange Transaction form (FET) or commonly called "Credit Advice". The Department of Land of Thailand require this document as evidence of oversea fund transfer during the property ownership transfer.
Prior to ownership transfer date, the seller must request to the juristic office of the property to issue the foreign quota certificate and debt-free certificate. Usually this process can take up to 15 business days. So, it is wise to have these documents requested in advance.
Both parties can schedule the transfer date at the Department of Land Office in the same district as appeared on the Chanote title deed. Usually this process can be done within the day.
Leave a Reply