Real Estate in Thailand
Posted on December 12, 2011 |
The procedure at the land office is quite unproblematic, fast and safe. In the Land Office an official agreement between the seller and buyer is produced, or between the seller and the person who presents a power of attorney from the buyer.
After that taxes and transfer expenses will be calculated and must be paid in cash or with a bank check. After payment the Land Office will register the transfer of the apartment and the buyer will be given the legal real estate document. In Thai this document is called a CHANOT and is the original document that was produced when the building was built. After that it is handed over from owner to owner and it is being marked by the Land Office at every change of ownership.
The whole procedure takes less than a day and there is no further waiting time for any documents.
In case of an existing property the buyer usually pays a deposit of 10% which is lost if the buyer doesn’t pay the full purchase amount as agreed. The remaining 90% is usually paid in cash or by a bank check on the day when the property is handed over to the new owner in the Land Office.