Have you invested in a Condo or villa in Thailand ?
Take 5 minutes to check if your investment is safe.
If you have invested in a condo it should be either freehold or leasehold.
If freehold you should have the original of the land title and your name should appear on the back of this as the legal owner.
If leasehold the lease which can not be longer than 30 years should be registered at the land office and your name will appear on the back of the land title .
To register the lease you would have had to go with the seller to the land office.
Having a piece of paper with the seller developer or builder that says it is a lease is not legally binding and does not offer you any protection.
Loans mortgages can be put against the property if you do not have a registered lease.
It can even be sold if you do not have a registered lease.
we recently discovered a case where a client had purchased two condos from a developer the first was on a very dubious arrangement where they would receive guaranteed returns with a guaranteed rental return and guaranteed buy back .
The client had never physically seen this condo as it was intended for investment .
purposes only.
On investigation the condo with that number does not even exist!
Have you physically seen your investment?
The guaranteed buy back has been withdrawn coincidently too.
The second condo was sold on a 30 year lease to our client.
On investigation there is no registered lease and after investigating this the condo in question has been sold multiple times to multiple investors who all think that they have a lease on the condo.
If you do not have a registered lease you have no protection .
Have you purchased a villa?
If you are a foreigner and have purchased landed property house or villa you cannot own the land that the house is sitting on.
It is illegal to have the house and land in a company that has been set up solely for the purpose of ownership to a foreigner.
You must have a registered lease for 30 years maximum
30 plus 30 plus 30 year arrangements are not legally binding as there is no perpetual right of renewal on the heirs of the lessor.
Did you register the lease at the land office?
Does the lease and your name appear on the back of the land title?
Without a registered lease the villa can be sold from underneath you and we have multiple cases where that has happened.
Many developers insist that they only sell villas Freehold.
Foreigners cannot legally buy landed property houses or villas Freehold in their name .
This post is not to cause fear but to wake people up of the potential risks.
If you do things properly and conduct due diligence and ensure you follow the law with the correct solution you can secure your property.
Your investment is important take 5 minutes to check your arrangement and paperwork.
Do you have a registered lease ?
Not an agreement between you and the seller but your name and lease registered on the reverse of the land title.
If you require assistance we are happy to help.
Lawyers for Expats Thailand are a registered law firm who specialize in property law for foreigners.
We have extensive knowledge and experience and provide legal solutions to assist foreigners safeguard their investment .
Contact us at info@lawyersforexpatsthailand.com or call Brian Ramsden our general manager of foreign affairs on 0956583038
