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Browse our 3 legal questions about Real Estate Contracts and Negotiations in Thailand and the lawyer answers, or ask your own questions for free.
In Phuket, Thailand, the field of Real Estate Contracts and Negotiations involves the creation, review, and negotiation of contracts related to buying, selling, or leasing properties. These documents ensure that all parties involved in a transaction, whether it's the buyer, seller, or agent, have their rights and responsibilities clearly outlined, thereby minimizing potential disputes.
Investing in real estate, whether it's a residential home or commercial property, often involves dealing with complex contracts and crucial negotiations. To navigate this intricate process, it is highly recommended that you work with a lawyer. Legal professionals can provide invaluable advice in situations like drafting and reviewing contracts, understanding financing terms, and resolving land disputes.
In Phuket, several laws govern real estate transactions. These include The Land Code Promulgating Act, The Condominium Act, and The Lease Act. Non-Thais are unable to own land but can own building upon the land. However, foreigners can own a condominium under certain circumstances. Engaging a lawyer ensures that you navigate these laws properly and protect your interests.
What are the restrictions on foreigners owning property in Phuket?
Foreigners cannot own land in Thailand. They can, however, own buildings on the land. Foreigners can also hold a leasehold interest in land for up to 30 years, renewable.
Can foreign companies buy property in Thailand?
Thai law also constrains foreign companies from owning land unless granted permission by the Board of Investment (BOI). Even then, the land must be used for the purpose it was designated for by the BOI.
How can I secure my investment if I am leasing land?
You can ensure the lease agreement clearly states your right to renew the lease, sell the leasehold interest, and build upon the land.
What is usufruct?
Usufruct is a legal right granted to a foreigner, which gives them the right to use and derive profit from land belonging to another, for a period of up 30 years.
Can a foreigner get a mortgage loan in Thailand?
Foreigners generally find it difficult to get a mortgage loan in Thailand. However, some financial institutions may provide financing provided certain criteria are met. It is more common for foreigners to finance property purchases in their home country.
For additional assistance, you can look to local governmental bodies like The Land Department Phuket Province. The Thailand Property Guide is also a valuable resource that provides valuable information to those interested in buying property in Phuket.
If you require legal assistance, it is recommended that you hire a lawyer who specializes in real estate in Phuket. Take the time to research and find a reputable professional to guide you through the legal process and to help you negotiate the best terms for your contract.
