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Real estate law in Cambodia mostly revolves around the 2001 Land Law which outlines the process of ownership, inheritance, and land use throughout the country. While the law seeks to support lawful land ownership, Cambodia's historical events have greatly unsettled land tenure security and problems often arise over disputed land rights. The Land Law recognizes ownership rights for Cambodian citizens only. However, it does allow for long-term leases and rights of use for foreigners.
Engaging a lawyer can be essential in dealing with real estate matters in Cambodia for various reasons. Lawyers can help negotiate and draft contracts, conduct due diligence investigations to verify legal ownership, and assist in resolving disputes. Additionally, due to the complex and sometimes unclear legal framework on land ownership, a keen understanding of the Land Law and the real estate environment, which a lawyer provides, can be key in preventing future property disputes.
Cambodian Land Law primarily recognizes two types of ownership: soft and hard title. The former is a locally recognised claim while the latter is officially registered with the national government offering more legal security. Cambodian citizens are allowed to own land whereas foreigners are not. Foreigners can however hold a long-term lease for up to 50 years, renewable. Foreigners can also own buildings and units within co-owned buildings, as long as Cambodian nationals own 51% of the building's joint ownership space.
Foreigners cannot own land directly but can own properties through various structures such as long-term leases, owning buildings on leased land, and owning units within co-owned buildings under the 2010 Condominium Law.
While a hard title is nationally registered and recognized, the soft title is locally recognized. They are common in less developed areas and the purchaser often faces higher risks as the title is not officially registered with the land management department.
Yes, foreigners can inherit movable and immovable properties in Cambodia.
It is advisable to check zoning regulations, conduct title verifications, review sale agreements, investigate disputes or restrictions, and check tax compliance of the seller.
Property tax in Cambodia applies to immovable properties that are valued at more than 100 million riels. The tax rate is 0.1% of the market value annually.
Under Cambodian law, a long-term lease allows the lessee to use the property for a period of up to 50 years and is renewable.
Yes, a deposit is usually required with the remainder of the purchase price paid on completion of the transaction.
Contracts can be drafted in English, however, they must be accompanied by a Khmer version which is the legally binding version.
Some banks and financial institutions offer home loans to foreigners. However, terms and conditions apply and they vary between institutions.
Joint owners have the same rights to the property and must agree to any decisions regarding the property.
The Ministry of Land Management, Urban Planning and Construction is the main governmental body responsible for regulating land matters. The cadastral commission is another helpful resource, responsible for resolving disputes of unregistered land. Legal advice and representation are also available through the Cambodian Bar Association.
If you need legal assistance in real estate, firstly, conduct due diligence to collect all relevant information. Following that, consider engaging a real estate lawyer. They will help you understand the legal implications, assist in negotiation and drafting of contracts, and advise on any potential legal challenges. Always ensure the lawyer you engage is well-versed in Cambodian real estate law.
