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Perkins Coie LLP

Perkins Coie LLP

Taipei, Taiwan

Founded in 1912
2,875 people in their team
Perkins Coie is a leading international law firm that is known for providing high value, strategic solutions and extraordinary client service on...
English

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About Real Estate Law in Taiwan

Real Estate Law in Taiwan regulates all aspects related to property transactions, including purchase, sale, lease, and mortgage. It governs both residential and commercial properties alike. This area of law effectively devises processes that facilitate smooth transfer of property rights and ensures protection of all involved parties' interests.

Why You May Need a Lawyer

Legal matters and disputes often accompany real estate transactions due to their complex nature. You may require legal assistance to interpret and understand various contracts, negotiate terms of sale or lease, or resolve property disputes. Legal advice is crucial when handling issues such as zoning restrictions, tax considerations, and property rights. Having a lawyer can provide guidance, help avoid potential legal pitfalls, and ensure fair transaction terms.

Local Laws Overview

The key aspects of local real estate laws in Taiwan include the Land Act, the Real Estate Brokerage Management Act, and other related laws. The Land Act, for instance, pertains to land ownership and transfer, while the Real Estate Brokerage Act governs brokerage activities. There are also specific laws related to real estate taxation, building standards, and special transactions such as selling foreclosed properties. It's important to comprehend that foreign ownership of property in Taiwan is subject to certain restrictions and conditions.

Frequently Asked Questions

What are the legal procedures for buying property in Taiwan?

Taiwan's real estate buying process involves a property search, price negotiation, contract signing, title deed registration at the local government office and payment. A property inspection and due diligence process is also recommended.

What documents are required for property transactions in Taiwan?

The key documents include a contract, government-issued identification, property ownership certificate, tax payment receipts, and other documents if a lender is involved. The documents necessary may vary, based on the specifics of the transaction.

Can foreigners own property in Taiwan?

Yes, foreigners can own property in Taiwan, but with certain restrictions. They can possess land if their home country allows Taiwanese citizens to own properties there under the principle of reciprocity.

How does property taxation work in Taiwan?

In Taiwan, both land and house taxes are levied. The Land Value Tax is typically 1-2% of the assessed land value, while the House Tax ranges from 1.2% to 5%, depending on the property type and usage.

What are the rights of tenants in Taiwan?

Tenants in Taiwan are entitled to a peaceful enjoyment of the rented property, and landlords are obligated to maintain the property's condition. The terms and conditions of the lease agreement define specific details.

How does the dispute resolution work in real estate in Taiwan?

Disputes are usually resolved in Taiwan's courts. Mediation and arbitration are also alternatives, often used to expedite resolution.

What is the role of a real estate broker in Taiwan?

The role of a real estate broker is to facilitate transactions between buyers and sellers or landlords and tenants. They can provide information, negotiate prices, and assist in preparing documents.

What is the impact of zoning laws on real estate?

Zoning laws impact how a property may be used or developed. These laws could affect property value, future development potential, and the nature of surrounding properties.

What should I consider when loaning for a property in Taiwan?

Considerations for property loans include the interest rate, loan term, requirements for mortgage insurance, loan-to-value ratio, and other terms and conditions of the loan agreement.

Are there any protections available for homebuyers?

Yes, the Consumer Protection Act offers safeguards for homebuyers against misleading advertising and unfair contract terms. It also gives buyers the right to seek remedy for damages.

Additional Resources

The Ministry of the Interior, Department of Land Administration and local government offices in Taiwan all have useful resources related to real estate. The Consumers' Foundation, Chinese Taipei, and the Consumer Protection Committee are also valuable resources for consumer rights in Taiwan.

Next Steps

If you require legal assistance in real estate, it's advisable to find a lawyer experienced in Taiwanese real estate law. Prepare a list of your specific queries and concerns and gather all relevant documents to share with your lawyer. Don't hesitate to contact the aforementioned bodies for queries and consult local property experts or real estate brokers for additional guidance.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.