Buying property in Thailand is a serious investment. There are many aspects to consider, but having a lawyer is always a good idea. Not only can a lawyer guide you through the process, but he or she can also help you check the contract to make sure everything is in order.
The first step in buying property in Thailand is to transfer the funds from your home country to your Thai bank account. You will need to show the bank that you have made the money transfer in foreign currency, and that the amount you are transferring is equal to or more than the price you are buying the property for. The bank will then convert the currency into Thai Baht, and remit the amount to the seller.
Next, you will need to provide copies of your passport and the passport of your spouse, and obtain a consent letter from the Thai Embassy in your home country. You will also need to obtain a letter from the condominium juristic person attesting that you are a foreign owner of the condominium. Once you have these documents, you can then transfer the ownership of the property to the Department of Land.
You will also need to provide a title deed for the property. This deed will have an accurate survey of the land. You will also need to provide the names of your parents and the marriage certificate of your spouse. If you are a married couple, you may be able to transfer the property ownership to your spouse, but it is recommended that you buy the property prior to marriage. The property may be difficult to control after you are married, so it is important to get it in writing.
You will also need to have a building permit for the property. You can then start building your house, but you will need to get the construction permit before you can complete it. You will also need to obtain a construction permit for the property if you plan to lease it to someone else. You can then rent the property to another person for a period of up to 30 years. The Thai government is considering increasing the period of the lease from 30 to 50 years.
Buying property in Thailand is not as easy as it seems. You will need a lawyer or someone who specializes in real estate to guide you. You will also need to provide copies of documents, such as the purchase agreement and your spouse's passport. You will also need to have your money transferred to your Thai bank account and the amount transferred will need to be in foreign currency.
When you purchase land in Thailand, you will need to get an approval from the Ministry of Interior. You will also need to make sure that the property is not classified as marital property. You may also need to fight with local authorities if you have problems transferring the property ownership to your spouse.