Real Estate Law I Property Law I Freehold Law I Leasehold Law I All Real Rights Law
5 Steps to Understand When Buying Real Estate in Phuket
In this article, we’re sharing our knowledge and experience for your benefit when investing in real estate or property in Phuket. Most importantly, all related links in this article provide you with law, rule, regulation and precedent cases. In conclusion, this article is aimed to give you useful information when buying real estate or property in Phuket. More than enough to protect your real estate investment.
Step 1. Things in Relation Which Affect Your Real Estate or Property Rights.
Firstly, in view of buying real estate in Phuket, Land, House or Condo. There are important facts and legal matters to be considered. They affect your daily life much more than you expected. For instance access road (servitude or easement, way of necessity in some cases), common area and community (CJP & VJP). We’d recommend reading things in relation to both Land and/or House and Condo. You may learn more about land and condo on Department of Lands website.
Step 2. Clear Picture Between Leasehold and Freehold in Thai Real Estate law.
Secondly, you need to know about real estate rights in Thai law. The importance is the difference between real rights ‘Freehold’ and personal rights ‘Leasehold’. Why is it so important? Because it has a major impacts on your legal rights and investment. In other words, better legal rights are better prices, better return and better investment. Therefore, understanding the difference between leasehold and freehold helps you to choose the right property to invest in and the best with your goals and strategies.
Step 3. Real Estate Due Diligence.
Next, real estate due diligence or property due diligence is needed for risk avoidance. We help you to understand how property due diligence works in Phuket. As well as what are the Important points to verify. Together with which sorts of land titles to be considered, land ownership rights or land possession rights. Which one of them is the best for you? It is your choice.
Step 4. Provisions of the Sale and Purchase Contract or Agreement.
Then, real estate or real property sale and purchase contract is so important. In light of the contract. You need an idea to create a provision of the contract which you are going to sign and bound by. It is all about your rights and duties. Also the legal material to protect your benefit. We give you some ideas, either an idea for a freehold condo S&P and a freehold land and/or house S&P. It is also helpful for Leasehold, too.
Step 5. Holding Thai Company Limited, if Needed.
Last one, just in case a Thai holding company is needed. You need to have a clear understanding how to take full control of your Thai company. Most importantly is how to structure your Thai company. In order to this, you will need help from a specialist law firm who is specialist in Business Law. You can find out more information from Department of Business Development Website.
Finally, thinking about devolution when death comes. You will need a last will and testament for your real estate and all property in Phuket. It will facilitate the devolution to your heirs as you wish.
In conclusion, buying real estate either land or condo is one of the best investments. To protect your benefit and investment, consulting a professional before investment is needed. If you are looking for a law firm who offers full real estate or real property legal services in Phuket, feel free to contact us. You will NOT be charged for the first session to determine your needs.
By: Ake & Associates