Buy Property in Phuket
In Thailand foreigners are not allowed to own land or own a house. However, this does not prevent you from buying. The way round this legislation is to establish a firm, with the sole aim of buying the land / house. A Thai national must own 51% of the firm, but the firm will be organized so that you have all the economic and juridical rights. In addition, by using this system, it will be easier for you to buy a car or to get residence permit. The biggest economic risk about buying property in Thailand is when you have to pay the money. You have to pay at least 30% as a deposit, then the original owner of the house is committed to you. If the amount is less than 30% there is a risk that the house will be sold one more time; even though you thought you had bought the house!! It is not necessary to pay the whole amount at once – wait until you are at the chartered surveyor office and the same day get the house or land transferred to the name of your firm. Buy Property in Phuket.
You will often hear the term “Chenouds”. A Chenoud is essentially a title deed to a land parcel or parcels. It is a legally binding document showing the perimeters and sizes of the land as well as the owner’s name.
Buy Property in Phuket
Sor Kor 1
Is a certificate issued by the relevant local authority representing entitlement of a person to possess land in accordance with the request for registration of such person.
Such certificate is not considered a certificate of ownership of the real property.
In the case of any dispute arising over the rights to the plot of land, this certificate is required to prove possession and, therefore, the person whose name appears in Sor Kor 1 certificate will be in a stronger position. Nonetheless, evidence recording the real possession is required. Since Sor Kor 1 does not represent any ownership right of real properties, it can not be mortgaged.
Nor Sor 3
Is a certificate issued by the relevant local Land Department Authority certifying the usage of land of the person entitled thereto. No aerial survey photo of the land has been taken. Therefore, there is no specific position of the land being identified.
Any real property transaction in connection with Nor Sor 3 which requires registration with the local land authority must be published for an objection to be made (if any) for a period of 30 days.
The person whose name appears as the owner of Nor Sor 3 has a right to transfer, sell, dispose of and mortgage the Land upon registration with the relevant local land department in accordance with the Land Code and other regulations, notifications and announcements relating to it. Any transaction in connection with the real property (except where the lease is not more than 3 years) must be registered with the relevant local land authority and will be shown at the back of Nor Sor 3.
Nor Sor 3 Kor
Is a certificate issued by the relevant local Land Department Authority certifying the usage of land of the person entitled thereto. An aerial survey photo of the land has been taken which makes Nor Sor 3 Kor different from Nor Sor 3. The result of having an aerial survey photo is an ability to identify the exact position of the land boundary.
The person whose name appears as the owner of Nor Sor 3 Kor has a right to transfer, sell, dispose of and mortgage the Land upon registration with the relevant local land department in accordance with the Land Code and other regulations, notifications and announcements relating to it. Any transaction in connection with the real property (except where the lease is not more than 3 years) must be registered with the relevant local land authority and will be shown at the back of Nor Sor 3 Kor.