Real Estate Closings & Other Real Estate Matters
Thailandia Law Services & Accounting provides real estate closing services. In the main, the purchase and sale of real estate is pretty much the same as else here, with certain exceptions as who can hold title.
If you are a Buyer and have a property in mind, we can provide you with a fast Real Estate Purchase Contract and assist with handling the deposit monies. All of our Purchase Contracts indicate : "Buyer or Assignee". That way if you are not 100% sure how you want to take title or need to set up a company or may want to transfer ownership before closing, you can still enter in to the purchase contract and go to closing under a different name or entity. This can be useful if you are worried you might lose the opportunity to buy but are not sure how you want to take eventual title to the property.
Escrow services are also provided. Your deposit monies and purchase funds will not be transferred to the Seller until you agree or until title to the property is obtained. All client funds representing deposit and purchase monies are deposited into a separate Client Escrow Account at Phuket bank. These funds are held separate and apart from the firm's general funds. Because Thaland does not have a modern commercial banking structure regarding the acceptance of payment of checks and negotiable instruments, please note that if you are the Buyer, only cash or wire transfer directly into the Client Escrow Account is acceptable payment unless otherwise agreed. In addition to the customary escrow services, more complex Escrow Agreements can be formulated which specify under what conditions, under what time frame, and under whose authority, funds in escrow may be released, and further specifying the disbursement or return of funds in the event of non-receipt of proper instructions.
If you are a Seller, we can provide you with a Real Estate Sales Contracts. You will want to specify what is included in the sale and what is not. You will want a time frame for closing and you will need terms to allow you to retain the purchase deposit in the event of no settlement. We will ensure that you do not transfer ownership of your property until the full purchase price is in hand available for delivery to you.
The principle issue that arises when foreigner wants to buy real estate is the general rule that only a Thai can own the ground. Certain condominiums may be owned outright. Foreigners can own a building (distinct from the land). Depending on your situation, you may have to take title in your spouse' s name (if you are married to a Thai), with a lease back to you: you may have to form a Company to hold title; you may have to just take a long-term lease. So, don't worry. If you want a property, you can buy it, the transaction must just be property structured.