Property Title Transfer in Thailand is a legal procedure that requires careful planning and expert advice. This could include information on preparing for due diligence, finding registered liens and encumbrances, and completing all necessary paperwork.
The buyer and seller must go to the land office together to register the property title. For those who cannot attend in person, a power of attorney can be signed to complete the transfer remotely.
Nor Sor 3
This type of title deed documents the land occupier’s right to possess property but does not confer true ownership rights. The document can be sold, transferred or mortgaged as long as the transaction abides by Thai laws for real estate. This type of title cannot be upgraded to a Chanote.
SK1 is also known as the Sor Kor Nung notification form which only transfers possession of the property from one person to another. It does not grant true ownership rights as the document only indicates a physical occupation of the land and does not confirm the boundaries with neighbouring land plots.
When buying a property in Thailand with this type of title, it is important to consult with a knowledgeable lawyer to ensure that you are aware of the risks involved. This could include specifics about money transfer processes, settlement procedures, updating pertinent authorities and fulfilling contractual duties. It is also essential to change utility accounts (such as electricity and water) into the new owner’s name after the property title has been transferred to ensure that vital services continue.
The N.S.4.J or Chanote deed is a certificate of true ownership of land and the only real estate title deed that allows for full legal acts such as selling, leasing, and mortgages. It is typically found in developed areas of Thailand and is verified by the land department. It is also marked by unique numbered survey markers set in the ground.
The process of transferring property titles in Thailand can be lengthy, but the right team will help make it as smooth as possible. There are a few general phases to the process that include due diligence, transfer fees, and registration.
A buyer is responsible for covering the transfer fee and taxes, which are based on the property’s appraised value. Once the transfer is completed, it must be registered at the local land office. Buyers are also responsible for transferring the utilities into their name. This includes power and water services. Additionally, buyers must sign a power of attorney to authorize someone else to represent them in the process.
Sor Por Kor
Sor Por Kor is land ownership document issued by the Land Reform Committee for poor local farmers. These documents do not allow the holder to sell, pledge or use the property as collateral for loans. The holder can only pass the land on to their heirs. A proposal to allow owners of Sor Por Kor to rent their land for non-farming activities has been met with fierce opposition from farmers and civic groups.
The new policy was proposed by the Agricultural Land Reform Office (Alro). Alro deputy minister Thamanat Prompow has vowed to revise the rules in order to protect small-scale farmers.
Alro officials also plan to buy back land from occupants of illegal resorts and hotels. However, the agency does not want to give this land to cash rich Thai families or foreign investors. The agency wants to maintain its philosophy and integrity as a land reforming agency for the benefit of poor local farmers.
Power of Attorney
If you are buying a property in Thailand, it is important to speak with a professional real estate attorney. They will ensure that the property has a valid title deed and that the land measurements are accurate. They will also help you navigate the property transfer process. They will check for any liens or other encumbrances and ensure that the transaction is legal.
During the process, you will need to pay various fees and taxes. These may include transfer fees, specific business tax, stamp duty, and withholding tax.
Once you have the title deed in your name, you can proceed with the purchase of the property. The final step is transferring utility accounts, such as water and electricity, into your name. This will ensure the uninterrupted provision of services. If you are a foreign buyer, you can complete the transfer remotely from overseas through video-call conferences or with a notarized Power of Attorney. This will save time and money.