Thailand is increasingly becoming a destination of choice amongst international retirees as well as business travelers doing business in the jurisdictions comprising the Association of Southeast Asian Nations (ASEAN). As a consequence, it appears that there is continuing demand for condos in Thailand. Keeping this in mind the reader ought to be aware of the fact that the differences between the pricing and accommodations provided by condominiums of differing quality varies across a wide spectrum of the Thai real estate market. Thus buyers ought to be cautious about making condominium purchases and only make irrevocable decisions regarding the purchase of property in Thailand pursuant to appropriate due diligence and sound legal advice.
One of the important aspects of Thai real estate purchasing for an alien buyer in Thailand is chanote title. Such title implies freehold ownership of the underlying real estate. Thus, in order to completely secure one’s rights in a parcel of real estate within the jurisdiction of the Kingdom of Thailand it may prove necessary to obtain a chanote title deed.
Some individuals exploring their real estate options in Thailand opt to take a long term lease on a piece of Thai property. In some cases, such a lease could have a duration of as much as 30 years under normal circumstances and under special circumstances it might be possible to secure a leasehold in Thai property for a longer period of time, but it should be noted that such instances are rare.
Another commonly utilized instrument by alien nationals wishing to enjoy property in Thailand is the usufruct. In the jurisprudence of many of the United States the usufruct would be somewhat akin to the future interest commonly referred to as a “life estate”. The person in possession of a usufruct can use the appurtenances of the real estate for a period of time agreed upon by the parties. In the Kingdom of Thailand, lifetime usufructs are not altogether uncommon, but such entitlements may be more difficult to secure in comparison to those granted pursuant to a leasehold agreement in Thailand.
Those hoping to purchase real property in Thailand would be prudent to undertake research and due diligence in order to be apprised of the overall situation so as to make informed decisions. In certain instances, it might be required for alien nationals to retain the services of a law firm in the Kingdom of Thailand with both Thai and foreign lawyers on staff in order to receive advice and counsel regarding Thai real estate purchasing from a multitude of perspectives.