Phuket land for sale: What should you know?
Purchase of real estate in The Kingdom of Thailand, included Phuket land, you should take in consideration the fact that foreign citizens are restricted to own any plot of thai land.
The main idea of this resolution is that all land in the country belongs to the king and can be transferred to the ownership of thai people only. But don’t be in a hurry to be distressed – if you have a strong desire to possess one of available plots of Phuket land for sale, there is a legal way to buy it.
Before to make a decision of buying land in Phuket without any professional help from lawyer’s and real estate agent’s sides, it is highly recommended to think one more time. The point is all necessary documents are made up in the Thai languages and the majority of officials cannot speak English, so in order to do everything properly and not to miss essential items in papers you’d better turn to a qualified lawyer and agent.
Every expert explains you that there are no any standards for Purchase Agreement in Thailand. Typically each company offers its own sample of contract and there's nothing to be afraid of. But any such kind of agreement must contain such information as description of transacted object, seller’s and buyer’s details, price, advance payment, taxes (must be considered before selling) and effective date of the agreement. All transactions are registered in the Land Office, the result of ownership registration is issuance of Chanote deed, a document confirming you or your thai company – when we talk about land - are the lawful owner of the property. And again this paper is filled only in Thai.
As we have mentioned before, in Thailand, there are restrictions for foreigners to own land. Those who wish to purchase their own housing located on land may choose long-term leasing or proceed to the following steps: to draw a juridical person, in other words to make a registration of a thai company which will become a legal owner of the land. Having registered the company, you as a current owner of the company get a letter of attorney from the rest shareholders to manage their shares, also you receive documents confirming transfer of shares and resignations. After that you can freely conduct real estate transactions having it all legally.
