In order to assure the proper transfer of ownership, a legal procedure must be followed when transferring property titles in Thailand. Here is a summary of Thailand’s property title transfer process:
1. Due Diligence: It is advised to carry out exhaustive due diligence on the property before moving forward with the transfer. This may entail confirming the title, looking for encumbrances, determining the legal standing of the property, and ensuring that there are no unpaid bills or legal difficulties connected to the property.
2. Sale and Purchase Agreement: This document, which contains the terms and conditions of the property transfer, shall be signed by the buyer and the seller. Both parties must prepare this agreement in writing and sign it.
3. Payment: As stated in the Sale and Purchase Agreement, the buyer is normally expected to make the agreed-upon payment for the property. This payment may be made by bank transfer or in another manner that has been agreed upon.
4. Transfer at the Land Office: The local Land Office, often known as the Land Department, is where you must execute the transfer of property ownership. There are several steps involved:
a. Prepare the essential papers: The seller must offer the original title deed (Chanote), identification documents, and any other paperwork required for the transfer. The buyer should also be prepared with their identification documents.
b. Document authentication and validity will be checked by the Land Office on all papers given by both parties.
c. Payment of Transfer Fees, Taxes, and Other Charges: The Buyer shall pay all transfer fees, taxes, and other charges. The valuation of the property is often used to determine these fees.
5. Title Deed Update: Following the completion of the transfer procedure, the Land Office will issue a new title deed (Chanote) with the revised ownership information. This amended title deed will be given to the buyer as evidence of their ownership of the property.
It’s vital to keep in mind that, depending on the location and type of property, the procedure and conditions for property title transfer may change. To ensure a seamless and compliant transfer of property ownership, it is advised to speak with a skilled Thai lawyer or other legal expert who specializes in real estate transactions.