Buying Property in Your Spouse's Name
When Buying Property in Thailand in Your Spouse's Name, there are several things you should keep in mind. You should conduct due diligence and transfer the Title Deed to your Thai spouse's name if you want to avoid problems later on. The Land Office requires a Letter of Confirmation from both partners, stating that the money used to buy the property was your Thai spouse's. If the letter is not presented, the Land Office cannot approve the registration. Moreover, if the property was acquired gratuitously, this procedure is also applicable.
Conducting Due Diligence
Buying property in your spouse's name requires a fair amount of due diligence. First, you must verify whether there are any liens, mortgages, or encumbrances on the property. Additionally, you must determine whether the seller has the legal ownership rights to the property. Due diligence also includes checking whether there are any violations of Thailand real estate regulations. Here are a few tips to help you do your due diligence when buying a property in your spouse's name.
It's best to buy property in Thailand in your spouse's name before marriage. After all, property acquired during marriage will be harder to control and may have different classifications. A Thai land officer may require a consent letter from a foreign spouse stating that the property is in the Thai spouse's name. Upon signing this document, the foreign spouse acknowledges that the property is in his or her name and does not fall under marital property laws.
Transfer of Title Deed
A major issue to consider when buying property in Thailand in your spouse' s name is the ownership of land. Although land in Thailand is not restricted to foreign ownership, structures on it are. A joint ownership of a house means that you and your Thai spouse will be responsible for managing the property together. Thai law requires that married couples manage their joint property together. However, this does not mean that you cannot own land in Thailand in your spouse's name.
Purchasing a property in Thailand in your spouse's name is a common practice, but the transfer of the title deed can be confusing, especially if you don't have good Thai knowledge. It is important to seek legal advice on this process as the laws surrounding this are quite strict. If you are buying a property in your spouse's name, a lawyer will help you through the process.
Condominium Leasehold Or Purchase
Purchasing a condominium in Thailand can be a difficult process, and a qualified attorney is a good idea if you are a foreigner. Thai law does not mandate a certain minimum reservation fee, but it is wise to consult with an attorney before making any decisions. The following are some of the basic requirements for purchasing a condominium in Thailand:
Thai law provides that a foreign national may own a condominium unit if they are married to a Thai national. However, a foreign spouse must comply with restrictions in order to buy a condominium unit in Thailand. This includes following all procedures necessary to register ownership. A foreign spouse may not own more than 49% of a condominium unit. The Thai spouse may own the condominium in his/her name or in a jointly-owned property.