10 Tips for You to Get 30 Years Lease for Property in Thailand
Buying a property in Thailand might seem as an attractive opportunity to you. However, do you know that foreigners are not allowed to buy property in Thailand? The only option available to you is leasing the land or property. Acquiring land in Thailand can be confusing for you if you are not aware of the process.
Are you planning to acquire land or property in Thailand?
If yes, then here are couple of tips for acquiring land through 30 Years Property Lease Thailand:
1. Foreigners are not allowed ownership to property in Thailand. You can lease the property from a Thai national for 30 years. This lease can be renewed for 30 more years.
2. The Thai law only guarantees the tenant’s rights for the first 30 years. The renewal depends upon the discretion and personal choice of the landlord.
3. Any lease that exceeds the period of 3 years requires being registered under the local land office. You must register the lease with the land department within 3 years from the time you sign it. Any pre-signed lease agreements are unacceptable under the Thai law.
4. Once you have registered the agreement, the title deed will contain your name and any other detail related to the lease. The land department maintains your title deed and the lease agreement.
5. As registration fee, you have to pay 1.1 % of the total rental value.
6. Any lease agreement that exceeds the duration of years must be drafted in the Thai language. You have to submit this Thai script version of the agreement in the land department.
7. Include your family members in the agreement. In case of your untimely death, your family members can carry out the entire duration of the lease period.
8. You can also carry out construction work on the land in case it is mentioned in the agreement. If you build any structure on the land, the permit will be applied in your name and you can own that new structure.
9. The lease agreement gives you a personal right of possession over the property and you can only sub-lease the property if the agreement allows you to do so.
10. Under Thai law, the lease agreement terminates after the death of the tenant. However, this rule doesn’t apply when the owner dies.
The drafting and structuring of the lease agreement are the most crucial part. Always hire the best legal service (like us) for ensuring your rights as a tenant. If you are interested in acquiring 30 years lease in Thailand, then you can always contact us. Our experts will ensure that your rights are covered. For further information, please go through our services.Tags : 30 Years Lease in Thailand, acquire property in Thailand, Buy property in Thailand, Buying a property in Thailand, property in Thailand,