There are specific procedures to follow and important details to know when transferring property titles in Thailand. Here is a list about Thailand’s property title transfer:
1. Sale and Purchase Agreement (SPA): The parties sign a contract that outlines the terms and conditions of the sale of the property, including the purchase price, payment periods, and other pertinent information.
2. Do your research:
- a. Verification of the title deed: Carefully review the title deed to the property to confirm its legitimacy, authenticity, and the absence of any encumbrances or restrictions.
- b. Conduct a land office investigation to confirm the ownership of the property and any liens or mortgages that may be present.
3. Changing Ownership:
- a. Preparing the Transfer Documents: The transfer application, sale and purchase agreement, ID copies, and other essential documentation must be prepared by the seller and buyer or by their authorized representatives.
- b. Transfer Fees and Taxes: Based on the property’s appraised value, transfer fees and taxes—including the transfer fee and stamp duty—are computed.
4. Process for Transferring a Property Title:
- a. Submission to the Land Office: At the local Land Office where the property is located, the seller, buyer, or their agents must submit the transfer documents and pay the necessary fees.
- b. Title Transfer Approval: The Land Office examines and validates the paperwork. They approve the transfer and update the ownership information for the property if everything is in order.
- c. Registration of the Transfer: The Land Office records the transfer and produces a new title deed or amends the current one to indicate the buyer as the new owner.
5. Fees and taxes:
- a. Transfer charge: A sliding-scale percentage of the property’s appraised value is used to determine the transfer charge. Unless otherwise specified, it is normally split equally between the buyer and seller.
- b. The buyer is responsible for paying stamp duty, which is determined at 0.5% of the appraised value or the actual transaction price, whichever is higher.
6. Activating Experts:
- a. Lawyers: In order to conduct the title transfer process, evaluate papers, and verify legal compliance, it is advisable to retain a knowledgeable lawyer with experience in Thai property law.
- b. Officials from the Land Office: To help with the transfer procedure and communicate with the Land Office, you can enlist the services of a certified land officer or authorized agent.
It is critical to realize that, depending on the location and type of property, different rules and processes may apply to the transfer of property titles. To guarantee a seamless and legally compliant transfer process in Thailand, it is advised to speak with a lawyer or obtain professional guidance.
