The Land Code Act and the Civil and Commercial Code in Thailand regulate the transfer of property titles. The processes that must be followed in order to transfer title to property are listed below:
1. Due Diligence: Before transferring ownership of a property, a thorough due diligence study must be made to confirm that the seller is the property’s lawful owner and has the legal right to sell it. This inquiry may entail confirming the seller’s identification, looking up the land title deed for the property, and measuring the property boundaries.
2. Sale and Purchase Agreement: Following the conclusion of the due diligence study, the buyer and seller must sign a sale and purchase agreement. This document should outline the transaction price, the terms of payment, and any other pertinent details.
3. Payment of Stamp Duty and Transfer Fee: Before the title to a property can be transferred, the buyer must pay the government the appropriate stamp duty and transfer fee. The transfer fee is determined by the property’s appraised value, whereas the stamp duty is commonly calculated at 0.5% of the transaction price.
4. Title Transfer: The local land office is where the title to a piece of property is transferred. The transfer of property title deed, a receipt for the payment of the transfer fee, and a certificate of ownership must all be signed in person at the land office by the buyer and seller.
5. Registration: Within 60 days following the completion of the transfer of the property title, the buyer must register the transfer with the nearby land office. The buyer may forfeit their ownership rights to the property if the transfer is not registered.
It’s crucial to keep in mind that the procedure for transferring property titles in Thailand can be complicated; therefore, it’s advised that you enlist the aid of an experienced lawyer or real estate expert to help you navigate it.