Buying houses for sale Pattaya is easy. However, there are some restrictions that must be taken cared of. For example, foreigners cannot own more than forty-nine percent of the property. The owner of the property will be issued with a deed that clearly shows the foreigner as the owner of the property. Then what’s the point in looking for houses for sale Pattaya, if a foreigner cannot own them?
There are exceptions to the limitation provided in the law and this gives several other avenues for foreigners to purchase land in Thailand. The land code has ultimately been amended to allow foreign ownership of land in the country given that the following conditions are met:
1. The land will be used for residential purposes
2. The land is not more than the provided limit
3. At least forty million baht is limited into the country for investment
4. Foreigners will abide to the Ministerial Regulations governing the business, the maintenance period and location
5. The Board of Investment gives permission for ownership
By meeting the aforementioned conditions, a foreigner can own property in Thailand. Once you meet the requirements, you can now proceed with looking for houses for sale Pattaya. Another way is by forming a joint venture with a majority ownership by a Thai company provided there are adequate safeguards to protect the foreigners’ minority interest. Through this Thai-majority-held venture, a foreigner can then purchase land.
Another thing to consider is that foreigners can own a building even if they really don’t own the land. Although the law prohibits foreign ownership of land, foreigners have the right to own buildings. One can do this by entering into a long-term lease for the land from a Thai-owned company, on which the foreigner can then build the home which the foreigner owns.
The long-term lease is one of the most effective ways to obtain land that a building occupies. The foreigner essentially purchases the land on a 30-year leasehold, as an example, with an option to extend the lease for longer periods. The law is bypassed since the Thai company, currently owning the land is still the majority owner of the land, whereas, the foreigner, who actually owns the land is free to build property on it. A lot of real estate agents already have this set-up in mind and purchasing houses for sale Pattaya has never been easier.
Once you have leased your land or purchased a home from a real estate company, you will then be given your Chanote. A Chanote is the Thai version of a land title deed. It will serve as your primary supporting evidence that you own the property.