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Selling a House and Real Estate in Thailand

Transcript of the above video:

As the title of this video suggests, we are discussing Thai property or specifically we are discussing Thai real estate and I am thinking residential real estate is sort of the context of this video. 

So we are talking about somebody that owns a Thai House, so a house in Thailand and I am looking at this in the context that there are those that may have utilized a corporate structure to enjoy property here in Thailand. There are those that may have a spouse, a Thai spouse that owns Thai real estate or a Thai House in that Thai spouse's name and they are looking to sell the property. We are getting a fair number of enquiries on sale of Thai property especially in the aftermath of the Coronavirus shut down and unfortunately it is hard times for folks and we are seeing this.

Also I would note, those who are looking to buy real estate in Thailand, this is a pretty good time to be looking because frankly there are a lot of bargains to be had out there. That being stated, the scope of this video is sale of Thai Real Estate and an Attorney can be rather helpful. We have Thai Attorneys here on staff who assist with conveyancing matters frequently. Thai property, not just land and real estate but various leases; so selling a lease for example.

In this case we are discussing the sale of a house and where you are selling a house there are certain things that need to be kept in mind. You need to deal with what is the structure of the ownership?  Is the Thai spouse the owner? Is there a corporate owner involved?  What is the title like? Is it a bifurcated title wherein there is a foreign spouse that has title to the house itself and the Thai spouse has title to the land? Meanwhile it could be a mortgage situation. Does the foreign spouse have a mortgage over the property? Does the bank have a mortgage over the property? Is there some sort of usufruct in place over tht property? Some of these rights need to be unified before a sale can occur. Also what is the tax liability associated with the sale of a Thai property including a house? Is there a specific income tax associated with that? Is the residential property tax going to apply?  Is there a commercial property tax depending on the posture of the real estate? 

All of this needs to be assessed. It is probably not a terrible idea to contact a legal professional in order to ascertain all of the various aspects of the posture of the property and the steps for the transfer of the ownership prior to undertaking the sale of the property itself.