If you’re planning to sell your house in Thailand, you must transfer the property title. There are several steps involved in the transfer process, but the process should be simple if you know the basics. Read this article to learn about the various documents you’ll need to transfer your property title to Thailand. You’ll also learn about the Chanote (Nor Sor 4) title deed and Foreign Exchange Transaction form.
Sor Kor Nung (1) land document
It is important to acquire a Sor Kor Nung (1) land document when purchasing property in Thailand. This document grants the owner the right to use the land and the exact boundaries of the property. However, there are other types of title deeds that can be used to register a property. The following paragraphs will explain the differences between these documents. The Thai Land Department issues these documents.
Chanote (Nor Sor 4) title deed
The S.K.1 land document, also known as a Chanote, is an important legal document that confirms you own the land. Unlike the S.K.4 title dee, this document does not require the transfer of any real rights. You may sell the land, inherit it, or transfer it to someone else. However, transferring the S.K.1 form to someone else is not the same as transferring the Chanote title deed.
Nor Sor Saam title deed
The Nor Sor Sam title deed is a legal document that gives you the right to possess a piece of land but does not necessarily give you actual possession of the land. To make sure that the land you own is indeed yours, you should carry out a ground survey and confirm the boundaries with your neighbors. However, you must keep in mind that there are no parcel points on the Nor Sor Saam, which makes it difficult to confirm the exact land area. Furthermore, you should not forget that land under the Nor Sor Saam does not have any restrictions on use and may be sold, subject to a 30-day notice period. However, you must be sure of the location of your property before you start the process of transfer.
Foreign Exchange Transaction form (FET)
When purchasing a condominium unit in Thailand, foreigners need to complete a Foreign Exchange Transaction form, also known as the Thor Tor 3 form, which is required by the Land Department. The foreigner must also provide an original credit note, land office sale agreement, and tax receipt. The FET form is an important document that must be signed by the foreigner and the buyer and must be notarized in the country of residence.
Land title search in Thailand
When looking to buy property in Thailand, it is essential to perform a land title search. A title search in Thailand verifies ownership and freedom to sell. Originally, all land in Thailand belonged to the king. There is a vast array of official documents indicating ownership, some of which do not permit the sale or lease of a property. A title search can prove whether the seller actually owns the land and is free to sell or lease it.
Land title transfer fees in Thailand
When transferring your land title in Thailand, be sure to understand the fees. In contrast to your home country, transfer fees in Thailand are not calculated by value but instead by percentage. This fee is equivalent to 2% of the total transaction value. It is split between the buyer and seller and is usually paid by the buyer. In addition, there is a withholding tax that applies to each transaction. This fee is not included in the purchase price.
Possessory rights title
If you want to transfer the property title in Thailand, you must check the Possession rights of the current owner. This can be a beneficial option in some circumstances. While the right to possession is similar to adverse possession in the US, it is different in Thailand. In the country, the right of possession is limited to a specific period of time, typically a year. Generally, this means that if you lose your property, you still have a year to recover it.
