Phuket Legal Consulting provides real estate closing services. The purchase and sale of real estate in Thailand is pretty much the same as elsewhere, with certain exceptions as to whom can hold title.
If you are a Buyer and have a Phuket property in mind, we can provide you with a fast Real Estate Purchase Contract and assist with handling the deposit. All of our Purchase Contracts indicate : “Buyer or Assignee”. That way if you are not 100% sure how you want to take title or need to set up a company or may want to transfer ownership before closing, you can still enter into the purchase contract and go to closing under a different name or entity. This can be useful if you are worried you might lose the opportunity to buy but are not sure how you want to take eventual title of the property.
Escrow services are also provided:
Your money on deposit and purchase funds will not be transferred to the Seller until you agree or until title to the property is obtained. All client funds representing deposit and purchase amounts are deposited into a separate Client Escrow Account in a Phuket bank. These funds are held separate and apart from the firm’s general funds. Because Thailand does not have a modern commercial banking structure regarding the acceptance of payment of checks and negotiable instruments, please note that if you are the Buyer, only cash or wire transfer directly into the Client Escrow Account is acceptable payment unless otherwise agreed to. In addition, to the customary escrow services, more complex Escrow Agreements can be formulated which specify under what conditions, a timeframe and under whose authority the funds in escrow may be released and further specifying the disbursement and/or return of funds in the event of non-receipt of proper instructions.
If you are a Seller, we can provide you with a Real Estate Sales Contracts. You will want to specify what is included in the sale and what is not, including a time frame for closing and you will need terms to allow you to retain the purchase deposit in the event of no settlement. We will ensure that you do not transfer ownership of your property until the full purchase price is in hand and available for delivery to you.
The principal issue that arises when a foreigner wants to buy real estate, is the general rule that only a Thai National can own the ground. Certain condominiums may be owned outright “Freehold”. Also, Foreigners can own a building (distinct from the land). Depending on your situation, you may have to take title in your spouse’ s name (if you are married to a Thai) with a lease back to you. Or you may wish to form a Company to hold title and make a long-term lease for the property. So, don’t worry if you want a property, you can buy it, the transaction must be properly structured under Thai law.