If you want to buy a home in Thailand, you can do so through a transfer of title. There are a few things you should know about this process, including what type of title deed you have and how to file the Foreign Exchange Transaction form. You should also be aware of the fees and taxes that are involved in the transaction.
Nor Sor Sam
The Nor Sor Sam title deed in Thailand signifies the right to possess the land. It is similar to a land ownership certificate, but has fewer restrictions. Its boundaries are not clearly marked by parcel points or concrete posts, so it can be difficult to confirm the exact size of the land. Nevertheless, a Nor Sor Sam title deed can be used as legal evidence in the event of a dispute.
When it comes to the transfer of a Nor Sor Sam title deed, various documents are required, including a copy of the Nor Sor Sam number. Although this is a legally binding procedure, it should not be undertaken speculatively. The title deed is issued by the Land Department, and outlines the ownership rights and encumbrances on a property. The Land Department keeps records of all deeds, mortgages, and transactions on land in Thailand. It is an important document for any buyer as it serves as proof of ownership.
Nor Sor 4
In Thailand, you don’t have to buy a land title to have squatters rights. In fact, a Nor Sor 4 is almost as good as a land title deed. It gives you a certificate of confirmed possession, and can be used as legal title. But there are some differences between the two.
The first difference between Nor Sor 4 and Nor Sor 5 is that Nor Sor 4 doesn’t have the same status as Nor Sor 3. Neither land title carries unique numbered markers. That means the boundaries are not precise. That means that you need to check with neighbors before making any decisions about what to do with the land. Furthermore, you can’t sell your land right away, but you can sell it after the 30 days public notice.
Foreign Exchange Transaction Form (FET)
A Foreign Exchange Transaction form, also known as the Foreign Exchange Transaction certificate, is an essential document required to register a property in Thailand. The form is required to prove the foreign buyer’s identity and the source of the funds used to purchase the property. In addition, it is necessary to fill out the form if a foreigner wishes to purchase a condo in Thailand.
A Foreign Exchange Transaction (FET) form must be filled out and presented at the Land Office when the buyer or seller wishes to make a formal purchase. The FET form may also be required by the local banks when the proceeds of the sale are transferred. It is important to obtain legal advice before submitting the form.
Land Department
In Thailand, the Land Department is an important part of the property transaction process. It is a government agency whose chief executive officer is the Director-General, assisted by four deputy directors-general. In addition to its Bangkok headquarters, the Land Department also has branch offices in every province and major district throughout the country. Each of these offices is responsible for a specific area.
There are 6 types of title deeds that Land Department issues to individuals. They range from temporary occupation, to confirmed right of possession, to notification of possession. Although they all imply ownership of a piece of land, these deeds are not the real deal. The Land Department issues a 30-day notice for property owners to make an application for a title deed.
