Samui Phangan Real Estate Magazine April-May

THE PROCESS
When buying a property in Samui, it is highly
recommended that you commission the help of a local
or international law firm who have a firm and clear
understanding of Thai property law. There are many
reputable places on the island, some with head offices
in Bangkok and other cities who can ensure that what
you are hoping to purchase is right for you and due
care is taken to ensure you are protected as a buyer.
It is unusual for an offer to be made on a property
until your lawyer has carried out all of the relevant
searches and if you do put in an offer before you
have commissioned any legal help, do not hand over
a deposit or sign anything – only do this when your
lawyer gives you the go-ahead.
When you are given the all-clear by your legal advisor,
ensure that the name in which you purchase the
property is exactly the same as that on your current
passport in order to avoid any unnecessary future
issues. Generally you will be required to pay a deposit
until the purchase agreement is executed, but this is
refundable (in most cases, but please check with your
lawyer) if the purchase doesn’t go through – provided
that it is not your fault.
A final contract is signed on the date stated in the
preliminary contract, when you will be required to
pay the outstanding balance, as well as any relevant
taxes. The deeds are then registered with the Land
Department, making the purchase complete.
LAND TITLES & OWNERSHIP
In regard to freehold title, foreigners can own buildings
in Samui and greater Thailand – but not land itself.
As a result, apartments and condominiums (of which
there are many new developments available in Samui)
are becoming quite a popular choice amongst foreign
investors and purchasers.
If you are looking to purchase a villa or land there are
a couple of ways which you can gain the freehold
of the land. The first way is to set up a Thai limited
company but you will still only hold a minority amount
of the shares in the company with the rest of the
shares owned by Thai nationals who will sign over
their rights in the company to you. Again, your best
option is to speak to a reputable law firm in Samui that
deals primarily with property and land to ensure you
understand the details and requirements that go along
with this type of ownership.
The second option is to lease the land that you have
bought. This lease lasts for a maximum of 30 years,
but you do have the right to renew the lease with a
maximum of 90 years in total.
Samui is home to some absolutely breathtaking villas,
houses and land and if you are keen to settle down
or create a second home, then take your time, look
around and speak to some of the well-known estate
agents on the island to find something to suit your
needs. And if something does tickle your fancy, then
retain yourself a lawyer who specialises in Thai property
and land to ensure your dream to live in paradise
becomes real.
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