Tag: thailand

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Property

Thai Will and Succession

You know that in Thailand, heirs inherit property. A well-written Last Will is the greatest method to ensure your desires are followed and minimize family disputes after death.

A well-written Will can save your family time and stress. Your succession will depend on it.

A legal requirement

After you die in Thailand, a statutory heir must go through various steps to inherit. This is especially true if your assets are in a Thai corporation in foreign names.

A Will ensures that your property goes to your chosen beneficiaries after death. It protects against unwarranted legal bills and court charges.

You must write or type a Will in front of two competent witnesses (not pals). Date it, offer explicit instructions, and describe your estate distribution desires. Drafting a Will in Thailand is inexpensive and can save your family time, stress, and money. It also transfers your property to a Thai Inheritance Law-compliant statutory heir.

Intestacy

Thai law distributes estate assets when you die intestate without a Will or formal succession declaration. Starting with your next of kin, the heirs will be chosen. Intestacy, without a Will, will not consider your unique wants or needs, such as special provisions for disabled loved ones. Illegitimate family members and children born after the deceased may not be covered by the laws. If the dead was married or had children with other relationships, it can be complex.

Asset Distribution

Foreigners dying in Thailand without Wills must have their estates managed. This entails filing a petition with the court with territorial authority over the decedent’s residence at death. The petition must include a death certificate, relatives, legit heir birth certificates, and assets.

The executor should receive the will and any estate-related documents. The executor will notify the estate beneficiaries of their claim to a portion.

A spouse gets half of marital property. Other statutory heirs receive the remainder. Wills are crucial here. A Will lets a person pick Legal Heirs and Guardians for small children. Wills can also make gifts or legacies.

Probate

Thai probate lawyers wind up estates and notify institutions, banks, government organizations, etc. after a Thai death. The executor must also collect and manage the deceased’s assets and property, pay bills and taxes, and distribute the remaining assets and property according to the will.

Joint ownership with a Thai citizen or usufruct transfer are the greatest ways for foreigners to avoid probate. However, legal restrictions and court charges may apply.

Before heirs can inherit, the court or will must appoint an estate administrator to protect, distribute, and manage estate assets. The administrator must then update the heirs on estate progress. The law recognizes six types of heirs: descendants, parents, full-blood and half-blood siblings, grandparents, uncles, and aunts.

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Property

Property Due Diligence in Thailand

Conducting property due diligence is an essential part of any real estate deal, regardless of whether it’s in Thailand or not. As part of due diligence, a property’s ownership, legal status, and possible liabilities or issues are investigated thoroughly.

Be mindful of the following when conducting due diligence on Thai real estate:

  1. Make sure the vendor has a valid title deed by checking it with the appropriate authorities. Title deeds are important legal documents since they prove who owns the land. It is important to consult a lawyer in Thailand to ascertain the most appropriate title deed for your transaction, as there are several types.
  2. Check for encumbrances to make sure the property is free of any claims, such as liens or mortgages. You can accomplish this by reviewing the deed and conducting a search at the local land office.
  3. Check the zoning and land use regulations to make sure the property is zoned for what you want it for and that there aren’t any restrictions that would make it impossible.
  4. By reviewing the building codes and permits, you can ensure that the property has obtained all necessary clearances and permissions for any current or future construction. This encompasses all necessary approvals, including environmental permits and building permits.
  5. The first step is to do a site examination, which entails physically visiting the land and checking the condition of any structures there. Checking for damage or defects and identifying possible threats are all part of this process.
  6. Get a lawyer’s opinion on all of the contracts and legal papers that pertain to the property, such as the lease, purchase agreement, and any others.
  7. Ask experts for advice: Professionals like engineers or architects should be consulted to verify any technical aspects of the property, including its structural soundness or environmental considerations.

Property due diligence in Thailand can be a complicated process, so it’s advisable to work with a lawyer or other real estate professionals to ensure all important components are evaluated thoroughly.

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Property

Sales Contract Review in Thailand

It takes a lot of money to buy a house or other piece of land. This is why, before signing, you should carefully review the deal. An attorney can check your contract for legality and fairness to make sure it complies with all regulations. You can avoid squandering funds or making a careless decision that could cause problems down the road if you do this.

Misunderstandings, fraud, and other complications abound in the complicated Thai real estate buying process. Having a contract lawyer in Thailand examine the purchase and sale agreement before you sign it is a good approach to avoid these problems.

A sales contract review is an absolute must in Thailand prior to the signature of any buy or sale agreement. Doing so will safeguard you from any vague language that could lead to a lawsuit down the road and guarantee that you are receiving a fair price.

In the event that you discover any unexpected expenses or other issues with the contract, a professional can assist you in negotiating the required modifications. With this in place, you can rest assured that you will have no trouble acquiring the house of your dreams.

If the acquisition deal includes a title deed or an environmental permit, for example, it is wise to have a Thai lawyer go over those as well. If you do this, you can be confident the property you’re buying is legal and suitable for human habitation.

The lawyer preparing the contract has to keep both parties’ interests in mind. Buyers and sellers in Thailand should familiarize themselves with their respective rights and responsibilities before signing a sale and purchase contract, as these documents usually only cover the most fundamental aspects of the transaction.

A skilled attorney can examine the contract in great detail to ensure that all provisions are transparent, equitable, and free of ambiguity. For your peace of mind before signing the deal, they can also give you a rundown of any potential hidden fees or penalties.

If a company values its interests and wants to stay on the right side of the law, it needs this service. It’s a great approach to make sure you’re getting the most out of your investment and to stay clear of any legal grey areas.

Both domestic and international purchasers should take the time to carefully examine the sales contract. Hiring an expert can help clear up any confusion, lessen the seller’s responsibility, and fortify your position in the event of a future disagreement.

If you want to know if the property has the necessary licenses and permissions and if it qualifies for any government assistance, a qualified lawyer can assist you with that. You can use this information to determine if the purchase is worthwhile and if you should proceed with it.

One must not underestimate the significance of reviewing sales contracts. An integral aspect of buying property in Thailand, it can help you save both time and money down the road. Having a lawyer look over your contract could be pricey, but it’s money well spent.

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Corporate

US-Thai Treaty of Amity

The US-Thai Treaty of Amity is an important trade and economic relationship between the United States and Thailand. Its aim is to promote trade, commerce and cultural understanding between the two countries while granting special rights to citizens of both nations who wish to enter the other country’s territory for business purposes or investment.

The Amity Treaty was signed in 1966 and replaced an older treaty based on the 1833 Treaty of Amity and Economic Relations between the United States and the Kingdom of Thailand (AER). It grants American companies special rights, such as the right to maintain a majority shareholding or wholly own their company, branch office or representative office located in Thailand. It also gives U.S. firms national treatment and exemption from most of the restrictions on foreign investment imposed by the Alien Business Law of 1972.

There are a few important things to keep in mind when considering setting up a U.S.-Treaty of Amity company in Thailand:

First, to get protection under the Treaty of Amity, a U.S.-owned company needs to have a minimum registered capital of 2 million Baht or more, regardless of the type of activity it will be doing. This increases to 3 million Baht if a Foreign Business License is required for the activity.

Second, the CS must certify that the company is owned by an American and will be majority American-owned after it is incorporated. This certification will be sent to the Thai Department of Business Development, which will then register the company with the government.

Third, the Amity Treaty requires the owner of the company to be a US citizen. This will require a notarized copy of the owner’s passport or birth certificate.

Fourth, the Treaty of Amity is a bilateral agreement and is only valid until one party terminates it. Both parties can end it by giving a year’s notice to the other.

Fifth, the Amity Treaty does not allow companies to engage in communications or transportation services, domestic trade in indigenous agricultural products, fiduciary or depository functions related to banking, or ownership of land. It also does not permit companies to be involved in a number of other activities that are prohibited by the Foreign Business Act.

Finally, the Amity Treaty allows companies to be dissolved after a certain amount of time passes. This may be a helpful feature if the owner is planning to sell the company, but it can also be an issue if the owner plans to remain in Thailand for an extended period of time.

The Amity Treaty has many benefits for American businesses in Thailand and it is worth considering if you are looking to invest in the country. However, the Amity Treaty is complex to understand and can be difficult to navigate without the help of a professional. Therefore, it is important to work with a lawyer who can ensure that you are compliant with the Amity Treaty’s requirements from the start. If you need help, contact the experts at Plizz to learn more about how we can help your company set up in Thailand and get registered under the Amity Treaty.

Categories
Property

Process of Property Title Transfer in Thailand

When you are looking to purchase a home, condo, villa or apartment in Thailand, it is important that you know the process of property title transfer. This will help you avoid any potential legal pitfalls.

The first step in the process is to find a real estate lawyer who will be able to provide you with reputable advice and protect your interests during the buying process. Having a lawyer with you in the purchase of your Thai property will give you peace of mind and ensure that you are protected from any unexpected issues and possible legal risks.

A lawyer can assist you with all the aspects of a property purchase including; reviewing and approving your contract, ensuring that the property is not subject to any government regulations or restrictions and making sure that you are aware of all the requirements prior to purchasing your Thai property. Having a Thailand lawyer by your side will also make the buying process much smoother and easier for you, which is why you should always seek out this professional assistance before committing to a purchase of any sort.

Once the property has been bought, you will then need to prepare a few documents to transfer the ownership of the property into your name. The most common of these is a Land Title Deed, but there are other types of title deeds that you can choose from.

You will also need to have a valid foreign exchange transaction certificate and a Foreigners’ Land Rights Certificate issued by the local land office before the property can be transferred to your name. These documents are required for any purchase of a condominium in Thailand.

After obtaining all of the necessary documents, you will then need to take them to your local land office and register the property into your name. This is a legal procedure that can only be performed by the local land office and not by any other government agency.

The Land Department is a government agency that handles all of the issues related to real estate in Thailand. They are responsible for the registration of property, issuing title deeds and regulating the land topography.

It is very important that the correct documentation is presented to the Land Department and all of the relevant information is correctly submitted. Failure to do so may lead to costly delays and even a refusal of registration of the property.

When you are ready to proceed with the transfer of your property, you will then need to present the following documents:

– Land Title Deed (Land Certificate) – this is the most common document used for real estate transactions in Thailand. It is a clear and secure document that will show who owns the land.

The land deed will have the title holder’s name and address on it as well as any previous owners who are still named in the deed. This will be a valuable piece of paper for you to keep as it will serve as a reference for all your future real estate transactions in Thailand.

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