Conveyance in Bangkok’s real estate market is a type of legal transaction. This transaction involves the transfer of property rights from one entity to another.
Types include leaseholds and freeholds, serving as higher categorizations of property rights transfers.
Conveyance differs from mortgage agreements primarily in its nature of transaction. Mortgage agreements involve lending agreements secured by real property, whereas conveyance directly transfers ownership or long-term use rights.
Leasehold conveyances grant rights to use for specific periods, while freehold conveyances transfer outright ownership, illustrating the distinction.
Popular features specific to conveyance in Bangkok include transfer of title deeds, registration of property rights, and payment of transfer taxes. Transfer of title deeds legally signifies the change of ownership.
Registration of property rights with local authorities confirms the transaction. Payment of transfer taxes to the government finalizes the conveyance.
Common conveyance features include the requirement for legal documentation, involvement of real estate agents, and need for due diligence. Legal documentation ensures the transaction complies with Thai law.
Real estate agents facilitate the process between buyers and sellers. Due diligence allows buyers to verify property details and legal standings.
Unusual conveyance features in Bangkok may include the necessity for foreign buyers to navigate restrictions on property ownership, the option for long-term leases up to 30 years as an alternative to freehold for foreigners, and specific requirements for transferring property rights within certain zones or types of property like heritage sites or properties within restricted areas.
Unique conveyance features involve the Thai government’s specific approval process for foreign ownership in certain cases, such as condominiums where foreign ownership is capped at 49% of the unit space within a building, the use of Thai Baht for all transactions, and the potential involvement of the Foreign Ownership Review Board for large-scale transactions by foreigners.
Conveyance in Bangkok’s real estate market requires more stringent checks for foreign investors compared to locals, with additional layers such as the Foreign Ownership Review Board approval, showcasing how conveyance practices are tailored to the regulatory environment and ownership laws in Thailand.
For further details on terms discussed, visit our glossary about Bangkok real estate.