Thai law allows a title deed to be transferred between people, but there are many differences between a Chanote and a Sor Kor Nung (S.K.1) title. In this article, you will learn about the difference between a Chanote and a NS-2 title deed, as well as a Thai condominium deed. If you own a Thai condominium, you will need to know which type you have in order to transfer it to someone else.
Chanote
A full title deed in Thailand gives the buyer full ownership and use rights over the property. The buyer can lease or sell the land with the full title deed, as well as register rights against the land. The document is useful in protecting the property from interlopers. However, it is important to note that Thai law requires owners to use their land. If not, the Land Department can repossess it for a period of five years. Thus, it is important to have a full title deed in Thailand to ensure the safety of your investment.
In Thailand, the highest title of land is called chanote. This document provides the owner with full legal rights over the land. The land is measured by the Land Department and is surrounded by exact boundaries. Afterwards, the owner can sell the property in the same manner as if it were a freehold title deed. It’s important to know the full title deed of the land before you decide to buy it, so that you can avoid legal troubles in the future.
Sor Kor Nung (S.K.1)
Obtaining Sor Kor Nung (S.K.1) for title deed transfer in Thailand is not an easy task. This is because the Land Department does not issue new Sor Kor Nung documents since 1972. Therefore, if you do not have a Sor Kor Nung, you cannot upgrade it to a full title deed with the Land Department.
When looking for a title deed transfer in Thailand, you should be aware of the differences between SK1 and a real title deed. An SK1 is an informal notice of possession that entitles its holder to live in a piece of land. However, it comes with few rights, as its classification is loose. Generally, an SK1 does not confer the right to register the property, apply for a mortgage, or even hold rights. Moreover, a land with an SK1 is generally used for farming and cannot be held by a foreigner.
NS-2
When it comes to real estate transactions in Thailand, it is vital to check the land deed’s title. Many people make mistakes in the interpretation of land, and buy a house that is not on their own land or even on someone else’s. Some even think that the building they’re buying is in their name, but it’s actually on the land of a neighbor, or worse, that the house is on less land.
A Thai title deed is not a NS-2; it’s an Or Chor 2 document. It gives you the right to build on a plot of land but does not grant the owner full ownership and use rights. In Thailand, land title documents are used for transferring land ownership, leasing, and selling properties. In some cases, the owner of a land plot can even transfer their property to a Thai national.
Thai condominium deed
If you are planning to buy a condominium in Thailand, the first step is to obtain a quotation. This document contains details about the condominium unit you’re interested in and the buyer’s name and contact information. The quotation will also state the terms and conditions of the sale. The quotation is an official contract between the developer and buyer, which acts as proof of purchase and payment. A non-debt certificate, listing of all foreign owners in residence, and the original title deed are also required.
The possession title should state the size and area of the unit, as well as other identifying information. The ownership ratio is also listed. The ratio represents the voting rights you have in the condominium company and owners’ association. If you’re buying a brand new condominium, you can choose to pay in installments, into an escrow account, or directly to the developer. While this is a legal requirement, it’s still recommended that you purchase a title deed at the land department.