Guide to buying your villa at Baan Yu Yen
Securing your villa as a foreigner, without a Thai spouse or family member, within the kingdom of Thailand is relatively simple.
The current law states that foreigners can not hold land freehold in Thailand and because of this, the preferred method of securing land is through leasehold. A foreigner can safely secure the right to use the land by registering a lease agreement on the title deed within the land registration department for a maximum lease term of 30-years as well as receiving an additional two more signed leases of 30 years each, for a total of 90 years.
Each plot of land within Baan Yu Yen will have it’s own Certificate of Land and once the lease is registered, the certificate of land will then contain your name with all details of the lease since it is attached to the Certificate of Land and maintained at the Land Department.
Once registration of the lease agreement is complete your name is then registered in the home registration book showing you own the structure 100% and making your villa transferable or sellable in the future.
You have two options if you decided to sell your villa to another foreigner during the 30 year lease term. 1. The remainder of the existing 30 year lease agreement can be assigned to the new owner. 2. The current 30 year lease agreement can be cancelled allowing a new 30 year lease agreement to be registered in the new owner’s name. Once complete the house registration book is also transferred to the new owner and they own the villa 100%.
This allows you the ability to transfer or sell your villa to a third party.
At the time of registration you also have the option to add a younger family member onto your lease giving them the rights within the lease and the lease agreement contains an inheritance clause so you can add it in your will for an heir/successor.
If you are selling to a Thai national the 30 year lease agreement is cancelled and the Thai National will be registered in their name on the Certificate of land. Once complete the house registration book is also transferred to the new owner and they own the villa 100%.
Contact us, if you have any further questions or would like to meet and discuss your options.