Buying a house in Udon Thani (Thailand)
Fourth largest city in Thailand, with a population of 230,000, Udon Thani is situated in the North eastern region of Thailand, about 450 km from the capital Bangkok, being an agricultural and commercial hub, but also known for its tourist attraction, shopping facilities and rich nightlife
If you want to buy or build a house in Udon Thani, there are a few things you should be aware of. First of all, as a foreigner, you cannot own land in Thailand, but you can own a building and you can have different kind of agreements concerning the land. One of the possibilities is to contract a lease on the land, for a maximum of 30 years with an option to renew, thus getting ownership of the house. Another way would be to get a usufruct on the land (or land and house) for lifetime, that is to have a contract with the owner of the land/house, which grants you the right to possess, use and enjoy the benefits of an immovable property. You can also make a loan agreement to a Thai, and protect your investment by adding a registered mortgage as collateral.
You should also carefully read the terms and conditions of any agreement before signing it, and abide by the local rules and laws (for instance, all the rights mentioned above – lease, usufruct, mortgage – must be registered at the local Land department), otherwise it might be too late. In the case of a divorce, for example, things might get complicated if you have bought a house or if you have had a house built on a land. If you have a registered marriage, by Thai law, you own 50% of any land or building you possess, provided you registered the property in your name as well as in your wife’s name, but you will probably need legal services for all the details.
You shouldn’t neglect the building agreements either, they might protect you as regards to the costs of various building material, which are not stable, to the quality of materials, the delays to construct, the warranties on the construction, the taxes and fees, the utilities, etc.
In any of the cases, the best thing to do is require a specialist advice before you purchase a property in Udon Thani in order to make sure that your rights are protected.