Land in Pattaya is at a premium especially in the most desirable locations such as Pratamnak, Naklua and Central Pattaya so don’t expect to pick anything up for in these locations on the cheap! The important thing that needs to be stressed is that land in Thailand CANNOT be owned by foreigners directly. There are number of ways that this issue can be addressed and it is always advisable to speak to your agent or reputable lawyer in order to establish the best method for you. You can read about this further in our [Legal Section].
People purchase land for a variety of reasons so it is important that you tell your agent the purpose. The reason behind this is because there may be some restrictions on what you can and can’t do with land or it may not be suitable for that purpose. Many people buy land as an investment, purely to sit on it, with the hope and expectation that it will appreciate in value. This is a sensible investment but as in all cases it must be in the right place so again discuss this with your agent.
Smaller plots of land are generally purchased for single houses. There are still plenty of these pieces to be found although owners are often reluctant to part with them and when they do, they are often at inflated prices. It is always advisable to have an agent and a Thai speaker to negotiate on your behalf as there may be some flexibility on price. Remember to consider Thai culture when negotiating and never get angry or do anything that may result in the owner ‘losing face’.
Once you have found a piece of land that is available you will need to conduct some very serious due diligence – even more so than with a house or condominium. Often pieces of land have been handed down through families and therefore have more than one owner. In this case you need to be entirely certain that all parties are willing to sell and are in agreement with the terms of the contract.
A water tight contract needs to be drawn up by either your agent or a reputable lawyer and signed by all parties. It should go without saying that you check that the sellers are the rightful owners, that there are no charges or mortgages secured against the land and that the Chanot (Title Deed) that you have seen is for the piece of land that you are looking to purchase. These verifications can be carried out at the local Land Office and we can assist you with these checks.
As with purchase of a condominium or a house the transaction needs to be completed at the land office. Final payment should be made at this stage along with the payment of all fees and taxes. The seller should hand over the Chanot to the officer at the Land Office in order that the land can be re-registered to your chosen party (remember foreigners cannot own land in Thailand). Once this has been completed you or more accurately, your chosen party will own the land.
If you would like more information about purchasing land in Thailand, Contact Us.