There are many types of land titles in Phuket , Thailand which deals in real estate since last seven years. Through this article you will be able to know about some of the land titles in Phuket.
Sor Kor 1 - In Phuket and in Thailand this type of land still exists, but it was used a long time before. This type of title gives you the right to farm the land but you will not be able to sell it. It is also be known as possession right to use the land. If you are buying the land near this kind of land then be careful about this, it delays Chanote making process by several months as it can be approved by another local government office.
Por Bor Tor 5 – This type of land is built on in the past , as it is very common in the island. Generally this type of land is farm land or agricultural land having no owner at the local office, and the village chief administers and controls this land.
Por Bor Tor 6 - For this land documentation for the tax number should be given which shows the land is taxable and has nothing to do with ownership rights.
Sor Por Kor 4 – 01 - In this type of land , title cannot be bought or sold and was allotted by the land development reform committee. This type of land can be passed down to direct heirs only. The idea was so poor people could have land.
Phuket Land Types – Greater Titles - In this section we will know about the lesser land types.
Nor Sor 3 - Nor Sor Samm this title assures you that the land has been issued by the local government . Generally this title has no parcel points that are clearly marked and no reference points connecting plot of land. The owner can use this land for his benefit. This land can be bought and sold, but the boundaries of the land are recorded concerning the neighboring plots. When you convert the land to a chanote title you will get the loss of 20% and more.
Nor Sor 3 Gor - This title is similar to the Nor Sor Samm . It gives you the right to use the land . It is upto your choice, whether you can buy, sell or divide the land .
Survey errors occur frequently buying this land and it will require notification of all neighboring land owners if you want to do a new survey.
If the land borders Sor Por Gor land ,and if you later decide to make this a chanote title then it may be needed that the property should be inspected by everyone from the Sor Por Gor office . This will spend a lot of time and money.
Nor Sor Samm Ghor - This may be subdivided to a chanote title for which you have to take permission from all your neighboring owners. They have to sign off on your boundaries. This process to get 100% with the land office will take a lot of months.
Nor Sor 4 Jor or Chanote title - In Thailand , deed for land purchase is preferred as chanote title. All the boundaries have been GPS certified and the title boundaries are clearly marked on the land and on documentation.
The land itself will have 10 cm in diameter by 30 cm long uniquely numbered concrete land office markers. They are buried in the ground with the top showing for easy viewing and locating.
If you require a money loan then the bankers are ready to take chanote as a collateral. It is much safer for the foreigners to buy land made into a chanote title. Chanote land is mostly desired by the foreigners. In the Phuket real estate market all these land titles exist And the smart investors will always choose the land that has upgraded title to chanote status.
In Phuket many of the properties can be bought either from real state auctions or land auctions. Everyday many auctions take place in the island . If you're in the right place at the right time , then you will get good discount on buying one of the properties.
Following these few things it will be easy to buy property like a house, bungalow, condominium or an apartment in Phuket . It's forbidden for foreigners to own land in the kingdom of Thailand. You will require a company set up in the case of any kind of land transaction.
If the condo title is a freehold title then the foreigners are allowed to buy it and if its not then they may be able to lease it for thirty years with a possibility of extending it for another thirty years.
While buying a property at auction it is very important to do research on the title. The only way to do this is , have a Thai ask. The property have a public road or it is title free and clear of liens, are the example of things you will want to know. This can be often difficult for the lawyer to answer, as there is very short time in between the property is listed and the time it goes to auction. Another way to have property is from several banks, as they have properties available. These banks also sell these properties at special open houses, like big one in Bangkok called NPA.
You can also find many of these on the internet but you will need to have a Thai reader, because many of the websites are in Thai.
Many newspapers also publish Phuket land or property auction notices. You need a help of your Thai friend who will alert you to the Phuket properties that come available. A smart investor can get a good discount buying properties in Phuket at auction if they have researched the title and make sure of having no problems with the land. A competent lawyer can do the necessary background checking on the land to make sure of the title is free and clean. One can find Phuket property suitable to purchase at auction , by doing proper research on the land title and getting all the information like zoning, electric , water and mineral rights.