The Elegance by Phirunda

The building (the bricks and mortar) can be owned by a non-Thai national outright in their name in what is called the house registry, which secures ownership indefinitely of the structure.

In Thailand, non-Thai nationals cannot own land outright in their name. Land can be controlled through either a Thai Company or a long-term registered lease. The longest registered lease term by Thai law is 30 years, and most developers will offer 3 terms for a total of 90 years.

A 30-year lease period is legally protected under Thai law and ownership cannot be disrupted. It is common for developers to offer an additional two terms of 30 contractually obligating a total of 90 years.

Prior to purchasing a leasehold property, it is important to secure a copy of the lease agreement or get further clarity on these three points:

• - Who is the lessor? (an individual or a Thai Company) Securing a lease from a Thai Company offers much more security than a private individual.
  
  
• - Do I have voting rights as a Lessee? (Some lease contracts do not allow lessee to have voting rights)
  
  
• - Is there a succession clause in the lease agreement that will allow inheritance of the lease?

After you have found the right property at The Elegance by Phirunda you have to follow these steps:

• - Unit selection and agreement of terms and conditions
• - Reservation Agreement
• - Reservation Deposit
• - Sales and Purchase Agreement
• - 1st Contract Payment
• - Payment Installments
• - Snag List
• - Transfer