The Residences at Sheraton Phuket Grand Bay

The common area maintenance fee is ฿80 per square meter based on the size of the indoor area of the property. This fee has to be paid every month by owners for the upkeep of the common areas of the project. For new residential developments, it is common to pay up to 1-3 years’ common area maintenance fees in advance upon the transfer of the properties' ownership.

For new projects, the buyer pays a one-off lump sum upon transfer of the property from the developer to the buyer. This fund is to be used for major renovations and replacement of equipment when necessary, to ensure the maintenance of the building and the common area. At The Residences at Sheraton Phuket Grand Bay the required payment for the sinking fund is ฿1,000 per square meter based on the size of the indoor area of the property.

Bang Rong Pier is the closest Pier from The Residences at Sheraton Phuket Grand Bay and it is 1.47 km away.

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.

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After you have found the right property you have to follow these steps:

1. Agreement of terms and conditions

2. Reservation Agreement

3. Reservation Deposit 

4. Sales and Purchase Agreement

5. Settlement & Transfer 

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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.

#1 - 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. 

#2 - Do I have voting rights as a Lessee? (Some lease contracts do not allow lessee to have voting rights)

#3 - Is there a succession clause in the lease agreement that will allow inheritance of the lease?

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Thailand has different visas like Spousal Visa, Retirement Visa, Student Visa and Elite Visa - just to name a few options. Each visa has different requirements but they are usually easy to obtain.

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