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Foreign nationals can own the building (villa) in their own name but not the land that it stands on.
Foreign nationals cannot own land in Thailand. The options in which a foreigner can control the land are via a 30-year lease or by purchasing the land through a Thai company.
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.
#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?
After you have found the right property at Sala Samui 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
Villa (Plot1 and 3) Installment Milestone Payment Deposit Immediately ฿200,000 1st Installment Upon contract signing ฿3,500,000 2nd Installment At the completion of the footing, column, beam and floor ฿3,000,000 3rd Installment At the completion of the roof, walls and coating ฿3,000,000 4th Installment At the completion of the roof, walls and coating. ฿2,500,000 5th Installment At the completion of the electricity, plumbing, ceiling, tiles ฿1,700,000 6th Installment On handover ฿100,000 Villa (Plot7 and 9) Installment Milestone Payment Deposit Immediately ฿200,000 1st Installment Upon contract signing ฿3,000,000 2nd Installment At the completion of the footing, column, beam and floor ฿2,500,000 3rd Installment At the completion of the roof, walls and coating ฿2,500,000 4th Installment At the completion of the pool structure ฿1,500,000 5th Installment At the completion of the electricity, plumbing, ceiling, tiles ฿1,200,000 6th Installment On completion ฿100,000 Villa (Plot13 and 14) Installment Milestone Payment Deposit Immediately ฿200,000 1st Installment Upon contract signing ฿2,300,000 2nd Installment At the completion of the footing, column, beam and floor ฿2,000,000 3rd Installment At the completion of the roof, walls and coating ฿1,500,000 4th Installment At the completion of the pool structure ฿1,500,000 5th Installment At the completion of the pool structure ฿1,000,000 6th Installment On handover ฿100,000 Villa (Plot 15 and 16) Installment Milestone Payment Deposit Immediately ฿200,000 1st Installment Upon contract signing ฿2,000,000 2nd Installment At the completion of the footing, column, beam and floor ฿2,000,000 3rd Installment At the completion of the roof, walls and coating ฿1,500,000 4th Installment At the completion of the pool structure ฿1,200,000 5th Installment At the completion of the electricity, plumbing, ceiling, tiles ฿800,000 6th Installment On handover ฿100,000
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