SECURE, REGISTERED LEASEHOLD TITLE
In Thailand it is not possible for foreigners – either individuals or “juristic entities”, i.e. companies – to own land freehold. They may however own a house or property on leased land.
The purchasers of The Lai Thai apartments will thus take possession of their units by a 30 year long term lease (the maximum permitted by Thai law), with the option for two additional 30 year periods included in the contract, making a total of 90 years leasehold ownership. At the time of transfer, the long term lease will be registered at the Krabi Provincial Land Department, which offers complete legal protection to the purchaser.
The land to be used in The Lai Thai project was acquired in 1994 and is solely owned by the family operating the current resort. The title deed is entirely free of lien, making all leases uncomplicated and risk-free.
PAYMENT PLAN & MAINTENANCE SCHEDULE
Transfer of funds for apartment units will be made in stages: first a reservation deposit will be due, followed by staggered payments throughout the construction process (for those who purchase before construction is complete).
At the time of transfer of ownership, various closing taxes and expenses will be due, as well as the sinking fund fee and the annual maintenance fee. Full details are available after (no obligation) registration.
A maintenance fee for each unit, levied by the resort management company, will be due annually; owners will also be responsible for the annual payment of building tax, levied by Ao Nang Subdistrict Administration. Sinking fund assessments will be made every 10 years.
