Land is recognized as an invaluable asset, serving various purposes such as residential, agricultural, industrial areas, and as collateral. It also symbolizes status, prompting many to aspire towards land ownership despite its high cost. The journey to acquire land underscores the necessity of understanding land title deeds, which are crucial for anyone looking to sell, buy, or rent land. These documents are pivotal in confirming ownership and the right to profit from immovable property. Today, we delve into the different types of land documents to enhance your understanding.
The primary document in land transactions is the ownership title deed. It serves as proof of land possession, indicating the owner's claim over a plot. However, it's important to note that the Sor Kor 1 form, which used to serve this purpose, is no longer valid. Sor Kor 1, based solely on the owner's declaration and not government-issued, does not facilitate legal land transfer. It only signifies the owner's intent to claim ownership without official transfer rights.
Following that, the Nor Sor 2 document acts as a temporary permission from the government, allowing the holder to benefit from the land. This reservation document is issued by governmental authorities in accordance with the land code, contingent upon periodic announcements for land reservation opportunities within various localities.
The third category includes documents that provide assurance of benefit entitlement, issued by government offices. Nor Sor 3 is applicable to general land without specified boundaries, relying on floating maps rather than precise locations. Nor Sor 3 Gor and Nor Sor 3 Kor are for lands with defined boundaries, distinguished by aerial photographs and local government issuance, respectively. These documents affirm the land's utility and boundary accuracy, essential for safeguarding against unauthorized encroachment.
The Certificate of Ownership Type 5, or the Title Deed, is the most definitive ownership document, confirming land ownership under current law. This includes a map, title brief, and status indication, safeguarding the owner's rights and facilitating financial leverage, such as loans for business expansion or personal wealth enhancement.
It's crucial to actively use and maintain your land to prevent legal forfeiture. Neglecting land for over 10 years (Title Deed) or 5 years (Land Use Certificate) can result in government reclamation or loss of ownership to adverse possessors. Active management ensures the land remains a valuable asset and legacy for future generations.
Understanding these documents is essential for safeguarding your land ownership rights and optimizing the benefits of land investment in Thailand. This knowledge not only protects your assets but also empowers you to make informed decisions in the real estate market.