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Q: When will the project be completed?
A: Construction of Chaweng Sila began in February 2008 and completion of this standard-setting development is slated for December 2010. Four showhouses will be ready for viewing early 2009.
Q: What ownership structure is available at Chaweng Sila?
A: At Chaweng Sila, we offer both freehold and leasehold structures, depending on the eligibility of the purchaser. Under the present law, freehold ownership is available to Thai nationals or Thai registered companies. For non-residents, we provide 90-year leasehold ownership, comprising 3 successive 30-year terms. Through leasehold arrangement, non-residents can acquire a villa without the hassles of having to set up a Thai company (non-Thais can only own up to 49% of a company, the balance owned by Thais).
Q: Are there charges related to freehold and leasehold registration?
A: Yes, there are charges associated with the registration of both freehold and leasehold interests and these fees are payable to the Land Department. For freehold interest, the associated costs include transfer fee and stamp duty, while for leasehold interest, registration fee and stamp duty.
Q: Can leasehold interest be assigned or converted to freehold interest?
A: After registering the lease agreement at the Land Department, the purchaser will have unfettered rights to use the land and improvements, in accordance with the terms and conditions of the lease agreement. Leasehold rights can be transferred to a third party but the new owner shall remain bounded to the conditions and provisions stipulated in the initial lease agreement. An option clause to convert the property to freehold status during the term of the lease is included in the agreement, providing the Lessee is qualified under the Thai law. The Lessee would be responsible for all taxes, legal and administrative costs associated with such conversion.
Q: Is there a warranty offered by the developer?
A: Yes, a 5 year warranty on the main structural parts of the building, including piles, footing, slab, roof structure and load bearing walls is offered by the developer.