A notary is a public official who plays a very important role in law and business. Almost all agreements that you perform in everyday life need legal backing and proof. The notary public is legally empowered to acknowledge signatures, conduct oaths and affirmations, and issue subpoenas in lawsuits.
How do I become a notary in the U.S?
Notary is a comparatively easy role to secure, in most cases only requiring the applicant to pass a simple test and undergo some form of background check. The applicant must be at least 18 years old and a permanent resident of the state in which he wants to be a notary. Other possible steps include taking an educational course, filling out a notary application form, paying a fee to the commissioning authority, taking an oath of office at the county clerk?s office and obtaining a notary bond. These requirements vary from state to state.
How do I differentiate notary public insurance and notary public bond?
While the insurance protects a notary from financial liability in the case of an error when performing notarization duties, the notary bond only protects the public. The bond can be attained from insurance companies, but personal property can also be submitted as security.
What are notary public seals or stamps?
A complete notarial procedure requires a notary’s signature and seal, evidence that the notary?s signature is genuine and that the person is a notary public. The seal usually consists of the notary?s name, the state seal, the words “notary public”, and the notary public commission number. A text is generally valid if the expiration date is left out by mistake.
What is the term of office for a notary and how is it renewed?
A notary public holds office for four years. His commission renovation is made by mail or in person at the judgment of the appointing clerk. A notary must contact his clerk of a superior court for exact procedures.
What is a mobile notary public?
A mobile notary public is basically a notary who travels to the location of the client in order to fulfill his duties. The services offered are the witnessing of sensitive documents, overseeing their signing, identifying participants and administering oaths when essential.
Where and how can I find a notary public?
Notary publics can be found at a number of county offices, including the register of deeds office. They are also seen at credit union, mortgage companies, financial institutions, insurance company and courthouses. By using the Internet referral services or the yellow pages of telephone books, you can easily find a list of businesses and people who offer notary public services.
Koh Samui, Thailand
Koh Samui, Thailand has long been the locale of choice for paradise seeking foreigners from all parts of the globe. Its shimmering turquoise waters and sun bleached, white sandy bays are lined with bungalows, villas and resorts. Its happening night life with a plethora of restaurants feeds the epicureans and provides a magnificent back drop to beautiful sunsets and starry nights. It’s no wonder that so many foreigners want to own property in Koh Samui, but like any other property market in the world, it’s important to know understand the legal implications, visa requirements, and tax guidelines involved before deciding which property you are going to invest in.
Getting To The Island
Before investing in Koh Samui property, you must first feel confident that traveling to and from the island has been made easy and convenient for tourists. After all, they play a major part in helping Samui’s economy grow and helping tourists get to the island should be top priority. The most convenient way to get to Samui is by flying with Bangkok Airways from Bangkok, Singapore, Phuket, Pattaya, and Chiang Mai. There are 15 daily 80 minute flights between Samui and Bangkok and 4 weekly 90 minute flights between Koh Samui and Singapore. Alternatively, several ferries and catamarans run from Surat Thani or Don Sak on the Thai mainland. There are almost 10 daily departures between Samui and Ko Pha-Ngan.
The Samui airport is a unique and highly successful experiment in building an airport that is kind to both the cultural and natural environments of a tropical island resort. Flying in, you get brief glimpses of outlying islands, streaks of surf, the wakes of small fishing craft sketched across the calm aquamarine sea. Smudges of coral reef dapple the water as you come in closer still. Then the coast of Samui appears. Two hundred and fifty kilometers of tropical hideaway scalloped by dozens of bays rimmed in white sand, carpeted in lush textures of forested hill and coconut grove, Samui is the centerpiece in a group of 80 other islands set in the Gulf of Thailand.
Located 2km north of the main village Chaweng, Koh Samui Airport serves both domestic and international flights including Bangkok Airways, Thai Airways International, Berjaya Air, and Firefly.
Koh Samui Property Tax Guidelines
If you’ve already done your research and you are looking to invest in Koh Samui property, you really should understand how the tax liability can affect your overall return.
All Koh Samui property owners in Thailand are liable for tax on rental income, which is based on either standard personal income tax (PIT) rates for “resident” tax payers and a at 15% PIT rate on assessable income for non-resident tax payers. A person becomes a “resident” tax payer if he or she spends more than 180 days in any tax year in Thailand. Thailand does not charge a separate capital gains tax for foreign buyers. All earned income from capital gains is taxed the same as regular income. The highest rate of income tax is currently 37% per year.
When purchasing property in Koh Samui, it is quite standard for the purchaser to be solely responsible for the payment of all transfer fees as well as taxes duly charged by the competent land office in connection with the registration of transfer of ownership of the property. This includes the government transfer fee, withholding tax and specific business tax as well as stamp duty and other costs and expenses arising out of the registration of the transfer of ownership to the purchaser.
Transfer fees are typically 2% of the registered value, stamp duty is.5% of registered value, withholding tax is 1% of the appraised value, and business tax is 3.3% of appraised value. Income tax is usually between 1-3% on Koh Samui property. There are no established rules regarding who pays the income tax while this is simply another part of the bargaining process during the property purchase as are all other costs relating to the transfer of ownership. Tax on Rental Income is 10-30% of rental income depending on the type of property. Lease Registration Fee is 1.1%
Transferring Money To Purchase Samui Property
Unlike most developed economies where transferring money to and from bank accounts is relatively straight forward and easy, this is NOT the case in emerging markets like Thailand. Before purchasing property in Koh Samui, it is very important to understand exactly how to transact and what needs to be done prior to purchase. Reason for the complexity of this issue is because of the Thai laws concerning Foreign ownership of Condominium Property. According to Thai Law, foreigners may own 49 percent of the aggregate sale-able unit space of a condominium building while the remaining 51 percent must be owned by either Thai nationals or majority owned Thai Companies. Below is a step by step guide on how to transfer money when dealing with Koh Samui properties.
Normally throughout the transfer process, the purchaser has to instruct the gateway bank to identify the name of the sender to be the same as the receiver’s. The Land Department will accept the name of purchaser to be either sender or receiver of the transferred money.
If the money receiver is an individual but wants to put the unit in the names of two people, the sender has to instruct the gateway bank to specify the names of two people together with the purpose of buying condominium.
Mr. Smith transferred money to Mr. John and would like to put down the names of two people, Mr. Smith must also instruct his bank to specify the purpose as being to buy the condominium by both Mr. Smith and Mr. John. In this case, the land department can accept this and permit the transfer.
The Land Department also can accept the transfer even if the sender’s name of the receiver’s name is not the purchaser’s name but the sender should instruct the gateway bank to put the purpose as being to buy the condominium by (Purchaser’s name). The amount of money must be equal to or higher than the selling price declared to the Land Department.
Alternatives To Transferring Money To Purchase Koh Samui Property
For the avoidance of any doubt, we recommend wherever possible that Samui property buyers arrange for their local bank to issue the Foreign Exchange Transaction Form for all remittances. In this case you would transfer the funds directly to the Developer’s bank account in the prescribed format, and the Developer will arrange for the Foreign Exchange Transaction Form to be issued by the Developer’s Bank.
For the buyers convenience, we strongly recommend that you transfer the funds directly to the Developer’s bank account, but ONLY do website so if you know and trust the developers and know exactly where your money is going. In most cases, the developers will use a third party escrow arrangement typically put together by a local attorney. This is always the most secure way to exchange contracts as the developers are not allowed to access your funds until the title deed on the property has been transferred to you.