Buying a condo unseen without a lawyer

[notsofast]

Hi everyone,

 

I have a friend who is bitten by the Thailand bug who intends to purchase a condo near to Pattaya that is built but unseen (except photos) and without a lawyer.

He is being "assisted" in his quest by an broker and a native lady with whom he has a very loose and very long distance relationship with and has no intention of marrying.  He aspires to live there only 3-6 months per year during the UK winter and hopes to AirBnB it when he isn't there.

 

The perils of this would seem obvious to me but he is determined. He has paid a deposit (700GBP on a 30,000GBP price) which is only a deposit to hold the property for a period of time and for which he has been given a single page receipt stating the purchase price and the various service charges.

 

He intends to pull the trigger without having physically seen the property and then arrive the following week and move in.

Barking or not? I have expressed my considerable concern to him without effect so could anyone offer informed advice or at least recommend a suitable lawyer?

 

Thanks!

 

[steven100]

Well ,  if he's buying it sight unseen then that's his business. He runs a risk of maybe noisy neighbors,  maybe poor workmanship, loose fittings ?  cracks or any other abnormalities.

In simple terms :   he's asking for trouble, with no lawyer ...   !  sounds like your friend is not too bright  !! 

good luck.

[Peterw42]

If your friend is buying off a developer then the process can be done from outside of thailand etc, harder to complete from overseas if a normal private purchase as you need bank accounts, proof money came from outside thailand for foreign ownership, someone with POA acting on behalf of buyer etc. 

A normal purchase in thailand is often done without a lawyer as there are some basic checks at the land office that ensure things are in order.

 

From what you describe, with no lawyer or POA, it may be the Thai friend will be buying in Thai name etc. 

 

If he is arriving a week later, why not just wait a week and complete the sale himself.

 

Airbnb is a whole other topic and widely discussed as its illegal and is enforced in some condo blocks.

[KittenKong]

I cant believe the crass stupidity of some farangs who buy property here. You should just tell this friend to wire the money directly to the Thai girl's account and forget about it. He will save a lot of time and hassle that way, and the end result will most likely be exactly the same: he will have no money and no condo.

However, if this friend manages to grow part of a brain over the next few days, the proper procedure would be:

1. pay no holding deposit at all
2. negotiate the price very hard, and negotiate who will pay the transfer fees/taxes
3. open a bank account in his own name here
4. transfer the purchase funds directly from overseas to that account only
5. obtain the FET form from the bank
and then, finally,
6. go in person, with ID and a cashier's cheque for the full amount payable to the vendor only, to the Land Office where the transfer will be completed and the new owner's (his) name written on the chanote (title deed). Only at that time should he pay with the cheque, having verified that the chanote is actually for the unit that he thinks he is buying and not some other unit in another building. He will also need cash for the negotiated taxes/fees mentioned above.
You dont actually need a lawyer for this at all as the lawyer will not do anything useful and certainly wont do what is known as "due diligence" in countries with a proper legal system.

As for buying sight-unseen in Thailand, why on earth would anyone do that? There are hundreds of thousands of condos for sale here and little demand. No one is going to snatch this sub-2MB gem out from under his nose, and in fact the price he has been quoted is probably way over the top, including massive commission for everyone involved in the sale.

Your friend sounds like a complete mug and many Thais will surely love him, at least until all his money is gone.

[baansgr]

What name condo, may have a general idea if its genuine. 

[HampiK]

My concern is that he can't buy it, because he not have an thai bank account yet. And as already before some stated... why not wait 1 week?

 

The most important thing in Thailand (or I guess anywhere) not hurry too much... check good and think again if this is really what you want.