Resale condo...agent recommendation needed.

[elmerxu]

Hi,

 

Good morning. I have bought a 2 bed room condo in 2015 and which will be delivered by the end of June this year.  As it is too far from our kids school and we want to resale it before transfer, just change the names with the developer.  Can anyone with experience recommend how to do it quickly and effectively? Any english speaking agents recommendations?

 

Many thanks.

[KittenKong]

You would need to check with the developer as to what terms and conditions they apply to this, and how much they will charge you in legal fees for doing it. As you are altering the original contract you have with them the decision is entirely theirs: they are not obliged to do it and they could just insist that you honour the original contract.

Personally I suspect that anyone buying a resale off-plan unit may not end up with the full protection that the original contract allowed for, however little that may be. I also suspect that you may need to offer a big discount in order to find a buyer, unless perhaps you signed your contract very early on and got a very big discount yourself.

[elmerxu]

The developer charge 20K baht to change the name, market price is around 18k-20k per sqm. I am willing to offer a big discount.

[Delight]

11 hours ago, KittenKong said:

You would need to check with the developer as to what terms and conditions they apply to this, and how much they will charge you in legal fees for doing it.

 No lawyer is required when the original contract was created

Why need one now!

The change will mean printing off that many 'word' documents -with signatures from the developer and the new buyer

 

Of course the developer will not do that until he has all his money

 

And you will not allow it until you have all yours.

 

No lawyer needs to be present.

Old contracts need to be destoyed as part of the process total

 

20K sounds too much.

 

The only time that contracts need to enforced by a judge is when either side reneges.

Mostly they just lie in a  drawer -doing nothing.

Suspect that the transer can take place without a new contract.

 

That will simply involve the JPM and the new buyer. I would argue that a new contract is not required

The land office is not interested in contracts

[KittenKong]

A lawyer may not be needed in person but legal fees will be charged to cover the time involved in preparing the new paperwork. Also there is the question of the money that has been paid in the meantime by the first buyer who needs to be sure that he going to be reimbursed for it by the second buyer. This is much more complicated than the first sale contract is and it doesnt really have anything at all to do with the developer. In Pattaya I have heard of one-off payments required by developers of up to 50,000B, and also of some that impose quite large percentage payments. There is no fixed scale, of course, and everything to do with it is negotiable and may or may not be indicated in the original contract. However, as I pointed out, the developer is on a winning pitch as he decides whether it can happen or not and he can impose whatever conditions he likes as he has nothing to lose. In the very worst case he still owns the unit and can sell it to someone else if the original buyer defaults on his contract.

I do not like the sound of your approach very much and, unlike the resale of an existing condo, I think it would always be a good idea to have your own lawyer check through any off-plan contract before signing. Even more so for the transfer of an off-plan contract as the Land Office will not be there to oversee the deal and the contract may contain some very undesirable restrictions. Before you sign is the time to remove those, not after.

The JPM will presumably not be involved as the OP is not yet a co-owner. From the description given the condominium has not even been legally created yet. Only the developer will be involved for now, and eventually the Land Office but not before completion and transfer.

[elmerxu]

Lawyer is not needed here :) Simple steps to change the names of current contract. 

[Delight]

 If  I was the new buyer I would only be interested in 3 things (after the price was sorted)

 

1) The building was  Registered as Condominium Juristic Person

2) The JPM  transferred it into my name. This would only happen when the condo is fully paid  for -by the original buyer

3) That the future looked good in terms of good condo management practice.

 

I would expect that the original buyer -now the seller- to attend the land office . The JPM and I will of course be there.

At some point during the land office procedures I would pay the money

As a gesture of commitment I would have already given the seller 50000Baht

 

 Why would I need a contract when I have the Condominium Title Deed -in my name

 

A contract ceases to have any value after the transfer occurs

[KittenKong]

You seem to have missed the point that this onward sale of the contract to buy is to take place before the unit is finished. Therefore the building will not yet be registered, and there will be no JPM and no chanote. And there probably would not be any management company in place either. That's how "flipping" works: the contract to buy a unit is being sold, not the unit itself.

You may have a long wait for a JPM to attend the Land Office for a condo sale. Why on earth should he? It's none of his business. All he has to worry about is issuing the debt-free certificate and the quota declaration, neither of which would apply in this instance anyway.

[Delight]

14 hours ago, KittenKong said:

You seem to have missed the point that this onward sale of the contract to buy is to take place before the unit is finished. Therefore the building will not yet be registered, and there will be no JPM and no chanote. And there probably would not be any management company in place either. That's how "flipping" works: the contract to buy a unit is being sold, not the unit itself.

You may have a long wait for a JPM to attend the Land Office for a condo sale. Why on earth should he? It's none of his business. All he has to worry about is issuing the debt-free certificate and the quota declaration, neither of which would apply in this instance anyway.

 I am not missing the point

I simply described what I would do if I was buying.

For certain the condo unit is worth more if the building is registered as a CJP.

The OP -if he sells now he is in effect selling off plan. The buyer is taking a risk. That will reduce the final selling price

 

If  I was the OP I would not act to sell until CJP status was gained. From what he  states it is only a few months away

Why rush ?

 

With CJP gained all things improve for both buyer and seller

 

 It is in the interest of the developer to transfer the condo ASAP

For example in the buiding where I live one  condo unit  has not transferred

Therefore the developer cannot close the original company that was set up to build the condo

 

The developer will also  gain a bad reputation -i.e lack of customer care

My advice to the OP is to wait.

Of course his financial circumstances may not allow this.

 

 

 

 

 

[rnalswls2]

I STRONGLY recommend Paul from M Heritage.  I just bought a condo in BKK and he helped me a lot, no language barrier and he had many connections to sell/buy condos. Since it was my first time to through this process I had tons of questions, and he answered any single questions I had :) You will be able to see his awesome reviews including mine here. https://www.facebook.com/MHeritage.TH/

[smutcakes]

10 hours ago, rnalswls2 said:

I STRONGLY recommend Paul from M Heritage.  I just bought a condo in BKK and he helped me a lot, no language barrier and he had many connections to sell/buy condos. Since it was my first time to through this process I had tons of questions, and he answered any single questions I had :) You will be able to see his awesome reviews including mine here. https://www.facebook.com/MHeritage.TH/

Hi Paul

[rnalswls2]

On 2018. 2. 24. at 10:08 AM, smutcakes said:

Hi Paul

I'm not Paul... : -( I think anyone can search my old post that I'm a real condo buyer.. and well it's up to you to believe me or not. 

[mike324]

where is the condo located? 

Perhaps approach the original sales person who sold you the condo? If you can sale at original sale, it shouldn't be too hard and sales people would already have contacts of customers who are interested.