Procedure For Transfer Of Condo Ownership

[Magdalen]

Can anyone please advise on the normal procedure as to how a condo is paid for by the buyer when sold. The agent has advised that the 

transfer and payment is to take place at the Land Department, and that payment will be made by bank cashiers cheque against the 

exchange of the title deed document.

 

Is this the standard procedure?  Presumably if the cheque is a bankers draft it cannot either be cancelled or bounce?

 

Thanks in advance

 

 

[Peterw42]

Yes, standard procedure,

Its pretty straight forward, both parties go to the land office, land office does there stuff and will advise when to hand over the cheque, when your name is on the chanote. Agent usually takes care of all the land office dealings, advising both parties , as they want it sold to get their commission.

There are checks done and the sale wont go through if buyer or seller dont have correct documents, and the cheque is still in your pocket.

[baansgr]

Cashiers cheque is as good as cash.  If deposited in same named bank clears immediately, if conflicting  bank takes two working days to clear. 

[soistalker]

Do all of the payments need to come from overseas if the new owner is a farang?

[Peterw42]

1 minute ago, soistalker said:

Do all of the payments need to come from overseas if the new owner is a farang?

Yes, and a bank document to prove to the land office is required. Under $50kUS banks usually do a letter, over $50kUS the banks do an FET document.

[hereforgood]

 It went exactly as you have described when I bought my condo only difference the seller insisted on cash which was not a problem. We exchange the cash for the deed and the Blue Book after it was put into my name at the land office. Went very quick and easy

[rocketman777]

Yes as previously said - this is standard procedure.  But as a word of caution , make sure the Bank Draft is payable in your name,

 

May sound obvious but I remember a situation some years ago where the Draft was made out  in the  agents/attorneys name , and they ran away.