procedure selling condo

[lenyronjohan]

In what following order is the procedure to sell a condo: When exactly is the money paid by the buyer tot the seller? When do buyer and seller go to the bank? When to the landoffice? When is the blue book handed over plus map of condo? Is a contract needed and what for?

[HampiK]

The seller and the buyer go to the Land Office together.

There has probably before paid a security sum, when signing the contract to buy the condo. There are standart contract available. This security sums normally will not be paid back if the buyer changes his mind and not buy the condo. So the seller has a small security (depending on the amount).

 

At the Land office the Buyer should have a cheque of the amount (In some cases 2 cheques needed, as 1 is for pay back the money to the bank and another one for the rest to the seller or 2 cheques for hiding the real values as some like to do).

At the Land office there are all major banks available who also check the cheque so far is know (please correct if they not check)!

After the Land office made all the changes on the papers the cheque changes hands and you will receive your blue book, Chanote and the Contract of the Condo. Or if you are the seller you receive the cheque. If on your site a Bank was involved (loan) then of course the bank will take the cheque with the rest of their money. As you could see on the Chanote. They will change the name on the Chanote as well.

[Peterw42]

Buyer and seller dont need to go to the bank together, buyer may go to get a cashiers cheque, seller may go to bank the cheque. buyer and seller go to the land office together, buyer has a cashiers cheque and an FET (if buying foriegn title) seller has a letter from the condo office fees up to date and foriegn quota available (if selling foriegn title). Buyer hands over the cheque when the land office advises his name is on the chanote. Land office will issue a new bluebook along with the chanote. There are no Maps issued.

[lenyronjohan]

If buyer presents the cheque. When and where to check if the cheque is OK? If the blue is allrready in the hands of buyer it might be too late.

[blackcab]

Moved to the Real Estate forum.

[LukKrueng]

On 8/23/2019 at 10:31 AM, Peterw42 said:

Land office will issue a new bluebook along with the chanote

blue book has nothing to do with house/condo ownership and is not issued/dealt with by the land office. It is just an address registration for Thai people and doesn't prove ownership. No need to issue new book when house/condo changes ownership. It is simply updated at the district office as to who resides on the premises

[Peterw42]

2 minutes ago, LukKrueng said:

blue book has nothing to do with house/condo ownership and is not issued/dealt with by the land office. It is just an address registration for Thai people and doesn't prove ownership. No need to issue new book when house/condo changes ownership. It is simply updated at the district office as to who resides on the premises

When you buy a property the land office issues a new blue book along with the chanote, if you have purchased a property in Thailand you would know this.

Yes, a blue book is nothing to do with ownership but they are issued by the land office, you can add and delete people at the ampher. 

 

A new blue book is issued by the land office when a property has changed hands, a book goes with the property, I have owned 3 properties and got a brand new blue book from the land office every-time. there is no exchange of existing blue-book at the exchange of ownership.

Its easier to just get a new book when you buy a property rather than chase up the old owner, it could be lost, stolen or the previous owner may not hand it over, also saves a trip to take chanote to the ampher etc

[Peterw42]

On 8/23/2019 at 11:25 AM, lenyronjohan said:

If buyer presents the cheque. When and where to check if the cheque is OK? If the blue is allrready in the hands of buyer it might be too late.

its usually a cashiers cheque (also known as a bank cheque), it cant bounce, its as good as cash. Land office also takes a copy of the cheque for records. If there was something wrong with the cheque, its not like the police dont know where the buyer lives. you can do online bank transfer on your phone or exchange a suitcase full of money if both parties agree.

 

Bluebook isnt the ownership document, the chanote is. 

 

 

Edited August 24, 2019 by Peterw42

[Mavideol]

On 8/23/2019 at 11:25 AM, lenyronjohan said:

If buyer presents the cheque. When and where to check if the cheque is OK? If the blue is allrready in the hands of buyer it might be too late.

cashier's check, like cash, no need to check if it's ok or not, bank only issue cashier check if money was there

[newnative]

10 minutes ago, Mavideol said:

cashier's check, like cash, no need to check if it's ok or not, bank only issue cashier check if money was there

     If the cashier's check is made out to the seller's name, it's a good idea to have the buyer snap a photo of the check and send it to the seller in advance to verify the information is correct before both parties go to the land office.  In one of our sales, my name on the cashier's check was misspelled and, when we called my bank from the land office to check if they would accept it, the bank said no.  The buyer had to go back to his bank and get another check made.

[newnative]

   The OP asked if a sales contract is needed and I definitely say yes.  A proper sales contract should: 

Specify the amount of the purchase and the downpayment; specify a closing date at the land office; specify what happens if the closing date is not met by either party; specify what sort of payment, such as a cashier's check, is required by the seller; specify who will be paying the closing costs at the land office; specify if and when the buyer can enter and inspect the property prior to the closing; specify in detail what comes with the property; specify if the property is in foreign quota if a condo; specify when the seller will vacate the property and when the buyer can occupy the property; specify what happens to the downpayment if the buyer or seller does not complete the condo sale transaction; specify that the buyer, if foreign,  will have an FET that covers the purchase price; specify that the seller will have the debt free letter at the closing; specify how the electric meter will be transferred; and specify, if a condo, how any already paid maintenance fees by the seller will be handled.

     I may have forgotten one or two things but, having bought and sold a number of condos, I have found that the more complete and detailed a sales contract is, the less chance of misunderstandings.

[jobsworth]

On 8/23/2019 at 10:08 AM, HampiK said:

or 2 cheques for hiding the real values as some like to do

when i sold my condo i am convinced that this is what happened but if you object the agent will refuse to buy the condo.

you don't know that the buyer is an estate agent. there is a period of two months between exchange of contracts and completion.

during this time the agent will advertise the condo at an increased price.

when you all go to the land office together there is a buyer who is not the agent.

after completion the buyer will go with the agent to their office and the buyer will hand over another cheque to the agent.

"the other matter that we talked about..."

in a market like Pattaya where there is a massive over supply of condo's for sale there is nothing that the seller can do but go along with the deception.