General Info on Buying a Condo / Lawyer recommendations?

[Gee Bangkok]

Hi All

 

General Info on Buying a Condo / Lawyer recommendations? In BKK 

 

Anyone know a good lawyer please? 

 

I've looked on this form for a step by step guide to buy? 

 

Yes I know it's not the best investment. Looking at condos in the area I've lived for 5 years. 

 

Cheers 

 

Gee

[Gsxrnz]

https://www.thaiembassy.com/property/purchasing-condominium-in-thailand

 

[Peterw42]

OP, you will find not a lot of people bother with a lawyer, if its just a straight froward foreign title condo then its a pretty simple process. buyer and seller go to the land office together, property transfer wont happen if there is anything wrong with title, mortgage etc. You hand over the money when your name is on the title deeds.

 

[Gee Bangkok]

Yes I think so. A straight forward process. 

 

Ok if I send money for abroad, I can use Transwise / Wise and mark as buying property, then get a letter from my Thai bank? 

 

Deposit is paid to who? Seller direct? 

 

Cheers 

[Peterw42]

11 minutes ago, Gee Bangkok said:

Deposit is paid to who? Seller direct? 

Depends who you are dealing with, if an agent is involved then they may get a deposit. If dealing direct with the owner then you may pay a deposit to them. You can do the whole process with little or even no deposit, its really just a show of faith that you are serious and will be at the land office next Tuesday to buy.

You may want to check, but I think there are limits for wise transfers nowadays. For large amounts like a condo purchase it actually works out cheaper doing a regular (fixed fee) swift bank transfer, and its all correctly documented etc.

Edited October 31, 2023 by Peterw42

[OneMoreFarang]

57 minutes ago, Gee Bangkok said:

Yes I think so. A straight forward process. 

 

Ok if I send money for abroad, I can use Transwise / Wise and mark as buying property, then get a letter from my Thai bank? 

 

Deposit is paid to who? Seller direct? 

 

Cheers 

Buying a condominium when you are in Thailand is one thing. Buying one without being in Thailand is another one.

I bought one in Thailand, without a lawyer. I had a friend, who is a former property agent, supervising the process. No problem.

If you are not in Thailand, then obviously you need someone who you trust with a lot of money. I would consider coming to Thailand to do it here yourself. 

[sikishrory]

I'd use a lawyer and do due diligence.

I got a lot of benefit from using the lawyer and he picked up on things that I wouldn't have noticed.

It varies with different lawyers though. The developer in my case presented due diligence another buyer had supposedly done with another lawyer. Then my lawyer found a number of things he wasn't happy with and changed.

He also negotiated much better payment terms and discounts.

This is off plan.

I think if I was to buy an existing one I would still run it (the contract) by my lawyer for piece of mind.

For the bank letters I found dealing with the banks through calling and emails much simpler than trying to deal with actual banks which were trying to complicate things.

You call them and tell them you want the credit advice for a certain transfer and they email it to you.

For me personally developer kept saying to just transfer from overseas direct into their account. This is problematic if your transfer goes missing (it happens often) as you can only rely on the developer following up his side of it and you have no control. Also the I believe the developer gets the credit advice documents and not you.

According to my lawyer you may need those documents in future if you wish to transfer that same money out of Thailand.

Maybe some of this is not applicable to you but someone might find it helpful.

[Gee Bangkok]

I've been told by Bangkok Bank today they  Transwise / Wise is OK. Does matter if sent in a couple of transfers. And to be in Thai Bhat into my bank here. Then go to BB Head Office in BTS Sara Daeng. To get certificate. 

 

How's that sound? 

 

Cheers 

 

Gee

[Seeall]

8 hours ago, Peterw42 said:

Depends who you are dealing with, if an agent is involved then they may get a deposit. If dealing direct with the owner then you may pay a deposit to them. You can do the whole process with little or even no deposit, its really just a show of faith that you are serious and will be at the land office next Tuesday to buy.

You may want to check, but I think there are limits for wise transfers nowadays. For large amounts like a condo purchase it actually works out cheaper doing a regular (fixed fee) swift bank transfer, and its all correctly documented etc.

Need over usd 50k to receive income transfer form filled out from bank (for show when you want to transfer out of TH the cash..)

[GypsyT]

"Ok if I send money for abroad, I can use Transwise / Wise and mark as buying property, then get a letter from my Thai bank? "

 

Are you aware WISE use THB already in Thailand?

 

IF you need to show, what ever reason, funds came outside of Thailand you're in trouble.

[treetops]

3 hours ago, GypsyT said:

IF you need to show, what ever reason, funds came outside of Thailand you're in trouble.

Wise have procedures specifically set up to prove funds have been transferred from overseas.

[Gee Bangkok]

Thank you all again for your information. 

 

My only question going forward,is at the land office transfer of name for a condo. What do I walk away with chanote and what else? And should that show my name in English? 

 

Thanks again 

 

Gee

[karl2007]

When I bought my condo 4 years ago I used sunbeltasia. I think I paid 25,000 THB and it was worth it. They explained the process, checked all documents, checked the seller, purchase agreement, some other things, and finally made an advance appointment with the land department.

 

At the land office the process was finished in under 30 minutes, I was very surprised how simple this was made.

 

I would recommend them

Edited November 4, 2023 by karl2007

[YaDongImproved]

21 hours ago, karl2007 said:

When I bought my condo 4 years ago I used sunbeltasia. I think I paid 25,000 THB and it was worth it.

 

I would recommend them

Sunbelt is like a broker. You never know which lawyer you will have. 25,000 is fine for consultation, explaining the process, etc. I paid the same with ThaiLawOnline. Knew the taxes, all arranged quickly. They check purchase agreement and also dealt with the bank.

[Fortunateson]

On 10/31/2023 at 2:57 PM, sikishrory said:

I'd use a lawyer and do due diligence.

I got a lot of benefit from using the lawyer and he picked up on things that I wouldn't have noticed.

It varies with different lawyers though. The developer in my case presented due diligence another buyer had supposedly done with another lawyer. Then my lawyer found a number of things he wasn't happy with and changed.

He also negotiated much better payment terms and discounts.

This is off plan.

I think if I was to buy an existing one I would still run it (the contract) by my lawyer for piece of mind.

For the bank letters I found dealing with the banks through calling and emails much simpler than trying to deal with actual banks which were trying to complicate things.

You call them and tell them you want the credit advice for a certain transfer and they email it to you.

For me personally developer kept saying to just transfer from overseas direct into their account. This is problematic if your transfer goes missing (it happens often) as you can only rely on the developer following up his side of it and you have no control. Also the I believe the developer gets the credit advice documents and not you.

According to my lawyer you may need those documents in future if you wish to transfer that same money out of Thailand.

Maybe some of this is not applicable to you but someone might find it helpful.

Could you please give me the contact details for your lawyer.  Thank you