Selling of inherited condo

[Holly Huntaway]

I have inherited a 48sqm condo in Pattaya and basically want to dispose of it a.s.a.p. to cover legal fees.  A solicitor is dealing with registering the condo into my name and I will probably instruct them to sell the condo as a hassle free option, with a percentage of the sale as their fee.  Is this a thing, and if so, what would be a reasonable percentage?  Please no nasty comments (just scroll on by), as I'm having a bad enough time with dealing with the fallout from my dads death as it is.  Many thanks. 

[Sandboxer]

Sidenote, in case your lawyer has not told you this:

 

You, as a foreign heir of of foreign freehold condo, cannot just register the unit into your name. This will require you transferring the assessed value of the unit into Thailand from overseas (just as if buying a freehold condo). Only then can the title change occur. 

 

Wish you luck at this crappy time (I've been in the same situation) & condolences.

 

https://www.thailandlawonline.com/article-older-archive/inheritance-of-real-estate-by-foreigners

 

 

 

 

 

[Holly Huntaway]

So you are saying that I have to buy the condo to have it registered in my name in order for me to sell it? I would probably be better off just walking away. Solicitor states that the paperwork has been accepted by the land office to transfer into my name and for me to pay the land office tax, BHT 12k.  How am I able to sell (within the year specified in the link) if I am not the registered owner?  Confused.com!

[Sandboxer]

19 minutes ago, Holly Huntaway said:

So you are saying that I have to buy the condo to have it registered in my name in order for me to sell it?

 

No, you can sell it on behalf of the estate as long as it is within the 1 year.  What threw me off was your statement

1 hour ago, Holly Huntaway said:

A solicitor is dealing with registering the condo into my name

 

So I assumed in my original reply was that you maybe want to hold off on the sale beyond the 1 year deadline, or perhaps using it for yourself or getting some rental income from it in the future.

 

So if you just want to be rid of it asap, then you're good to go provided you find a buyer.

 

Incidentally, I'm actually in the market for another condo in the area. Feel free to DM me details.

 

 

 

 

[JeffersLos]

The same as when a foreigner inherits Thai land and/or a Thai house from a Thai. 

 

You have one year to sell it. 

 

In the case of a Thai house and/or Thai land, If you the foreigner fail to sell it in one year the land department have the right to sell it for a price they see as fair and keep 5% of the sale price. 

[scubascuba3]

You should use an agent to sell along with a lawyer, does the lawyer plan to use an agent? how do they plan to sell/advertise? 5% commission is common here.

 

Selling will be easy if at a discount, opposite if price too high. Can look at Facebook marketplace property groups to see others for sale and prices

[newnative]

      Realtor fees can vary, with the standard being 5%.  There is a website called Hipflat that lists condo projects by name, with listings of condos for sale.  I woud check this website, with your condo project's name, to give you some idea of what similar-size condos in your project are being listed for sale for.   You will also see the realtors associated with each listing.

     Rather than walking away with nothing, I would price your condo very agressively and see if a buyer can be found.  I would see if your lawyer here in Thailand is willing to to take on handling the sale, with a percentage of the sale price going to him and any realtors involved with the sale.   Another option might be checking with one of the big, established realtors here to see if they would be interested in handling the sale for you.  

      

     

[NickyLouie]

1 hour ago, Holly Huntaway said:

I have inherited a 48sqm condo in Pattaya and basically want to dispose of it a.s.a.p. to cover legal fees.  A solicitor is dealing with registering the condo into my name and I will probably instruct them to sell the condo as a hassle free option, with a percentage of the sale as their fee.  Is this a thing, and if so, what would be a reasonable percentage?  Please no nasty comments (just scroll on by), as I'm having a bad enough time with dealing with the fallout from my dads death as it is.  Many thanks. 

 

PM me , I'm a cash buyer if the deal is right.

[murraynz]

On 12/8/2023 at 11:15 AM, Holly Huntaway said:

I have inherited a 48sqm condo in Pattaya and basically want to dispose of it a.s.a.p. to cover legal fees.  A solicitor is dealing with registering the condo into my name and I will probably instruct them to sell the condo as a hassle free option, with a percentage of the sale as their fee.  Is this a thing, and if so, what would be a reasonable percentage?  Please no nasty comments (just scroll on by), as I'm having a bad enough time with dealing with the fallout from my dads death as it is.  Many thanks. 

Depending on the area, it may take years to sell. 

Best way is to list it for sale with several good agents.. 

[PeachCH]

I had this problem. Condo was in the name of my wife when she died. Should sell within one year. Lawyer could overturne and I could stay until I decided to sell. 

Don't know anymore how much was the fee. 

What lawyer?

Here the contact. Office in Krungthep 

http://www.htoosi.com/web/

Condo was in Pattaya. 

 

 

[SGD]

Just remember that "your" lawyer is not "your" lawyer, they are thieves working an angle for themselves. 1 in 100 is half decent.

99/100 agents are unscrupulous. They are working their own angle with fake buyers and so forth.

Give David Gray a call at East Coast Real Estate. Not the cheapest but honest Scotsman as many will vouch for.

https://www.thaiproperty.com/

https://www.facebook.com/eastcoastrealestate

https://www.facebook.com/profile.php?id=100010331474516

[scottiejohn]

4 minutes ago, SGD said:

Give David Gray a call at East Coast Real Estate.

And what is your cut for that promotion having slagged off 99% of his opposition?

[LukKrueng]

On 12/8/2023 at 11:55 AM, Holly Huntaway said:

So you are saying that I have to buy the condo to have it registered in my name in order for me to sell it? I would probably be better off just walking away. Solicitor states that the paperwork has been accepted by the land office to transfer into my name and for me to pay the land office tax, BHT 12k.  How am I able to sell (within the year specified in the link) if I am not the registered owner?  Confused.com!

Don't know about the need to transfer money into Thailand in order to register the condo under your name - doesn't make any sense as the money was transferred by your father already when he bought it.

As for the 1 year deadline - that is ONLY for property a non Thai can't own in Thailand, such as land\house or a condo under the Thai quota (at least 51% of a condo building must be owned by Thai nationals).

If the unit is under the foreign quota you can register it under your name and keep it.

However, if you plan on selling it I don't see the point in transferring to your name first and pay the transfer fees (which might be discounted being transferred from father to son) and pay again when you sell it - this time the full amount of the fee.

As for commission - on property deals the agent's fee is legally 3%, not 5% as many wrote above.

 

[newnative]

10 minutes ago, LukKrueng said:

Don't know about the need to transfer money into Thailand in order to register the condo under your name - doesn't make any sense as the money was transferred by your father already when he bought it.

As for the 1 year deadline - that is ONLY for property a non Thai can't own in Thailand, such as land\house or a condo under the Thai quota (at least 51% of a condo building must be owned by Thai nationals).

If the unit is under the foreign quota you can register it under your name and keep it.

However, if you plan on selling it I don't see the point in transferring to your name first and pay the transfer fees (which might be discounted being transferred from father to son) and pay again when you sell it - this time the full amount of the fee.

As for commission - on property deals the agent's fee is legally 3%, not 5% as many wrote above.

 

     Stating that 51% of a condo project 'must be owned by Thai nationals' is incorrect.  Also, there is no 'Thai quota".  Thai nationals can own any percentage of a condo project.  49% of a condo project can be purchased by foreign buyers, under foreign quota. 

    There is no Thailand law that I know of that sets a realtor's fee at 'legally 3%'.   Commissions usually range from 3 to 5%.   On condo sales, which my partner and I have done a number of, we've always initially set 5% as the realtor's fee.  In a few cases, to make a deal work, a realtor has taken less than 5% but we always use that as a starting point to be taken seriously.  You can certainly say you will only pay 3%, and that can work in some cases with higher-priced properties and unique properties. 

     It's less successful if you're trying to sell a condo where there are lots of other similar condos for sale in the same project.  I remember, years ago, having a VT5D 48 sqm studio condo on the market for sale.  A realtor, with an office in the building, brought us a buyer.  When we were negotiating the sale, we asked the agent if he could come down on the 5% commission.  Answer:  No.  Agent's reason:  There are lots of same-size condos for sale in the building. (True, by the way, with this large project.)  Count yourself lucky that I brought the buyer to your condo and not to any of the other studio condos for sale.  Which makes sense when you think about it.  The buyer is likely to just buy 1 property.  So, show him those with 5% commission and earn more on the sale than a listing paying only 3%. 

     From the OP's post, it seems she is looking for a quick sale, if possible.   If that is the case, in her shoes I would be definitely offering 5% commission, plus perhaps an agent's bonus on top of that, to get her property on the front burner, standing out from the rest, if I was listing the condo with realtors.  

     

     

[mrwebb8825]

Depending on the value of the condo, maybe offer it to your lawyer at 80% market value IF they waive attorney fees AND pay all transfer costs. On a 1 million baht condo they stand to get 100,000+ baht and you pocket 800,000 baht hassle free.

Kind of a "kill 2 birds with 1 stone" scenario. This way you would have "0" out of pocket expenses (except airfare and food - you could stay in the condo rent free)

[LukKrueng]

On 12/10/2023 at 2:41 PM, newnative said:

     Stating that 51% of a condo project 'must be owned by Thai nationals' is incorrect.  Also, there is no 'Thai quota".  Thai nationals can own any percentage of a condo project.  49% of a condo project can be purchased by foreign buyers, under foreign quota. 

    There is no Thailand law that I know of that sets a realtor's fee at 'legally 3%'.   Commissions usually range from 3 to 5%.   On condo sales, which my partner and I have done a number of, we've always initially set 5% as the realtor's fee.  In a few cases, to make a deal work, a realtor has taken less than 5% but we always use that as a starting point to be taken seriously.  You can certainly say you will only pay 3%, and that can work in some cases with higher-priced properties and unique properties. 

     It's less successful if you're trying to sell a condo where there are lots of other similar condos for sale in the same project.  I remember, years ago, having a VT5D 48 sqm studio condo on the market for sale.  A realtor, with an office in the building, brought us a buyer.  When we were negotiating the sale, we asked the agent if he could come down on the 5% commission.  Answer:  No.  Agent's reason:  There are lots of same-size condos for sale in the building. (True, by the way, with this large project.)  Count yourself lucky that I brought the buyer to your condo and not to any of the other studio condos for sale.  Which makes sense when you think about it.  The buyer is likely to just buy 1 property.  So, show him those with 5% commission and earn more on the sale than a listing paying only 3%. 

     From the OP's post, it seems she is looking for a quick sale, if possible.   If that is the case, in her shoes I would be definitely offering 5% commission, plus perhaps an agent's bonus on top of that, to get her property on the front burner, standing out from the rest, if I was listing the condo with realtors.  

     

     

I agree with you about the non existence of fixed quota and that every time a unit is sold to a non Thai the current % of Thai\foreign ownership needs to be checked. I commented about it a number of times but people seem to be fixed in their minds about it so I find it easier to use the terms they use 

As for agent's commission - I bought several properties in the past and I know the sellers paid 3%. I have a property on the market now and 2 actual agent's and few other people that said they'll look for a buyer all asked for 3%

[newnative]

1 hour ago, LukKrueng said:

I agree with you about the non existence of fixed quota and that every time a unit is sold to a non Thai the current % of Thai\foreign ownership needs to be checked. I commented about it a number of times but people seem to be fixed in their minds about it so I find it easier to use the terms they use 

As for agent's commission - I bought several properties in the past and I know the sellers paid 3%. I have a property on the market now and 2 actual agent's and few other people that said they'll look for a buyer all asked for 3%

        My partner and I use 5% and we list our properties with as many agencies as possible.   That has worked well for us.  If 3% and a small number of agents involved works for you, that's great.    

[Delight]

 The following needs to be established 

1) Are you the administrator?

2 Has probate been completed ?

3 Is the condo in a  foreign or company name ?

 

Advise can be given -only when these  Q's are answered

[Holly Huntaway]

1) Thai Will. His wife is administrator.

2) Administration granted to wife in court.

3) Condo originally purchased in my dads name under foreign quota.

 

Wife slow in responding to Solicitor communication and has been collecting rent since his death…

[Delight]

On 1/5/2024 at 10:24 PM, Holly Huntaway said:

1) Thai Will. His wife is administrator.

2) Administration granted to wife in court.

3) Condo originally purchased in my dads name under foreign quota.

 

Wife slow in responding to Solicitor communication and has been collecting rent since his death…

 So-Your father dies -Thai widow is administrator and you are beneficiary .

The Thai widow has all the control.

As things stand if your ex  mother in law does not complete probate -then only a court can force her to do so.

You have no power.