Need Advice On Buying Condo From Developer.

[moxhan]

I'm planning to purchase a condo but unfortunately I can't get my quiries answer by the developer (I only have a Thai brochure which I can't really understand).

I believe there are a lot of experts have the experience and your thoughts will definitely benefit me and that I can learn from. Would really appreciate if you guys can share with me.

1. What's the payment schedule for new condo project?

2. Normally what is lease term? Can I assume all condo projects are free-hold?

3. What other cost/fee I need to be aware of (e.g. lawyer fee, transfer fee,....)?

4. What is the mantainance fee and is there a sinking fund?

5. Is there a concern to transfer money from overseas? Do I require any approval by the authority?

6. Can I be the sole-owner of the unit?

7. How would I know if the developer is reputable in carry out their obligation?

8. What are the other concerns I need to take note prior to jumping into signing the agreement?

Thanks in advance.

Actually I'm interested in "Ideocondo Sukhumvit 103" by Ananda.

[Pushit]

I'm planning to purchase a condo but unfortunately I can't get my quiries answer by the developer (I only have a Thai brochure which I can't really understand).

I believe there are a lot of experts have the experience and your thoughts will definitely benefit me and that I can learn from. Would really appreciate if you guys can share with me.

1. What's the payment schedule for new condo project?

2. Normally what is lease term? Can I assume all condo projects are free-hold?

3. What other cost/fee I need to be aware of (e.g. lawyer fee, transfer fee,....)?

4. What is the mantainance fee and is there a sinking fund?

5. Is there a concern to transfer money from overseas? Do I require any approval by the authority?

6. Can I be the sole-owner of the unit?

7. How would I know if the developer is reputable in carry out their obligation?

8. What are the other concerns I need to take note prior to jumping into signing the agreement?

Thanks in advance.

Actually I'm interested in "Ideocondo Sukhumvit 103" by Ananda.

You need a reputable lawyer to act on your behalf if you are serious about buying property here.

[think_too_mut]

You need a reputable lawyer to act on your behalf if you are serious about buying property here.

For what? For a 36sqm shoe box that's priced less than an averge car? Would you hire a lawyer for that sort of expense back in Farangland?

http://www.ideocondo.com/project.php?lang=en

To the OP, of all your questions, the developer must be able to answer:

1. What's the payment schedule for new condo project?

2. Normally what is lease term? Can I assume all condo projects are free-hold?

3. What other cost/fee I need to be aware of (e.g. lawyer fee, transfer fee,....)?

6. Can I be the sole-owner of the unit?

Yes.

4. What is the mantainance fee and is there a sinking fund?

That may have to be fully determined when the building is finished and body corporate established but approximates should be available now.

5. Is there a concern to transfer money from overseas? Do I require any approval by the authority?

Transfer the money with "For purchase of a new condo" as the purpose. Banking thing only.

7. How would I know if the developer is reputable in carry out their obligation?

If you can't tell that, then....

8. What are the other concerns I need to take note prior to jumping into signing the agreement?

One would be % of foreign ownership that has to be less that 50%. Since this place is in the outskirts, I doubt there weill be enough foreign takers to make you worry about that.

Another one is - it will be el-chippo, small condos that will attract low income and non-family tenants, small number of owner occupiers. May turn into a terrible slum in a year or two.

[moxhan]

You need a reputable lawyer to act on your behalf if you are serious about buying property here.

Another one is - it will be el-chippo, small condos that will attract low income and non-family tenants, small number of owner occupiers. May turn into a terrible slum in a year or two.

Why I look into that project is because it's cheap (very low risk) and located just next to the BTS thinking might make good investment sense. I can use for myself should I decided to rent out it would be easy because of the BTS. But you have your point, never cross my mind small condos that will attract low income and non-family tenants, small number of owner occupiers, end of the day my investment might turn into a slum.

Any suggestion, what would be a better choice or plan I can relook into it?

[jbaldwin]

I cannot understand why you are considering dealing with a developer who will not provide an answers to your questions