Bcondo Purchase Lease Type Agreement -lawyer Needed?

[JohnCarp]

Am looking at buying a Condo in Pattaya under a 30 year lease type agreement. Is this normal practice? I understand this eliminates the need for the Thai ownership requirement. Do I need a lawyer for this type of arrangement? If I got a lawyer what would be a realistic price for his services on about a 40m2 studio.

Thanks

John

[Irene]

My comments are in bold type:

Am looking at buying a Condo in Pattaya under a 30 year lease type agreement. Is this normal practice?No, it is not normal to acquire a condo under a 30 year lease type agreement. The normal route is freehold. However, in a prime area like Rajdamri/Rajprasong in Bangkok, a 30 year lease is common. But I am unaware of Pataya area where a 30 year lease is warranted. As a caveat, Thais dislike leasing immensely. So when you want to sell, you may have to rely on the expat demand.

I understand this eliminates the need for the Thai ownership requirement. That is correct. As a lessee, a non-Thai is not restricted to ownership of this lease right.

Do I need a lawyer for this type of arrangement? Because it is a non-routine transaction for condo ownership, a lawyer to guide you is recommended. One thing for certain is that the lease has to be registered with the authority to validate the 30 year period, otherwise it would have a validity period of 3 years.

If I got a lawyer what would be a realistic price for his services on about a 40m2 studio.Baht20,000-30,000 range.

Thanks

John

[Tony121]

If it's a 30 year lease it might not have a condo license i.e maybe apartments you may find it hard to sell this property on if you want a condo make sure you get it freehold !