Inexpensive Condo Purchase

[thaitot]

Hello to all I have found a 38 square meter condo furnished in a Thai complex for 320,000 baht.

It will give me a Place to leave the things I have accumulated.

No high dollar stuff.

I met with the owners(Farang) they will go to the gov office with me.

The furniture television flooring paint air condition and water heater all seem good.

It is almost all Thais who live there as the price reflects

This is a small purchase for me.

It seems even repos are running a little over 10,000 baht a square meter(not furnished)

Monthly fees 250 Baht Water 50 Baht Electricity 5 baht

Do I need an atty for any reason?

Am I missing something Here

Or just cut the check at the land office and move on.

I am only here about 4-5 months of the year and go to other locations to visit other friends.

I drive a motorbike and do not want a car

My plan is to buy a house in a few years after I know 100% what my job and future holds.

I looked at the 1-2 million condo range but if I do the 2 million it would be a better condo but would hinder me in the purchase of a new house when I do decide to buy(would need to sell first)

This also would be a good place to stay on occasions as it is close to town should I decide to buy a house further out.

Give my your opinions please.

I do not view this as an investment only an alternative to a rental and a place to call my own.

I have three houses in my home country 2 are rentals. So I already have the big home thing 7 months out of the year.

I know I need to check Management.

Please give me you two cents.

[BEENTHEREDONETHAT]

Thaitot;

When we bought our condo no attorney was required, My wife and I and the condo owner representative went to the land office paid the tax etc. the owner signs over the chanote and you hand over the baht. Pretty straight forward. Since the building is mostly Thais there should not be any problem with the 49% Thai ownership rule. Sounds like a hel_l of a deal. Good Luck on it. Should comment that it took almost all day. Don't know why.You do need statement from bank showing you brought money into country, passport and check made out for balance on condo and cash for our portion of stamp duty and xfer fee. You leave with no money and papers showing you own condo. Be sure and check with land department that the chanote title is clear and check wit condo that all ass't fees are up to date. Do that before arranging for $. You will need someone that speaks thai for asking the questions.

BEENTHERE

[thaitot]

Beentheredonethat Thanks for the reply.

Will I will only need to go to the land office Beside going to the condo management and checking for dues in arrears?

Is the land office where they will tell me if any money is owed against the chanote and all paperwork in handled.

Am I correct on this.

Thanks again

[Irene]

Beentheredonethat Thanks for the reply.

Will I will only need to go to the land office Beside going to the condo management and checking for dues in arrears?

Is the land office where they will tell me if any money is owed against the chanote and all paperwork in handled.

Am I correct on this.

Thanks again

No, you need to get a letter from the management of the condo stating that that unit is clear of any debt owed to the juristic body. You have to start to ask the condo office to prepare this letter.

[thaitot]

Thanks Irene. I probably would have just gone to the manager and asked.

A letter would document this and be more secure.

Thanks for you good advice.

[thaitot]

Irene I have one more question.

Would I take that letter to the land company at the time the chanote is put in my name and will they document this and keep a copy of the letter.

Or is simply for my protection should anything differ from what is said to me

[JimmyTheMook]

Irene I have one more question.

Would I take that letter to the land company at the time the chanote is put in my name and will they document this and keep a copy of the letter.

Or is simply for my protection should anything differ from what is said to me

The land office will not put your name on the chanoot without that paper.

Another thing is you will need to have the utilites transferred into your name so check to see if the condo office holds this or if you will be paying directly to the electric and water departments if so the seller will need to go there with you.

[percy2]

When you get that letter from the juristic person , remember to also get one stating that Thai ownership is greater than 51%

Cheerrs

[thaitot]

The power and water is handled thru the condo management @ I was told by the owner 5 Baht kwh

He is going to check tomorrow. Is that a normal rate?

Is there a chance mine would be any different that any other condo owner.(like see a farang coming)

[bangkapiboy]

The power and water is handled thru the condo management @ I was told by the owner 5 Baht kwh

He is going to check tomorrow. Is that a normal rate?

Is there a chance mine would be any different that any other condo owner.(like see a farang coming)

No, 5B per unit is not the normal rate for condos. However, some cheap condo managers (not usually) make a scam and decide what they want to charge per unit for electricity. But your electricity should be billed to you directly from the gov't electrical company, closer to 2.5B to 3.5B per unit.

Agree as above, there is no need for a lawyer. The owner needs to obtain the document to sell from the condo manager, and you need to bring the check and foreign funds transfer document to the land office. Usually the owner brings the chanot to the land office, and it is updated with you as the new owner. You should receive the chanot upon leaving the land office.

By the way, where is this condo?

Edited January 28, 2008 by bangkapiboy

[thaitot]

Chiang Mai Thanks

[think_too_mut]

The power and water is handled thru the condo management @ I was told by the owner 5 Baht kwh

He is going to check tomorrow. Is that a normal rate?

Is there a chance mine would be any different that any other condo owner.(like see a farang coming)

Our price is 2.3B per unit , billed directly from Electricity Commission and payable at any convenience store.

5B is when handled through the building company, usually rentals are charged that money.

It's a significant difference. In hot months 5B may run up the elec bill to 4000B + per month.

Also, it is a sign that water and phone may be billed with their own high markup. Check that too.

You will need all 3 utilities billed to you directly otherwise your bills may be 4-5K per month.

[rak sa_ngop]

If the condo management has set a high rate of 5 Baht/KW this must surely have been agreed by the co-owners i.e. the majority of other condo owners, and the extra money generated should be put into the condo accounts. I.e it would reduce the monthly maintenance charges required to be generated.

Normally the electricity is billed directly to the condo owners by the electricity company, but the water maybe supplied by the condo building itself and charged at a rate agreed by the co-owners. In the case of my condo the rate is 15 baht a unit and works out about 150 baht per unit a month.

If you talk to the building juristic person you should be able to get to the bottom of these charges.

[Irene]

Irene I have one more question.

Would I take that letter to the land company at the time the chanote is put in my name and will they document this and keep a copy of the letter.

Or is simply for my protection should anything differ from what is said to me

thaitot,

Pursuant to the law, the Land Department has to have this letter as evidence of clearance of debts of past owners before the official can transfer the name in the chanote to you. They will keep the letter. (You may photocopy this letter for your own record, if you like). The idea is to ensure all the co-owners to pay their dues to the juristic body of the condominium before they can transfer their obligations of paying maintenance fees to another party. Your obligation of paying the dues to the juristic body will begin on the day of your ownership.

[backflip]

thaitot,

I too purchased a condo w/o an attorney on my behalf - although the absentee seller had an attorney represent him. Even with all of the papers and forms, the Land Department often has a question that is not included in the paperwork. Just to be sure, bring along the phone numbers of the condo office and juristic person. As another poster mentioned, the entire process takes nearly all day - get there early, and bring a book ; )

[thaitot]

Thanks to all that have answered to this thread it is what makes TV a benefit for all.

A friend of mine "Kung <deleted>" had a master that said in turn for the help I have received I must do 10 good deeds

So that is what I will do.

Wait that was a tv show.

In all seriousness thanks.

Thaitot out.