frankpelagic Posted May 5, 2009 Share Posted May 5, 2009 Advice please. I am buying a condo in Thapprasit, 1.2 million, a few years old, in the Kan KeHa building. I wanted to pay over 5 months, 50% down, 30% in 3 months and 20% in a further two months. The agent said that the owner, a farang, had agreed to this. I found out from the land office, that there is no farang, it seems the government own most of the condos in this building. No problem with farang ownership, as only 6% farang at the moment. But, when it came to signing the contract, the name of the actual sales manager, not the company or the owner was on the the contract, and he wanted me to give him a cashiers cheque for 600,000, once again in his name. I have caught him out lying to me twice so far, well more misleading me than actual lies I suppose. I have a lawyer, one of the biggest law firms in Pattaya, but she seems a bit "wet" and only agrees with what I say, rather than offering me sound advice. Does anyone else smell a rat here, or is it just me? The thing is, I really want to buy this condo. I have now done away with the installments, and will pay the full 1.2m in one go, but I still have concerns. What does anyone think about this? Thanks Link to comment Share on other sites More sharing options...
Crossy Posted May 5, 2009 Share Posted May 5, 2009 I'm no expert but from what you say I smell a large rodent called Roland. Are you certain that the entity you are buying this condo off actually owns it to sell? Wouldn't be the first time Link to comment Share on other sites More sharing options...
trogers Posted May 5, 2009 Share Posted May 5, 2009 (edited) Your lawyer probably has not done any property transaction before. Things you should know: A foreigner must show evidence that he had transferred from overseas foreign currency into his Thai bank account, the full amount to buy a condo. When money is transferred, you need to go to the head office of your Thai bank and make a declaration called TT3 stating that this money transfer is for the purpose of buying a condo. The bank will give you a certified copy of TT3 plus a statement showing the exchange rate used to convert your foreign currency to Thai baht. You need to submit this TT3 and the exchange statement to the Land Department to effect title transfer. Before paying any deposit money to a property owner, you should first get a copy of the Land Title and get your lawyer to do a title search to make sure the land title and name of property owner is genuine and that there are no other claims to this property, eg. mortgage. Then get your lawyer to prepare a sales and purchase agreement stating particulars of seller (property owner), buyer, the location of property, price, and terms of payment. Upon signing this agreement, pay 10% to the property owner. The balance 90% to be paid upon title transfer. Edited May 5, 2009 by trogers Link to comment Share on other sites More sharing options...
trogers Posted May 5, 2009 Share Posted May 5, 2009 (edited) Kan Keha is the national housing body of the Thai Government. Their social housing projects are usually sold with subsidised prices, and the sales and purchase bound with many terms and conditions. Most units bought by Thais from Kan Keha are under long term mortgage (20-25 years). Why would you want to buy a Kan Keha project? Most locals are from the low income group and barely able to pay monthly maintenance. Such housing usually are poorly maintained. And do you feel safe to stay in such housing? Edited May 5, 2009 by trogers Link to comment Share on other sites More sharing options...
BEENTHEREDONETHAT Posted May 5, 2009 Share Posted May 5, 2009 Since things aren't selling you are in the drivers seat. First of all check at the land department to make sure everything is paid up to date, all maintenance, utilities and no leans on the property. Go to the land office with the seller, or his representative and the land office will give you a clear chanote the same day after processing the paperwork. The check should be made out to the owner not the real estate agent. But your lawyer should have advised you of all of this. You will need someone who speaks Thai and english at the land office. Suggest you talk to the manager of the condo and make sure that the other condo owners are paid up to date on the maintenance and that they have an adequate sinking fund to maintain the building. If you are not familiar with construction have someone who knows check the building, the power and the water and insure the drains all work properly. Check under each window for any signs of leakage and make sure the windows lock and slide properly. Check everything out before you give out any money, I would not believe what the real estate agent tells you. Suggest you go there in the evening and make sure it has a noise level you can tolerate, preferable on a weekend when it is apt to be the noisiest. Take your time and verify everything, easier to do up front than after you have put a deposit on the place. Always remember there is another one somewhere that you will like as well or better so don't let them pressure you into a fast decision before you have checked everything. Follow Trogers good advice in the post above. Good Luck with it. Link to comment Share on other sites More sharing options...
trogers Posted May 5, 2009 Share Posted May 5, 2009 In my mind, social housing projects developed by the government may not be registered at the Land Department as freehold condo that can be sold to foreigners. If so, you may end up being just a long term lessee, and not a freehold property owner. I am sure, foreigners cannot buy a HDB flat in Singapore. Link to comment Share on other sites More sharing options...
yankee99 Posted May 5, 2009 Share Posted May 5, 2009 you might want a different lawyer try this guy....Ponthep Werachon (038) 304 084 he did a great job for me..... Link to comment Share on other sites More sharing options...
PattayaParent Posted May 5, 2009 Share Posted May 5, 2009 In my mind, social housing projects developed by the government may not be registered at the Land Department as freehold condo that can be sold to foreigners. If so, you may end up being just a long term lessee, and not a freehold property owner.I am sure, foreigners cannot buy a HDB flat in Singapore. A Farang mate of mine tried to buy in that building when it was first being built and he was told that Farangs are not allowed to buy in Government Housing Projects. Link to comment Share on other sites More sharing options...
frankpelagic Posted May 5, 2009 Author Share Posted May 5, 2009 Thanks everyone, some good (if scary) information there. Link to comment Share on other sites More sharing options...
A. BOOZER Posted May 5, 2009 Share Posted May 5, 2009 Thanks everyone, some good (if scary) information there. Caveat emptor. Link to comment Share on other sites More sharing options...
thaiwanderer Posted May 5, 2009 Share Posted May 5, 2009 i don't own it either - i will sell it to you for special price of 1million THB - Ok? Link to comment Share on other sites More sharing options...
frankpelagic Posted May 5, 2009 Author Share Posted May 5, 2009 i don't own it either - i will sell it to you for special price of 1million THB - Ok? Unhelpful Thaiwanderer. we all have to learn. Link to comment Share on other sites More sharing options...
redman Posted May 5, 2009 Share Posted May 5, 2009 Who was the Real estate Agent. Wasn't that little creep at CCP, who used to be called PBRL, was it? Sounds like some of his stunts Link to comment Share on other sites More sharing options...
khundon Posted May 5, 2009 Share Posted May 5, 2009 Advice please. I am buying a condo in Thapprasit, 1.2 million, a few years old, in the Kan KeHa building. I wanted to pay over 5 months, 50% down, 30% in 3 months and 20% in a further two months. The agent said that the owner, a farang, had agreed to this. I found out from the land office, that there is no farang, it seems the government own most of the condos in this building. No problem with farang ownership, as only 6% farang at the moment. But, when it came to signing the contract, the name of the actual sales manager, not the company or the owner was on the the contract, and he wanted me to give him a cashiers cheque for 600,000, once again in his name. I have caught him out lying to me twice so far, well more misleading me than actual lies I suppose. I have a lawyer, one of the biggest law firms in Pattaya, but she seems a bit "wet" and only agrees with what I say, rather than offering me sound advice. Does anyone else smell a rat here, or is it just me? The thing is, I really want to buy this condo. I have now done away with the installments, and will pay the full 1.2m in one go, but I still have concerns. What does anyone think about this? Thanks frankpelagic Most estate agents are liars, they invented it. Shop around, there has to be better place to buy a condo than GHP. Your property will just go down in price as the Thais let the building fall apart. Oh and ditch the "wet lawyer" she is as much use as a chocolate fire guard. Link to comment Share on other sites More sharing options...
thaiwanderer Posted May 5, 2009 Share Posted May 5, 2009 i don't own it either - i will sell it to you for special price of 1million THB - Ok? Unhelpful Thaiwanderer. we all have to learn. a flippant comment maybe but i was underlining the rat the OP already smelt - hope the OP takes it in the spirit it was intended (if not expressed properly) Link to comment Share on other sites More sharing options...
Tokay Posted May 6, 2009 Share Posted May 6, 2009 Follow your gut. And if you have already caught him in lies, walk away. There is no shortage of condos here. Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now