Buying A Condo In Thailand - Any Advice?

[coralia]

I am considering buying a small condo studio in Thailand, and I am wondering about the practical issues involved... Could anyone advise me?

I am not residing in Thailand, I have never worked in Thailand and I have no intention of working in Thailand. I simply visit very often, and I am planning to apply for a retirement visa when I'll be 50 - however, I am several years short of that age. I may decide to apply for a student visa before that, as I am genuinely interested in studying the Thai language (I am a linguist).

Is it legally possible to buy a condo in Thailand while not residing in the country?

If so, does the fact of owning a condo in Thailand make any difference when applying for a visa (tourist visa, student visa...)? Or is there no connection between the two?

What are the legal aspects of buying a condo in Thailand? I assume all the paperwork is in Thai... How does one go about the whole process without getting cheated...? Should one place the whole matter in the hands of a legal firm? If so, can anyone recommend any reputable legal firms handling such matters?... And how much should I expect to pay for this service?

And there are probably many other issues I haven't thought of yet... Any advice would be very much appreciated...

Many thanks in advance.

[Abrak]

Dont know much about the visa issue but I wouldnt assume that a condo is worth much in terms of a visa unless it is over Bt10m. (I also wouldnt assume that a student visa is a 'short cut route' to another visa (unless you are under 25). Khon Kaen university accepting you for a language course may (or may not) do it.)

If you wish to buy a condo, please use a credible lawyer. Probably you should buy second hand - that is the best value. (To be honest I would go for a condo in a hotel that is let out while you are away but I suspect that might be beyond your budget and would readily admit it is more convenient than an investment.)

In many ways if you wish to buy a Bt2m condo to facilitate your visa or to make money I wouldnt really advise it. I dont think it will facilitate your visa much and if you use a good lawyer the fees will probably absorb much of the capital gain if there is one.

[Abrak]

.....

Edited October 11, 2009 by Abrak

[Abrak]

Dont know much about the visa issue but I wouldnt assume that a condo is worth much in terms of a visa unless it is over Bt10m. (I also wouldnt assume that a student visa is a 'short cut route' to another visa (unless you are under 25). Khon Kaen university accepting you for a language course may (or may not) do it.)

If you wish to buy a condo, please use a credible lawyer. Probably you should buy second hand - that is the best value. (To be honest I would go for a condo in a hotel that is let out while you are away but I suspect that might be beyond your budget and would readily admit it is more convenient than an investment.)

In many ways if you wish to buy a Bt2m condo to facilitate your visa or to make money I wouldnt really advise it. I dont think it will facilitate your visa much and if you use a good lawyer the fees will probably absorb much of the capital gain if there is one.

[Abrak]

.....

Edited October 11, 2009 by Abrak

[PattayaParent]

You can buy a condo as a tourist.

It probably doesn't help in getting a visa.

Lawyers fees are about 5,000 Baht a unit.

Use the search function and you'll find detailed answers as this topic comes up often.

[coralia]

I have used the search function but I haven't found anything really interesting (except for people advising against buying any real estate in Thailand!!)

I was wondering, PattayaParent, if you could recommend any reputable legal firm specializing in this sort of thing in Pattaya? I am actually considering buying in Pattaya, as it seems to be the cheapest place, and it's not far from Bangkok.

Many thanks.

[PattayaParent]

There's a Thai lawyer on North Road just up from the Dolphin Roundabout and on the left hand side.

I've used him twice and it has been 5,000 Baht a unit to do the POA and title transfer.

I can't remember his name but he has been recommended on here many times.

Edit: You don't have to actually use a lawyer to make the title transfer, you can do it yourself but you have to hang around the Land Office for half a day + to sign papers.

Edited October 14, 2009 by PattayaParent

[coralia]

Thank you PattayaParent, I am actually familiar with that part of Pattaya... But I am somewhat perplexed by what you wrote about not actually needing a lawyer... When you buy a condo, don't you need a lawyer to check the seller's title deed (which I assume is in Thai!)?? In my country, when you buy real estate, the buyer's lawyer and the seller's lawyer do all the work between them... What is it like in Thailand?...

Thanks again.

[hhgz]

"What is it like in Thailand?..."

Mostly hot and sunny and, with whining, it's a frequently a t®opical depression zone.

[PattayaParent]

Thank you PattayaParent, I am actually familiar with that part of Pattaya... But I am somewhat perplexed by what you wrote about not actually needing a lawyer... When you buy a condo, don't you need a lawyer to check the seller's title deed (which I assume is in Thai!)?? In my country, when you buy real estate, the buyer's lawyer and the seller's lawyer do all the work between them... What is it like in Thailand?...

Thanks again.

Anyone that can read Thai can read the name on the title deed and the name on ID of the seller.

You can also ask the land office to check that the ID of the seller matches the ID of the owner named on the Chanote from the previous sale/purchase.

In Thailand it seems to be down to the Land Office to do the necessary checking and it takes half a day rather than using a lawyer for conveyancing and it taking 3 months.

[alexanderthai]

Thank you PattayaParent, I am actually familiar with that part of Pattaya... But I am somewhat perplexed by what you wrote about not actually needing a lawyer... When you buy a condo, don't you need a lawyer to check the seller's title deed (which I assume is in Thai!)?? In my country, when you buy real estate, the buyer's lawyer and the seller's lawyer do all the work between them... What is it like in Thailand?...

Thanks again.

Anyone that can read Thai can read the name on the title deed and the name on ID of the seller.

You can also ask the land office to check that the ID of the seller matches the ID of the owner named on the Chanote from the previous sale/purchase.

In Thailand it seems to be down to the Land Office to do the necessary checking and it takes half a day rather than using a lawyer for conveyancing and it taking 3 months.

I recommend you to buy a second hand condominium. It' s reasonable with all things you can see. YOu can buy a condo in your own name without student visa. It's not so difficult. If you want a lawyer, I can help. Pay after you get the tittle deed in your name.

[coralia]

Very interesting... Thanks again.

[bangkokumpalumpa]

if you are going to buy when you have found the place you want get a professional to check out the electric system, and not just a wee look make sure he climbs in the roof space ect and checks out the standard of the wiring, here in thailand things can look pretty but when you start to look where people dont normally go then it can get scary!!!!

a simple check can at least tell you where you stand with things, for example, does it have an earth system, does it have the correct breakers installed as here in they love to put massive breakers on small wires, because if you put a small one they trip out!!! Safety is not something that they think of much here!!

get a good system check it may save you the shock of having to spend money to get it right!!

[13morris]

condo for what..

many people with condo.. in 10 years thailand will begin like a monaco... near nice

stop buy in thailand!!!!

Edited October 17, 2009 by 13morris

[JohnC]

The best advice would be to rent a condo in the area you are interested in and see what it is like at all times of day/night, talk other owners and get a feel for what issues there might be in the building, how well is it managed /(mismanaged!) Are you near a baht bus route? what are the rental prospects? Then when you are happy look at resales for something that suits you and I would advise using a lawyer for lots of reasons. Owning a condo has no relevance to visas, however if you are looking to study the language there is a company in Pattaya that will guarantee an education visa if you sign up for a one year course, this can then be repeated for a number of years although attendance on the course once a week is mandatory. I think the course is around 28000 baht including visa.

[globalwander1]

condo for what..

many people with condo.. in 10 years thailand will begin like a monaco... near nice

stop buy in thailand!!!!

Hey morris,

What does that mean? monaco... near nice What are you trying to say?

stop buy in thailand!!!! What does this mean? Please explain

[hhgz]

"stop buy in thailand!!!! What does this mean?"

Maybe:

"Stop by in Thailand!"

or

"Stop! Buy in Thailand!"

or, in English

"Don't buy Thailand real estate."

Unfortunately, too many English-speaking TVers, can't write simple English sentences.

[frenchFARANGbkk]

Yes, it seems that a lawyer is not needed as the property transfer is done at the department of land.

But I have a question: I read once that it's better to set up a company to buy the condo, as to sell it later you just need to sell the shares to avoid paying tax, is it true ?

What kind of company should be setup ?

Thanks.

[trogers]

Yes, it seems that a lawyer is not needed as the property transfer is done at the department of land.

But I have a question: I read once that it's better to set up a company to buy the condo, as to sell it later you just need to sell the shares to avoid paying tax, is it true ?

What kind of company should be setup ?

Thanks.

I would think the cost of up keeping the company would offset any tax benefit, unless total value of condo ownership are in the tens of millions.

[coralia]

Thanks JohnC, I am aware of all those issues... I am also aware of that company in Pattaya, as it advertises on this website.

The truth is that I am considering buying something very small and cheap (possibly in Nirun Condominium). I wouldn't invest more than that in Thailand as long as I don't qualify for a retirement visa.

BTW, someone mentioned having the electric system checked... I thought such things would have been taken care of in a condominium...? Please correct me if I'm wrong...

[peteboy]

.....

Hello

Im looking to buy a condo in Jomtien Metro building

does any one know of any for sale

[13morris]

condo for what..

many people with condo.. in 10 years thailand will begin like a monaco... near nice

stop buy in thailand!!!!

Hey morris,

What does that mean? monaco... near nice What are you trying to say?

stop buy in thailand!!!! What does this mean? Please explain

hello. Stop! buy in thailand! mean i see many ghost-condo, many house and brutal building, specially in bangkok,koh samui, koh phanghan and patong. nothing people see this?

building for what? if many condo are unsolds. i think better "building, but with brain."

[bifftastic]

condo for what..

many people with condo.. in 10 years thailand will begin like a monaco... near nice

stop buy in thailand!!!!

Hey morris,

What does that mean? monaco... near nice What are you trying to say?

stop buy in thailand!!!! What does this mean? Please explain

I agree the comment is open to speculation.

It could mean the poster thinks that if foreigners keep buying in Thailand it could become like Monaco which was a poor little fishing village until, because of it's status as a principality, has advantageous tax/gambling laws and attracted billions of dollars/euros/pounds etc. in foreign investment and is full of apartments owned by foreigners which are largely empty most of the year, It is a very expensive place to live now and there are some who can struggle to afford to live there. The other side of this coin is that it is no longer a little backwater place and many locals live (well) off the foreign investment.

It could, maybe, be just a 'farang go home' statement.

or 'come for holiday then go home'

It could also mean. 'I can't afford to buy a condo anymore because all you lot have pushed the prices up'

In many countries, a large influx of foreign investment/immigration always makes some people nervous or unhappy, usually because they feel threatened by it and often because they don't understand the economic implications.

[zorro1]

well some one is buying them. Im at the Trendy sukhumvit 450 condos totally sold out for months now. A lot of crap is posted re buying Thailand. Considering most r/e world wide has dropped 30% plus last year Thailand has held up extremely well, second hand or new depends on your cash, You dont need a lawyer here Purchased 2 condos no lawyer needed. Nothing beats living in a brand new condo. as long as you buy to live in it and not plan to sell for a profit anytime soon

[PattayaParent]

Yes, it seems that a lawyer is not needed as the property transfer is done at the department of land.

But I have a question: I read once that it's better to set up a company to buy the condo, as to sell it later you just need to sell the shares to avoid paying tax, is it true ?

What kind of company should be setup ?

Thanks.

The tax is reduced if you've owned the condo more than 2 years I think it is.

Don't buy a condo in a company name.

[bangkokumpalumpa]

Thanks JohnC, I am aware of all those issues... I am also aware of that company in Pattaya, as it advertises on this website.

The truth is that I am considering buying something very small and cheap (possibly in Nirun Condominium). I wouldn't invest more than that in Thailand as long as I don't qualify for a retirement visa.

BTW, someone mentioned having the electric system checked... I thought such things would have been taken care of in a condominium...? Please correct me if I'm wrong...

ok here is your first BIG MISTAKE

the words "I thought such things would have been taken care of"

TIT or this is Thailand, there is very little here in the way of safety when it comes to electric. 98% of places that I have seen do not come up to western electric safety standards. ok that is not to say that they are unsafe it is just saying that they dont meet our standards.

now out of those 98% of places I would say a 50% I would class as dangerous, 40% I would class as death traps and the last 8% are ok.

here is a thought for you, would you buy a second hand car without lifting the hood?

would you buy a second had boat without looking under the floor and at the motor?

same with any building you purchase, better to get it checked and understand what you have than to buy it then find a problem and then have to foot a large bill and a load of time getting it sorted!

if you do need any electric repairs it is nicer to have them done before you move in or as you are moving in, nothing worse than having to deal with the dirt and dust of electric repair all over your gear, better to have it all over your empty room or over the boxes of gear.

also if any repairs are needed it is simple for the man to do the work if there is very little in the place, I hate working around peoples expensive gear, nothing worse than having to more a few thousand dollars worth of kit to do a small job.

If your electrical test somes out all good then you have some great peace of mind and it would be money well spent!

best of luck with things

[coralia]

OK, OK, I got the message!! Thanks for taking the time to write so much about it... You are absolutely right, of course. But I'm still at the stage of asking questions and wondering whether I should even consider buying a condo in Thailand... Having the electric system checked is a long way off!!

Thanks again.

[pkrv]

condo for what..

many people with condo.. in 10 years thailand will begin like a monaco... near nice

stop buy in thailand!!!!

Hey morris,

What does that mean? monaco... near nice What are you trying to say?

stop buy in thailand!!!! What does this mean? Please explain

I didn't understand that either

http://www.theparkresidence.co.th/

All projects in the area, are done and dusted!

Err forget monaco! The corner shop exceeds Harrods! I kid not

[hhgz]

"hello. Stop! buy in thailand! mean i see many ghost-condo, many house and brutal building, specially in bangkok,koh samui, koh phanghan and patong. nothing people see this? building for what? if many condo are unsolds. i think better 'building, but with brain.'"

Well, you certainly cleared that up...