roderick17 Posted October 21, 2009 Share Posted October 21, 2009 Greetings All I have found a condo in pattaya that suits my lifestlye and budget, so I'm thinking of buying the pad. Before, I sign the sale contract though there are a few bits of information that some members may be able to help me with. In addition to the purchase price what other property costs, such as transfer fees, duties or taxes, should I include in my limited budget for this purchase. It would also be helpful to learn about the experiences ( - both goood and bad ) of other falangs, who have trodden down this slippery path and bought a condo in Pattaya. Can anyone let me know of someone ( make that anyone ) who can fill me on what to look out for and what pitfalls to avoid in buying property beside the sea? At some point, I will need to engage a reputable lawyer to handle the contract and conveyancing for me. Can anyone recommend a skillled and honest Thai lawyer who has some experience in this type of transaction. Regards ' Roderick Link to comment Share on other sites More sharing options...
whatchamacallit Posted October 21, 2009 Share Posted October 21, 2009 If a brand new condo - make sure to register it in foreign name (your name). If buying it from a previous owner - make sure it is in Foreign Name!!! Link to comment Share on other sites More sharing options...
MJo Posted October 21, 2009 Share Posted October 21, 2009 Buying off plan is always a gamble, even more so nowadays. Too many horror stories of delays and developers going bust. Also the quality and level of finishing is rarely what you buy into. So second hand or something 99% complete is the way to go. Good points above but if the development is fairly new i would also check that all the permits are in place like EIA etc. Local layer can help or do more damage than good. What i hear there are some cowboys around in patters so better to check the basics also yourself. Transfer fees and taxes are usually expected for you to pay but is negotiable. And last but not least, do not pay anything more than few K deposit before the condo is in your name at land office. Common thing to do is to meet up and land office and once the transfer is done you hand over cashier check for the payment. Link to comment Share on other sites More sharing options...
vera5212 Posted October 21, 2009 Share Posted October 21, 2009 And don't forget that the money you use to buy the condo with needs to come from outside Thailand, thru a Thai bank account. Link to comment Share on other sites More sharing options...
Thongkorn Posted October 21, 2009 Share Posted October 21, 2009 With respect , why buy when you can rent , then if you have any problems at all , or get tired of the scenery , you can move , just my opinion , i would rather rent , Link to comment Share on other sites More sharing options...
jbaldwin Posted October 21, 2009 Share Posted October 21, 2009 With respect , why buy when you can rent , then if you have any problems at all , or get tired of the scenery , you can move , just my opinion , i would rather rent , I bought a condo - 92sqm in Jomtien off the plan. I paid 2.56m baht. I have now lived there for 5 years and 10 month. A similar unit bought by an inventor has been let for between 25,000 and 28,000 baht per month. If I had of rented at 25,000 baht per month I would have already paid 1.75 m baht in rent. It seems absolutely obvious that paying was financially the best option. Link to comment Share on other sites More sharing options...
PattayaParent Posted October 22, 2009 Share Posted October 22, 2009 OP, do a Search. This question is asked almost once a week now. Maybe the mods could pin a topic? Link to comment Share on other sites More sharing options...
AzarovDmitriy Posted October 22, 2009 Share Posted October 22, 2009 (edited) If a brand new condo - make sure to register it in foreign name (your name). If buying it from a previous owner - make sure it is in Foreign Name!!! Why, if i buying condo, previous owner - make sure it is in Foreign Name? Why not Thai citizen? (P. S. I know the percentage of 49% / 51%, and i have condo in Thailand )) ) And What you think about a numbers of ways to establish this: Land Registry Office: The office will not accept the sale if the sale takes the foreign ownership over 49% Condo Juristic Manager Condo Committee Board Members Condo Manager The Owner of the Condo. The Real Estate Company Selling the property should know Edited October 22, 2009 by AzarovDmitriy Link to comment Share on other sites More sharing options...
whatchamacallit Posted October 22, 2009 Share Posted October 22, 2009 (edited) Why, if i buying condo, previous owner - make sure it is in Foreign Name? Why not Thai citizen?(P. S. I know the percentage of 49% / 51%, and i have condo in Thailand )) ) And What you think about a numbers of ways to establish this: Land Registry Office: The office will not accept the sale if the sale takes the foreign ownership over 49% Condo Juristic Manager Condo Committee Board Members Condo Manager The Owner of the Condo. The Real Estate Company Selling the property should know Huh???????????? The above doesn't make any sense whatsoever????? Would you care to repeat it in proper English pleeeeeeeeze??? Edited October 22, 2009 by whatchamacallit Link to comment Share on other sites More sharing options...
AzarovDmitriy Posted October 22, 2009 Share Posted October 22, 2009 I apologize for my English. Why not a citizen of Thailand? Why only a foreigner? Link to comment Share on other sites More sharing options...
MJo Posted October 22, 2009 Share Posted October 22, 2009 Buying from Thai is ok if the foreign quota is not full in the building. However one should always carefully check as there is stories of units sold to foreigners over the quota using fake letters from condo and tea money in land office. So do check on your own regardless of what is the nationality of the seller. Link to comment Share on other sites More sharing options...
whatchamacallit Posted October 22, 2009 Share Posted October 22, 2009 I apologize for my English. Why not a citizen of Thailand? Why only a foreigner? I see - (correctly me if I'm wrong guys): If the condominium ownership is already 51% Thai/Company and 49% Foreign, then you can't convert a thai owned unit into a foreign owned unit when you buy it. This is why I said make sure you buy a foreign owned condo as it is much easier to change the title and still keep it in a foreign name. Link to comment Share on other sites More sharing options...
MJo Posted October 22, 2009 Share Posted October 22, 2009 It doesn't matter who is the seller, thai or foreigner. Quota for foreign owned units is max 49% in any condo. If full can not register for foreigners name. You are right that if foreign quota is full you can not buy into a thai quota and get it registered under foreign quota. However the units are not "assigned" any quota during construction as such. If the foreign quota is not full you can buy from Thai and register as foreign name. Link to comment Share on other sites More sharing options...
AzarovDmitriy Posted October 22, 2009 Share Posted October 22, 2009 I apologize for my English. Why not a citizen of Thailand? Why only a foreigner? I see - (correctly me if I'm wrong guys): If the condominium ownership is already 51% Thai/Company and 49% Foreign, then you can't convert a thai owned unit into a foreign owned unit when you buy it. This is why I said make sure you buy a foreign owned condo as it is much easier to change the title and still keep it in a foreign name. Thank you very much. Link to comment Share on other sites More sharing options...
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