1st Time Condo Purchase

[The Dude]

I'm buying a condo here for 1st time from developer. Project is 2 years away from completion. I just plunked down an initial 50k baht deposit on a 4 mil place. Next up is 10% in 2 weeks followed by 20 payments of 44k and after that the closing and bulk remaining amount. My questions are:

1. Do I need to show that my 10% and payments come from overseas or just the closing payment

2. Should I have a lawyer take care of closing

3. How do I transfer cash to bank from abroad

4. How do I get form needed to show oversea transfer

[Khun Jean]

Strange hat you ask these questions now.

1. Yes and no not only the closing.

2. Yes

3. Order your bank. Do the transfer in your own currency NOT in baht.

3. The receiving bank in Thailand can provide you with one.

Good luck.

[charles]

1. Do I need to show that my 10% and payments come from overseas or just the closing payment

2. Should I have a lawyer take care of closing

1. The whole price of your condo has to be transfered in from overseas. Therefore what I think is usually done in a case such as yours is:

You transfer in the full price (4 million baht). Then at the time of ownership transfer, the developer pays you back whatever deposits/installments you have previously paid.

It therefore doesn't matter where your deposit/installments come from. Even if you transfered in from overseas, the amounts would likely be too small to qualify for the foreign exchange paperwork needed to transfer the condo to a foreigner. I think the minimum is 20,000 USD?

2. I think it really depends who the developer is. If it is a major PLC, e.g. L&H, Sansiri, LPN etc. then maybe it is less necessary to have a lawyer (but you may still wish to have one). If it's some one-off small time developer, it would pay to be more careful.

Edited May 8, 2005 by charles

[Teach]

I'm buying a condo here for 1st time from developer. Project is 2 years away from completion. I just plunked down an initial 50k baht deposit on a 4 mil place. Next up is 10% in 2 weeks followed by 20 payments of 44k and after that the closing and bulk remaining amount. My questions are:

1. Do I need to show that my 10% and payments come from overseas or just the closing payment

2. Should I have a lawyer take care of closing

3. How do I transfer cash to bank from abroad

4. How do I get form needed to show oversea transfer

<{POST_SNAPBACK}>

Hey Dude,

This forum consists of people with all the experience, good and bad, of buying condo's here (Thailand). The information you have given should be expanded on considerably in order to benefit fully from this experience. At this moment you appear to be down Bt.50k, before it gets financially painful you might wish to gain that valuable info on the 'pro's & con's of your intended purchase.

As a start,

Did you have an independent valuer check the blueprint valuation.

The builder reputation has been intimated, are they reputable, you may not find out they are not until it's way too late.

Certain property groups here are about to fall foul of an economy bust. Your price range falls into this group. Where are you buying??

Are you purchasing the freehold to your 'Four walls' or long lease.

Always get everything in writing -do not rely on verbal replies.

T.

[Dragonman]

I hope you've gone into things in detail Dude. They must have promised a great condo to take the risk of putting so much up front. Personally in Thailand I only buy what I can see and assess. Believe no one! Having been in the property development field for 30 years before moving here to do nothing , I've seen too many half finished complexes throughout the world. First question you presumably have asked." Do you have a Bond, because what happens if you go bust"

Anyway, just my words of caution. Good Luck.

[PeaceBlondie]

You're betting 4 million baht of your own money, two years into the future, on speculative real estate that hasn't commenced to begin yet, on a CONDO in THAILAND?????????