Condo Purchase

[robertroper]

Am I doing the correct thing. Advice would be appreciated.

I have just purchased my first new condo in greater Bangkok and now intend to seek a qualified lawyer in order to make a will to be mirrowed on my UK will, leaving this condo to my Thai wife (have been married over 30 years and have the required marriage certificate in Thai/English). My wife owns her own townhouse.

Advice in respect of the following:

1. Should I seek online a Thai lawyer or can any members recommend one? I understand it is only a few thousand baht for this service.

2. If I decide to rent the property out (furnished or unfurnished) and managed by an agent, any foreseeable problems? and

3. If I decide to sell the property thru an agent at a later date, again, any problems that I should be aware of?

Advice and comments would be appreciated.

[hhgz]

"1. Should I seek online a Thai lawyer or can any members recommend one?"

No, you should select an attorney face-to-face. Your condo management can assist you to find an attorney.

"2. If I decide to rent the property out (furnished or unfurnished) and managed by an agent, any foreseeable problems?"

Yes. Your condo could get trashed, and the renter might not pay the rent.

"3. If I decide to sell the property thru an agent at a later date, again, any problems that I should be aware of?"

If you did not use an agent, how do you think you will sell your unit? Your condo development has a "sales/rental" office, and they can tell you how long it took a sale to complete, how much it was listed for, and what it sold for. Too, they can sell the unit for you.

[robertroper]

"1. Should I seek online a Thai lawyer or can any members recommend one?"

No, you should select an attorney face-to-face. Your condo management can assist you to find an attorney.

"2. If I decide to rent the property out (furnished or unfurnished) and managed by an agent, any foreseeable problems?"

Yes. Your condo could get trashed, and the renter might not pay the rent.

"3. If I decide to sell the property thru an agent at a later date, again, any problems that I should be aware of?"

If you did not use an agent, how do you think you will sell your unit? Your condo development has a "sales/rental" office, and they can tell you how long it took a sale to complete, how much it was listed for, and what it sold for. Too, they can sell the unit for you.

[wpcoe]

"2. If I decide to rent the property out (furnished or unfurnished) and managed by an agent, any foreseeable problems?"

Yes. Your condo could get trashed, and the renter might not pay the rent.

...and even if the renter does conscientiously pay the rent on time, and treats the property with due respect and care, the *property agent* may fail to forward the proceeds to you. Witness reports (here on thaivisa.com, but perhaps it was in the Pataya forum?) of a large property agent in Pattaya who allegedly withheld proceeds from many an owner.

[trogers]

"2. If I decide to rent the property out (furnished or unfurnished) and managed by an agent, any foreseeable problems?"

Yes. Your condo could get trashed, and the renter might not pay the rent.

...and even if the renter does conscientiously pay the rent on time, and treats the property with due respect and care, the *property agent* may fail to forward the proceeds to you. Witness reports (here on thaivisa.com, but perhaps it was in the Pataya forum?) of a large property agent in Pattaya who allegedly withheld proceeds from many an owner.

Any money due to you and has to be passed though the bank account of a third party will bear this risk. In addition, the condo owner can be held liable for not returning the security deposit of the tenant should his agent 'runs away' with it.