Buying A Thai Name Condo

[sillyman99]

I have a chance to buy a real bargain condo in my building in Pattaya, problem is it's in a Thai name.

Is there a way for me or any other Farang to seal the deal watertight I mention this cos I may want to sell it on in the future, so is there some legal means, like the Chanot having debt or anything else that could protect the person whom buys it and wants not to have it in a Thai name with no protection ?

Is the company route the only way to go ?

Thanks guys, I only ask because it's a right bargain considering the location and the fittings.

[stgrhe]

First check whether the foreign quota is full and if the condo can be moved to the foreign quota. Secondly, the wording "real bargain" sends alarm signals to me. Always keep in mind this sentence: "If it is too good to be true it is probably not true", that said, you may have a bargain up your sleeve but make your proper due diligence never-the-less.

[richardt1808]

if the foreign quota is indeed full, then any kind of proxy deal you do will never be water-tight.

The company route, when being used to purchase property in circumvention of any legislation, really opens you to trouble and you run the risk of the purchase being deemed invalid.

At the end of the day, if you do know someone well enough to trust as a proxy purchaser, you can draw up a back-to-back agreement with an agreed disposal clause, but it would carry some risk; so again the old story applies: "Don't invest anything more than you can afford to lose" (should the deal go sour)

Best of luck

[sillyman99]

if the foreign quota is indeed full, then any kind of proxy deal you do will never be water-tight.

The company route, when being used to purchase property in circumvention of any legislation, really opens you to trouble and you run the risk of the purchase being deemed invalid.

At the end of the day, if you do know someone well enough to trust as a proxy purchaser, you can draw up a back-to-back agreement with an agreed disposal clause, but it would carry some risk; so again the old story applies: "Don't invest anything more than you can afford to lose" (should the deal go sour)

Best of luck

Thanks to both of you guys,

Yes the seller is very well known to me and would never rip me off, no need to, we have a history and we're best friends.

The deal is this, it was up for 2.3 Million, I can get it for 1.7 Million, half now, the rest when I can, the Condo is fully furnished and vacant and I have already had another friend of mine offer 12,000 Baht per month rental, I have money in a Thai Bank that earns me next to nothing in interest, so why not make my 1.7 Mill work for me.

The trust issue is non applicable in this case.

You know, the main reason I ask, what if she died in an Auto accident and it was still in her name, for sure it would go to her estate, but can't the Thai leave me the condo in a will ?

Any man that tells me that Thai people can't be trusted, let me tell you this, the only people that have ever ripped me of in Thailand have been Farangs !!!

[PattayaParent]

It should be possiblr for a Thai to leave you the condo in her will, but if the Foreign Quota is full then you would not be able to transfer it to your name and at best would have to sell, at worst the gift may fail.

You need to see a lawyer.

[hhgz]

"if the Foreign Quota is full then you would not be able to transfer it to your name and at best would have to sell,"

According to the condo act, you'd have one year to sell it.

[james24]

what is a foreign quota?? Why do they mae it so hard to buy here...?

I thought condos were easy...

[PattayaParent]

what is a foreign quota?? Why do they mae it so hard to buy here...?

I thought condos were easy...

Foreigners are only allowed to own 49% of the total area of condo units in a building, hence commonly referred to as the foreign quota.

[james24]

ahhh got ya, that is interesting. Id love to buy somewhere here but it looks too dodgy and too complicated.

[InterestedObserver]

Anybody that doesn't know what the term "foreign quota" means in relation to a Thai condo should take a deep breath, step back, and regroup as they are not ready to do the deal.