Ready To Close

[nbg]

Hi,

Im ready to buy a condo, price agreed, chanote and forigner quota checked.

Funds in Singapore. Can I simply walk in to my bank (HSBC) in Singapore give them my thai bank (BBL or Kbank) details, fire some 200k over pick it up in the Thai bank with the exchange certificate and go to the land department for the transfer? Will send as S$ as both BBL and Kbank accepts it. Are there any fees at the Thai bank side for sums like this?

2d hand condo which is currently in a Thais name. Chanote will be changed over to my name before the money changes hands. Contract will be drawn up and might pay a 10% first but would prefer to do the whole lot in a oner.

Chanote is mortaged in BBL but will be cleared before name change.

Any thoughts/recommendation?

[Boater]

have you got a lawyer checking everything over for you?

[nbg]

have you got a lawyer checking everything over for you?

Actually no, been checking it myself. What will a lawyer check that I cant check myself? What guaranties will a lawyer give?

Please educate me and others and spare the "you are an idiot comments"

Kind regards

[PattayaParent]

I've had a couple of mates that have done the transfers themselves. It just means a waste of a day sitting around the Land Office.

It would be good if you had a Thai reader with you that can check the documents are all in order though, especially the mortgaged chanote.

[tangoll]

nbg, what's with the snide comment? You come here asking for free advice, boater offers a reasonable comment, and you get all uppity, whereas a "thank you" would be more appropriate.

Well there are a couple of items and documents that you haven't mentioned, but with your attitude, fcuked if I'm going to mention them.

Good luck.

[nbg]

I've had a couple of mates that have done the transfers themselves. It just means a waste of a day sitting around the Land Office.

It would be good if you had a Thai reader with you that can check the documents are all in order though, especially the mortgaged chanote.

I have a copy of the chanote (back and front) and checked it at the land office. As its mortagaged in bbl, they have to come along to the land office for the name change. On the back bbl is registered.

[nbg]

nbg, what's with the snide comment? You come here asking for free advice, boater offers a reasonable comment, and you get all uppity, whereas a "thank you" would be more appropriate.

Well there are a couple of items and documents that you haven't mentioned, but with your attitude, fcuked if I'm going to mention them.

Good luck.

tangoll, my apologies if it came out as a snide comment. If it came out like that I did not mean it. English is not my first language

I really wonder what a lawyer will check that one cant do on his own. I actually just after Boater's comment called up a law firm and looked at few websites. I must say the officer at a well known firm did not impress me. I asked about the services mentioned on their website regarding title deed search and he kept repeating that they check that the owner on the copies I have are correct with what is on the one at the land office. I asked about checking foreigner quota, loans on deed etc but he just kept repeating checking the owner of the chanote. Im still considering using lawyer, its not even 10.000b. But the services seems more applicable when buying a new build where they check the developer and related docs for new/ongoing projects. May be I should call another firm.

Sorry again if I came out sounding like a prick, it was not intended. Forums are great sources of information lets keep it that way.

Kind regards

[PattayaParent]

If you're goiing to use a lawyer give him POA and let him sit at the land office while you go for a beer.

[wpcoe]

If you're goiing to use a lawyer give him POA and let him sit at the land office while you go for a beer.

Since the OP said English is not his native language: POA = Power of Attorney, which gives the lawyer the ability to conduct transactions on your behalf, like waiting around all day at the land office.

[nbg]

If you're goiing to use a lawyer give him POA and let him sit at the land office while you go for a beer.

Since the OP said English is not his native language: POA = Power of Attorney, which gives the lawyer the ability to conduct transactions on your behalf, like waiting around all day at the land office.

wpcoe, thanks for the clarification. Have used it before in other matters actually.

Now since this chanote is held by bangkok bank for a loan, would it be safe to say there wont be any other encumbrances on it. I would think the bank cleared it before giving out a loan against it. There is nothing else on the back anyway.

Cheers

[blackadder]

Im ready to buy a condo, price agreed, Chanot and (forigner quota checked).

2d hand condo Which is currently in a (Thais name!)

Chanot will be changed over to my name before the money changes hands.

Go get a lawyer and remember when you give some cash here in Thailand it is not your money anymore. (I know there is a law here too, but ...)

If the condo is not in Falange estate now, be careful and not believe in what comes out of their mouths. Get a lawyer who can look after you. you are not in your own country.

English is also not my first language

Excuse me for saying so, but if you want to invest in property here in Thailand which is not your country which is notorious for plate and deceive foreigners if possible (unfortunately a reality in Thailand today) without a lawyer who might costing 1 / 2 -1% of your play money, you are in my eyes another fool in paradise.

Beware of buying an apartment from Thai name, you would indeed like to have this opportunity in your name and not in a company name, right!

And not lose your 10% you've put as a deposit for the trade.

Good luck.

[nbg]

Im ready to buy a condo, price agreed, Chanot and (forigner quota checked).

2d hand condo Which is currently in a (Thais name!)

Chanot will be changed over to my name before the money changes hands.

Go get a lawyer and remember when you give some cash here in Thailand it is not your money anymore. (I know there is a law here too, but ...)

If the condo is not in Falange estate now, be careful and not believe in what comes out of their mouths. Get a lawyer who can look after you. you are not in your own country.

English is also not my first language

Excuse me for saying so, but if you want to invest in property here in Thailand which is not your country which is notorious for plate and deceive foreigners if possible (unfortunately a reality in Thailand today) without a lawyer who might costing 1 / 2 -1% of your play money, you are in my eyes another fool in paradise.

Beware of buying an apartment from Thai name, you would indeed like to have this opportunity in your name and not in a company name, right!

And not lose your 10% you've put as a deposit for the trade.

Good luck.

My name, not going the company way! At present there is about 10% of the foreigner quota occupied.

Anyone know if a sale/purchase agreement MUST be in both Thai and English? or only English enough??

Kind regards

[stgrhe]

Anyone know if a sale/purchase agreement MUST be in both Thai and English? or only English enough?

English only is the best but there is no "MUST" here as an agreement could be written in any language and still be valid. What is important though, and this is much too often forgotten, is that the agreement should state the applicable law and how any dispute should be handled and which language should be used in communication between the parties and during arbitration.

However, if you enter an agreement with dual languages please make sure there is a clause that states that it is the English version that has precedence. My recommendation is to avoid dual language agreements if possible as they often lead to misunderstanding and misinterpretations. Remember, you are the buyer here so the agreement should be written in a language you are familiar with.

Here are some clauses you might like to have in your agreement.

Clause X - RESOLUTIONS OF DISPUTES

X.1 Negotiation of Dispute Any and all disputes in connection with or arising out of this Agreement shall, insofar as is possible, be settled amicably by the Parties. The Parties agree to negotiate in good faith to settle any such dispute.

X.2 Arbitration of Disputes

Arbitration of disputes, failing amicably settlement between the Parties, shall be conducted in the follow manners:

(i) All disputes arising in connection with the transaction contemplated hereby to be referred to an arbitration tribunal, shall be settled by arbitration in accordance with the Arbitration Rules of Thai Arbitration Institute, Office of the Judiciary at the time of submission of the dispute to arbitration and the conduct of the arbitration thereof shall be under the auspices of the Thai Arbitration Institute. The place of arbitration shall be Bangkok, Thailand, and Thai law shall govern the proceedings.

(ii) All arbitration proceedings shall be conducted in the Thai language.

(iii) No Party shall be entitled to commence or maintain any action in a court to of law upon any matter in dispute until such matter shall have been submitted and determined as hereinbefore provided and then only for the enforcement of the amount found due on such arbitration or specific performance as determined by the arbitrators.

(iv) Pending the submission to arbitration and thereafter until the board of arbitration publishes its award the Parties shall, except in the event of termination of this Agreement, continue to perform all of their obligations under this Agreement, without prejudice to a final adjustment in accordance with the award.

Each Party shall bear their own attorneys' fees and related costs in connection with the arbitration, but the fees charged by the arbitrators and the expenses of arbitration shall be borne in such manner as may be specified in their decision.

Clause X- GOVERNING LAW AND LANGUAGE

This Agreement shall be governed and construed in accordance with the laws of the Kingdom of Thailand. The governing language of this Agreement shall be the English language.

Clause X - JURISDICTION

This Agreement shall be subject to the exclusive jurisdiction of the courts of the Kingdom of Thailand.

Clause X - LEGAL EFFECT

The Parties have read and understood all provisions of this Agreement and intend to be legally bound by all terms and provisions contained herein.

Edited September 30, 2010 by stgrhe