Need Step By Step Guide About Buying Condo In Bangkok

[Zen]

hi, i would like to buy a condo and have t pay A) 3% reservation/contract fee 7% down payment c) 90% balance of condo value D) sinking fund+maintenence+miscelleneous fees. I understand that © has to be transferred frm overseas. What about A,B and D? They told me i can pay A by credit card. Can i pay B and D by the cash that i have in bangkok and transfer only ©?

[pkrv]

The terms and conditions are about right

Below is a link of experiences from people buying off the plan at

The Trendy

The Address

The Park Residence Chidlom

The Athenee

Don't pay by credit card you cannot specify the reason for transfer is to buy a condominium via this mechanism

http://www.thaivisa.com/forum/Major-Projects-Ploenchit-langsuan-t58207.html

[Zen]

thanks a lot.

but i haven't transferred any money into thailand, so how should i go about booking the unit?

does this mean i have to very quickly transfer the money into thailand so that i can pay the booking fee with the incoming money?

Edited October 25, 2010 by Zen

[pkrv]

thanks a lot.

but i haven't transferred any money into thailand, so how should i go about booking the unit?

does this mean i have to very quickly transfer the money into thailand so that i can pay the booking fee with the incoming money?

If you have a Thai bank account transfer the money to them EXPLICITLY stating it is for the purcahse of your condominium. Then pay the developer.

Otherwise transfer the money to the developer EXPLICITLY stating it is for the purcahse of your condominium.

Edited October 25, 2010 by pkrv

[Zen]

thanks again.

but transferring money will take several days....i need to pay at least the booking fee now otherwise someone else may buy it

[mark5335]

I've previously purchased condos direct from the developer and paid the booking amount by c/card, with the balance of purchase price remitted from o/seas. I had no problem in either case in getting my name registered as owner.

[pkrv]

I've previously purchased condos direct from the developer and paid the booking amount by c/card, with the balance of purchase price remitted from o/seas. I had no problem in either case in getting my name registered as owner.

Given we are all in different postions - I assume the developer sorted out the Bai Rap Rong? I have never seen this done before but it is logical for the amounts involved for the reservation fee

edit - Ohh are you buying free hold or leashold?

Edited October 25, 2010 by pkrv

[HampiK]

You can pay the reservation fee by creditcard or cash. Even the downpayment can be paid from local money.

Some developer ask to pay the whole amount at the end, and give you back the money you paid already (3% or 10%). Other developers don't care where the money come from. Because not the developer is interested in the oversea money. It is the landoffice who need this if you want to buy it in your name (Foreign Quota)

At the landoffice they only want to see that the whole amount came from oversea. So you need to wire one time at least the whole amount. At the end it depends to the developer how he will do the final payment.

[pkrv]

You can pay the reservation fee by creditcard or cash. Even the downpayment can be paid from local money.

Some developer ask to pay the whole amount at the end, and give you back the money you paid already (3% or 10%). Other developers don't care where the money come from. Because not the developer is interested in the oversea money. It is the landoffice who need this if you want to buy it in your name (Foreign Quota)

At the landoffice they only want to see that the whole amount came from oversea. So you need to wire one time at least the whole amount. At the end it depends to the developer how he will do the final payment.

Hampik you are Thai? - The only reason I ask is because of the HUGE differences with buying condominiums in Thailand as a Farang/Foreigner - and as a local Thai - let alone house/land issues

[HampiK]

Hampik you are Thai? - The only reason I ask is because of the HUGE differences with buying condominiums in Thailand as a Farang/Foreigner - and as a local Thai - let alone house/land issues

I am an european, and not thai...

Edited October 30, 2010 by HampiK

[HC82]

Step 1: Find your condo and negotiate the price

Step 2: Hire a lawyer with a lot of experience doing condo acquisitions

Step 3: Do what the lawyer tells you to do

You can save a bit of money and try to figure it out on your own but to do so would be very foolish imo.

[HampiK]

Step 1: Find your condo and negotiate the price

Step 2: Hire a lawyer with a lot of experience doing condo acquisitions

Step 3: Do what the lawyer tells you to do

You can save a bit of money and try to figure it out on your own but to do so would be very foolish imo.

A lawyer is a good idea... If you try to find it out by yourself, than you need at least someone who can read thai and translate it for you.

There are a lot of documents, which are important to understand. There aren't any standart contract. So in your contract could be some minor enhancements for the seller. If you dealing with a big construction company the chance for bad contracts are smaller..

About point 3, also think a little bit about what the lawyer tells you. Because i don't think that your lawyer is a very good friend of you. And also there are a lot of lawyer who take care themselve...

[pkrv]

edit sorry thoughts else where

Edited November 1, 2010 by pkrv