Buying Off The Plan Condo

[cyrax]

Hi,

Sounds stupid, but its driving me insane at the moment as I haven't bought any property in thailand.

If anyone can give me any advice it would be so help for, here are my questions

1.When buying an off the plan condo, do they give you a title deed or some sort of letter saying that you will own the unit in your name?

I mean thats before you sign the contact as I have heard of people signing the contact then the people that own the condo can still sell it under you.

2.Do you also get the yellow book after the condo is finished built or after you have signed the contract.

Any help would be great as its doing my head in at the moment

Thanks

Shannon

[JeffreyMcCollum]

Condos can be purchased in your name and the title deed in your name - Here in Thailand it is called a chinote

1.When buying an off the plan condo, do they give you a title deed or some sort of letter saying that you will own the unit in your name?

I mean thats before you sign the contact as I have heard of people signing the contact then the people that own the condo can still sell it under you. Buying of plan early in a project gives you the best selection at the lowest price. Usually first you pay a reservation fee ( 20,000 - 50,000 Bt.) then a contract signing fee 50,000 - 100,000 depending on the price of the condo, and these fees are part of the price you agree to. Depending on the project, you can pay 15% up to 1/3 of the price over time as it is built. SOme people pay that at 1 time as to limit transfer cost. When the project is done, and inspected, the project will take you to the land office, There when the chinote (Titiel deed ) is in your name, you pay the balance, and get the title deed. Some banks do short term finance up to 5 years - Make sure of the project you are buying from . . .

2.Do you also get the yellow book after the condo is finished built or after you have signed the contract. - Actually, every one I have bought I got a blue book, then had to take it down to trade for a yellow book. This is done after itis transfered into your name.

Usually things are mostly easy and painless. The contract is regulated by the government under the condominimum act and consumer protection board.