What's The Detailed Procedure Of Purchasing Condo Property For Expat?

[jiangaq]

I'm interested in the condo in CM. If buy from the owner instead of agent, what is the detailed procedure for each step? How much am i supposed to pay including something like tax, lawyer fee or other fee?

Does anyone have experience on this? Thanks a lot.

[SamSipEt]

A good lawyer should be able to explain everything to you and give clear guidelines on what is payable as well as what is negotiable. I've used CM Legal before who will happily discuss things with you. They are located under City House condo Loy Kroh Soi 1 past Number 1 Bar on the left.

[mcgriffith]

Or you could try the real estate forum.

http://www.thaivisa.com/forum/forum/59-real-estate-housing-house-and-land-ownership/

Although you want to buy in CM, your questions about the procedures, etc. are generic.

Moved to the Real Estate forum, with a live link remaining on CM.

[Rancid]

Lawyers will be happy to take your money for what is a relatively straight forward procedure. Do it yourself as I have multiple times:

You bring in the purchase money from abroad and have a letter from the bank declaring as such.

The Seller needs get from the Condo admin a letter stating he has no outstanding debts plus they provide a letter stating the foreign ownership percentage, if under 49% you can buy. If not then you cannot so walk away.

The tax is negotiable with the seller, try to get the seller to pay, however that may affect the purchase price. If you get hit with a 50/50 on tax then you have to pay that in cash at the land office so make sure you have enough on you. Also make sure you are only up for the land tax component and not capital gains if the seller has held the property less than 5 years as that is his problem. The current percentages you will find online and can get a rough calculation. It has been known for some people to lower the purchase price to reduce tax, way better to negotiate a deal where the seller pays it all if first purchase, thus not your problem.

If all the dots line up then the transfer is done. You will usually have a bank draft to pay the Seller, hand him that when the land office hands you the Land Title Deed.

Any queries PM me as I rarely look over old posts, likewise plenty others out there that know what they are doing.

Forgot: passports and copies of course, don't be surprised when Lnad office ask you the names of your parents, it's a Thai thing.

Edited December 14, 2012 by Rancid

[aussiebebe]

I only have experience of buying one condo in Thailand and I paid a local law firm to oversee the sale. I bought a new unit from the developer and in hindsight if I were doing so again then I accept 'Rancid's point that maybe there was little need. On your first purchase though, law firms give you peace of mind and are probably worth it. At the very least they will have experts come and look at the condo, noting all the issues and problems before you waste your money on it.

Even if you have vast experience buying in your home country it helps to have a Thai person look over the place you found as some Thailand-specific issues may not be obvious. For example, if you've only looked at the unit during the day and there is a mall or supermarket nearby, don't assume that the carpark will be closed when the store claims to be, skateboarders and pickups blasting out music may be there every night in a way they never would be allowed in your home-country.