Condo Buying Money Transfer & Attorney Questions

[Teerak2]

The realtor who I rent from recommended a few developments if I was interested in buying. She has had some former renters like myself who have bought in these developements, I don't know any of these people personally, but being that she now has their condos up for rent I assume the transactions went smoothly, or semi.

My questions if I decided to buy would be:

-Taking into consideration the above and my own observations should I still involve an attorney to look over paperwork/title when buying a new completed, ready to move in condo directly from the developer (and what might this cost from those who have used attorney for this)? Just curious as to how many people have bought direct from developers and did not use attorney or real estate agent also? When I try to search this topic on the net, I get all links to attorney websites who of course recommend you use them.

-If I transfer money directly to the developer how can I ensure I get the amount correct? Given I would be transferring international wire in dollars, which their bank would change to baht, and it takes a day or two to complete with rates fluctuating, I'm assuming the amount could come up a little over or short, no? How can I know how much $ they actually recieved, and if it over amount would they credit me back? If I transfer to my own Thai account to avoid this, then I would have to get the foreign exchange transfer certificate myself, and they seem to be leaning towards direct to them.

Thanks for any advice/information in advance.

Edited April 22, 2013 by Teerak2

[BlackPuddingBertha]

"If I transfer money directly to the developer"

Under no circumstances should you EVER do this.

Transfer your foreign funds from abroad to your own Thai bank account. Get your FET form. This proves that you have imported your cash from overseas, which is the only way you will be able to easily export it again one day, or to buy in foreign name.

Then you pay by cheque at the Land Office when they transfer the chanote to your foreign name, not before.

There are thousands of threads in here discussing this. Read back through some of them.

It is a good idea to assume that everyone involved with property in Thailand is dishonest. That way you wont have many bad surprises.

[54321]

I have bought 4 and am in the process of buring 2 more. I have never used a solicitor, I have dealt with the developers directly. I currently have a problem with 1 condo, but its to do with quality and not legal process.

I would suggest that if the developer is a large well known company then employing a legal advisor is a complete waste of time and money.

As has been said, transfer the funds to your thai bank account. transfer more than you need, but if it falls short you can always make a second transfer which is not an issue with the regulations etc.

good luck

[Teerak2]

Thank you both for the information, understood.

I had read in many other threads of foreigners transferring to the developer and the reason I asked. The developer told me they would take care of the FET, and then do power of attorney down at the land office to put title in my name.

The method you both explain does sound much safer, and as stated you just never know who to trust and who not to trust.