Purchasing a Condo In Chiang Mai - Requirements

[chiangmaicondo]

I have an offer to purchase a condo at a really good price.

I have read over the condo act of 2008 but don't understand most of it.

Here is the situation:

Owner is a 70 year old lady that lives in BKK and is unable to travel to CM.

I'm from canada.

What paperwork do we need to make the sale legal?

What is needed to registrer the title at the land office?

Since the owner can not come to CM, can I go to BKK and register the condo at the land office in BKK?

Thanks for your help.

[Thailand]

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

[briley]

Don't worry about the condo act - that is mainly about how to run a condo.

1 - check the condo building allows you to buy - foreigners can only own up to 49% of the building. The office can tell you this. You seem to be buying a Thai owned unit.

2 - get money, it must be brought into the country and you must have the correct form from the bank.

3 - you need your passport.

Then you and the owner or someone able to act for them go to the land office for the transfer, takes a couple of hours. You MUST take someone you trust who is fluent in Thai, both written and spoken, to read everything to make sure you are buying the correct thing. Everything is done in Thai.

You then get a lovely big document with your name as owner at the end, all again in Thai. Photocopy it at the land office as they have the best photocopier for this size document.

It is actually very easy, almost too easy. The difficult part is selling a condo .................................

[chiangmaicondo]

thanks for the information.

Does the owner have to bring their Title Deed to prove they are the owner?

Or just both of us show up with Passport and ID

[briley]

Owner will bring the title deeds - you should try to see them early on to check they are the owner. It is the deeds (chanote) the owner currently has that will be edited to name you as owner.

[SamSipEt]

2 - get money, it must be brought into the country and you must have the correct form from the bank.

It is actually very easy, almost too easy. The difficult part is selling a condo .................................

When transfering the cash into your Thai bank account you will need to get the bank sending the cash to add somthing like "to be used to purchase a condo" as the transaction(s) description or you will have problems sending the moneey back home when you sell. There is a correct phrase to use and you need copies of the transfer(s) printed out by the bank to give to the land department. As always keep copies of everything for your own reference even it is is in Thai and seems irrelevant - if someone else has a document you want a copy.

Buying isn't a complicated process but please please use a lawyer. You would back home wouldn't you? So why not here?

Good luck

Edited November 30, 2013 by SamSipEt

[just_Elaine]

There are also transfer taxes. For us, we paid 50% and the seller paid 50%, but this was negotiated before we (buyers and seller) went to the land office. Others may negotiate who pays the taxes differently.

[just_Elaine]

There are also transfer taxes. For us, we paid 50% and the seller paid 50%, but this was negotiated before we (buyers and seller) went to the land office. Others may negotiate who pays the taxes differently.

Below, link to another topic talking about transfer fees. There are a couple of links in it that seem useful too.

http://www.thaivisa.com/forum/topic/634837-chanote-deed-transfer-cost/