Legal Fees For Buying Condos...yes Again

[deadman]

searched the forum and know that there is lots on whether to use a lwayer or not when buying a condo. i was quite surprised by the quote of 50K to approve the contract and do a title search. especially as far as i can see a title search should not be necessary when buying a condo from a developer.

i know many people who have not bothered with a lawyer, and it seems most thais think they are superfluous, especially if buying a new condo from the developer.

personally i don'e see how one would get more protection from using a lwayer. i'm considering buying a new condo from a couple who changed there mind, and it seems a straight forward thing to go in, change the names on the developers books, pay the money to them, pay the money to the developers, walk out with title in hand. is this the case or is it far less simple??? any constructive input would be appreciated.

cheers

dm

[SunbeltAsia]

searched the forum and know that there is lots on whether to use a lwayer or not when buying a condo. i was quite surprised by the quote of 50K to approve the contract and do a title search. especially as far as i can see a title search should not be necessary when buying a condo from a developer.

i know many people who have not bothered with a lawyer, and it seems most thais think they are superfluous, especially if buying a new condo from the developer.

personally i don'e see how one would get more protection from using a lwayer. i'm considering buying a new condo from a couple who changed there mind, and it seems a straight forward thing to go in, change the names on the developers books, pay the money to them, pay the money to the developers, walk out with title in hand. is this the case or is it far less simple??? any constructive input would be appreciated.

cheers

dm

Our professional fee is 6,500 Baht for the title deed search and to check the percentage of foreign ownership is not more than 49%. We check the details of the land with the Land Office to verify if the land for the project actually belongs to the developer as well as any mortgage on the land. We also do a due diligence search for the corporate and financial information of the company who is the developer of the project. In this regard, we check the corporate documents and balance sheets. We as well verify who are the shareholders and directors. If the development project has a loan with a bank or financial institution, we will point this out to discuss this with the bank or finance company concerned. We also check if the developer of the project has applied for the construction permits with the “Civil Works Office” and also check with the Office of the Environmental Protection, to check if these permits have already been granted to the developer.

Our professional fee is 9,500 Baht for reviewing the purchase agreement and making comments. With the title deeds and the construction permits, we also check the clauses in reference to all the common areas and utilities to ensure that the developer will not use for its own commercial purposes, (recreation areas, parking lots, club houses and swimming pool, etc.) Some developers are charging for the use of the swimming pool or set up a market in the parking lot for the public. You’ll find some cases of selling the common areas to the 'mafia." Many contracts drafted by developers always contain clauses in favor of the developers for their non-liabilities for breach of contract.

Our professional fee is 8,500 Baht for registration at the Land Dept. is legally complied with the proper transaction and the name of the new owner is properly recorded.

Most people would never think of buying a house or condo, in their own country without legal advice. Some however have done this in a foreign country like Thailand and have had problems. Understandably as in Thailand all laws and official documents are in Thai language. What you understand is just what the other told you. What someone tells you about Thai laws should be carefully considered.

This is the minimum due diligence you should have if you wish to avoid the legal issues in Thailand. ( WARNING: In this short post, I have not pointed out all the issues that the you the buyer needs to be aware of )

www.lawyer.th.com