giibaht Posted January 2, 2015 Share Posted January 2, 2015 For those who have bought condos (from developers), do you hire your own lawyers to do the due diligence? If so, any recommendations? Link to comment Share on other sites More sharing options...
bangmai Posted January 2, 2015 Share Posted January 2, 2015 http://www.icothai.com/ Real Estate is one of their specialties. Link to comment Share on other sites More sharing options...
Satcommlee Posted January 2, 2015 Share Posted January 2, 2015 Always use your own lawyer..... never use a lawyer suggested by the seller.. This is common sense, google enough and you will read all sorts of horror stories. Link to comment Share on other sites More sharing options...
giibaht Posted January 2, 2015 Author Share Posted January 2, 2015 (edited) Always use your own lawyer..... never use a lawyer suggested by the seller.. This is common sense, google enough and you will read all sorts of horror stories. Indeed. But there are some who think a direct purchase from (established) developer is straightforward. However, I'm uncomfortable with that. I wonder whether I should engage the lawyer prior to booking as well? And what's the going rate? Edited January 2, 2015 by giibaht Link to comment Share on other sites More sharing options...
WorkingTourist Posted January 8, 2015 Share Posted January 8, 2015 Indeed. But there are some who think a direct purchase from (established) developer is straightforward. However, I'm uncomfortable with that. I wonder whether I should engage the lawyer prior to booking as well? And what's the going rate? Put me in the camp of people who think it’s straightforward (buying from established developer). What would you expect the lawyer would do for you? Read the terms of payment and give his stamp of approval? If you want to spend money on some “insurance” then I think it would be better to get a person knowledgable about construction and have them inspect the quality of the finished project. 1 Link to comment Share on other sites More sharing options...
WinnieTheKhwai Posted January 8, 2015 Share Posted January 8, 2015 ^ That. I remain quite impressed by all the mundane things that Farangs-in-Thailand are conviced require a lawyer. Tip: Unless you're not in court, it typically doesn't need to involve a lawyer. Link to comment Share on other sites More sharing options...
Beng Posted January 9, 2015 Share Posted January 9, 2015 Indeed. But there are some who think a direct purchase from (established) developer is straightforward. However, I'm uncomfortable with that. I wonder whether I should engage the lawyer prior to booking as well? And what's the going rate? Put me in the camp of people who think it’s straightforward (buying from established developer). What would you expect the lawyer would do for you? Read the terms of payment and give his stamp of approval? If you want to spend money on some “insurance” then I think it would be better to get a person knowledgable about construction and have them inspect the quality of the finished project. Yup, no lawyer needed. Link to comment Share on other sites More sharing options...
Dante99 Posted January 9, 2015 Share Posted January 9, 2015 If the lawyer can do his primary job which is to keep you out of trouble, then yes use one, particularly if you have limited experience here and/or can not afford a large loss. As mentioned there are a lot of horror stories about problems with condo purchases. Perhaps if you have read them all and are triple confident that you will not end up like any of them, go for it on your own. 1 Link to comment Share on other sites More sharing options...
giibaht Posted January 10, 2015 Author Share Posted January 10, 2015 Thanks for all the insightful comments. I've been around long enough to know that a significant number of the natives of this fair land would cream me off (mostly through overcharging) if given half the chance. In this particular case, sad to say, I wouldn't necessarily trust any law firm I shortlisted, more than the established developer. I've yet to speak to any law firm, but I think there's no harm to find out about their services and pricing, and decide later. My thoughts are that if you are buying a condo from other than a well-established developer (who had completed many projects you've visited and checked personally, as is my case here), then I would say one is taking an unnecessary risk to sign on the dotted line without own independent legal advice. Just be careful that the law firm don't end up being the party to screw you off Link to comment Share on other sites More sharing options...
rickthailand Posted January 10, 2015 Share Posted January 10, 2015 i use cnx legal at rimping meechok for all my company, real estate and accounting needs. they are cheap speak excellent english and so far have always helped me save money rick 1 Link to comment Share on other sites More sharing options...
Lowriesuzanne Posted February 26, 2015 Share Posted February 26, 2015 Buy a new condo. Do not buy a "used" condo. Link to comment Share on other sites More sharing options...
WorkingTourist Posted March 14, 2015 Share Posted March 14, 2015 My thoughts are that if you are buying a condo from other than a well-established developer (who had completed many projects you've visited and checked personally, as is my case here), then I would say one is taking an unnecessary risk to sign on the dotted line without own independent legal advice. Just be careful that the law firm don't end up being the party to screw you off If you’re talking about unfinished projects, then yes, signing a purchase agreement is a huge risk, but the contract itself is fairly simple, it covers payment terms, unit size, buyer obligations (sinking fund, common area fees), and developer liabilities (incase of delays, or structural issues after ownership transfer). So I consider the main risk a developer who delivers a unit which is worse than expected based on the sales material. Legal advice probably give you little protection against that, as the purchase agreement is not detailed enough. If buying before the unit has been completed, I would spend a lot of time with the architect to go over the details, at a minimum to adjust expectations, and perhaps catch potential blunders, like too low kitchen tables or too few electrical sockets (common issues I see in many new builds, even here at The Shine, a building I am otherwise quite fond of). Link to comment Share on other sites More sharing options...
Chicog Posted March 14, 2015 Share Posted March 14, 2015 Surely you need someone you can trust to confirm that the Condo in question can be sold to a farang? Or is there an easy way to confirm this that will later stand up in court? Link to comment Share on other sites More sharing options...
Rancid Posted March 14, 2015 Share Posted March 14, 2015 Buy a new condo. Do not buy a "used" condo. Won't it be a used condo as soon as he buys it? If you were selling your condo that you obviously bought new would your advice be the same to prospective buyers? There a good and bad buildings, both new and used. Buying used condos is very straightforward, more so than in the West, and paying a lawyer is a waste of money. With a new one a lawyer might help just in case there are some unfavourable clauses. Link to comment Share on other sites More sharing options...
haybilly Posted March 15, 2015 Share Posted March 15, 2015 I second CNX Legal. In fact, I am discussing a similar scenario with them at the moment. Link to comment Share on other sites More sharing options...
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