Found the condo... now need agent

[paulinbkk111]

Hi all,

Living here long term and finally found a condo, near work, new building and great price. I already have some property here but have only ever bought off the developer.

This condo is second hand, and would be buying from the seller. My main concern is that it has a debt/mortgage over it, and would prefer to have an agent/someone with experience to help.

Yes, this is an extra cost but would prefer to have an agent.

My question is:

1. How can I check that a condo doesnt have a loan/lien on it?

2. How much would an agent/assistance cost, just to help with transferring the condo.

3. How long does the process take?

4. I would send the money to my Bangkok bank account from Australia, and get a FET. Then can give the money to the seller. Correct?

Thanks all!

[trogers]

Seller will indicate two separate cashier cheques, one in favor of the bank holding the lien and the other to the seller. The latter is the balance of the agreed price less monies paid in advance and the cheque to the bank.

Any agent who has dealt with property transfer at that particular land office will do. I had paid 5K service tip for a condo worth 7.4m to help with the transfer.

[WorkingTourist]

I think you meant to write buyer will indicate two separate cashier cheques.

Does this mean that the buyer will effectively pay the debt owed to the bank to get the lien removed from the deed?

So let’s say I buy a condo for 5m and the seller owe the bank 2m which is noted on the deed.

I make a cashier check out to the seller for 3m, which I pay them at the land office, where they bring their deed. Here the deed is transferred into my name (I believe there are two copies, one for the owner and one remains at the land office). Then another check for 2m is paid to the bank and once it clears, the lien on my new deed gets removed. Is this correct?

To the OP: In addition to clearing the lien, you should also get a letter from the juristic person stating that the condo is debt free, i.e. the seller does not owe any common area fees, or have unpaid utility bills (this has nothing to do with the potential lien).

Edit: Forgot that of the 3m given to the seller, the land office wants 2% of the value in transfer tax, which I think is common to split 50/50, so the check to the seller should only be 2.9m since 100,000 is paid to the land office.

I assume that the land office will ensure they get withholding tax from the seller, and that this is not something the buyer needs to worry about.

Edited January 3, 2016 by WorkingTourist

[trogers]

The seller has an outstanding balance on the mortgage which he has to discharge. The buyer would have to make out a cheque to the bank to discharge this amount at the land office on the day for title deed transfer.

The title deed is held by the bank with their lien written on the deed. Upon discharge, the lien will be cleared, and then the name of the new owner can then be entered into the same title deed.

Thus, the two cheques, one to the bank, and one to the seller to facilitate putting your name on the title deed with lien cleared.

Transfer tax and stamp duties are paid in cash to the land office. How they are to be shared would depend on your agreement.

Edited January 3, 2016 by trogers

[Langsuan Man]

4. I would send the money to my Bangkok bank account from Australia, and get a FET. Then can give the money to the seller. Correct?

As other have said, funds both to the seller and to the bank but since the condo has a lien (loan) against it, is it in the foreign quota ?

If so , for the enlightenment of many TV members, how did he get that loan, since the question of foreigners getting loans for condos comes up frequently here at Thai Visa

[KittenKong]

As other have said, funds both to the seller and to the bank but since the condo has a lien (loan) against it, is it in the foreign quota ?

If so , for the enlightenment of many TV members, how did he get that loan, since the question of foreigners getting loans for condos comes up frequently here at Thai Visa

It's not a subject that concerns me personally but working farangs with WPs can get mortgages, cant they?

[trogers]

4. I would send the money to my Bangkok bank account from Australia, and get a FET. Then can give the money to the seller. Correct?

As other have said, funds both to the seller and to the bank but since the condo has a lien (loan) against it, is it in the foreign quota ?

If so , for the enlightenment of many TV members, how did he get that loan, since the question of foreigners getting loans for condos comes up frequently here at Thai Visa

A condo unit under a Thai quota can still be changed into the foreign quota should the 49% has not been exceeded as a result of this transfer.

[questionsreplies]

Agent totally useless...

[blackcab]

You really don't need an agent. You (the purchaser), and the vendor go to the land office with the money. If the property has any mortgage or financial encumbrance on it then the land office won't transfer it until that debt is cleared.

If there is a mortgage then you (the purchaser), the vendor and an agent from the bank that holds the mortgage all turn up at the land office at the same time.

It doesn't matter who, but one of you pays off the bank at the time of the sale. The bank gives the nod, you pay the vendor the agreed price and the transfer is processed.