Condo Purchase Questions

[inThailand]

1) I am looking into buying a resale condominium (which is currently foreigner owned). I am in Thailand and I am dealing with a European condo seller, who is not in Thailand and is not going to grant power of attorney to any person in Thailand, but will personally attend the title deed transfer/closing. I plan on mailing two original signed contracts for him to sign and have him return one back to me here in Thailand. How do I make sure the signing and execution of this sales contract is legally binding? Was the contract actually signed by the real Sellers? I am requesting a copy of his passport with his signature.

2) What documents should be reviewed, attached to the sales contract and are needed to transfer the freehold title deed into a foreigner’s name (one of the 49%)? Are additional documents required when I go to sell?

3) How does the house/address book (I think it’s the blue book) get transferred to me from the current owner (one of the 49%)? On the title deed transfer date?

4) How does the electric bill or other utilities billed directly from the provider (as opposed from the Juristic Person) get reconciled? When?

5) How does one register the electric in a foreigner’s name? Is this wise or better to use a Thai name to get the real rate?

6) To receive mail at my new condo, what, if anything do I need to do?

[thaigene2]

Conveyancing of a condo or other property purchase should always be done through a lawyer. Especially in Thailand. Use a reputable firm. There are several who advertise here. The exchange should take place at the land office but before that you need to get the Juristic Person (the Condo Assn from the building in which you're buying) to write a letter that indicates the percentage of foreign-owned square metres in the building. You need to see that FIRST before you give this guy any money. You really should get a lawyer.

[billaaa777]

I will answer your questions. I don’t know why I ever do it, since all the so called experts will ring in shortly. I bought, designed, renovated and sold over 20 condos this year.

A) Get an attorney. Have the seller send you a copy of his dead, front and back. And a copy of his passport. The attorney should then go to the land office and check the dead and signature on the passport and make sure they match up.

Don’t worry about the 49%, the deed in his name locks you in.

C) Why worry about the electric bill, they will turn it off a few weeks after you don’t pay. You can’t read your name on there anyway. If you are that concerned go to the electric company and have lots of fun trying to get it transferred.

D) Your mail, put your name and new address on what ever you need, it might come, sooner or later that is.

E) The blue book, to the best of my knowledge means nothing, but if you really care ask your attorney. Just make sure the deed is in your name at the time of the transfer. You can’t read it, ask somebody who can and hope your names comes out. It will, just joking.

Seriously, it’s pretty easy, get a property attorney for you first time and you will have no problems. If your doing this in Pattaya, PM and I will give you the name and number one property attorney here.

[backflip]

"1) I am looking into buying a resale condominium (which is currently foreigner owned). I am in Thailand and I am dealing with a European condo seller, who is not in Thailand and is not going to grant power of attorney to any person in Thailand, but will personally attend the title deed transfer/closing. I plan on mailing two original signed contracts for him to sign and have him return one back to me here in Thailand. How do I make sure the signing and execution of this sales contract is legally binding? Was the contract actually signed by the real Sellers? I am requesting a copy of his passport with his signature."

Why would YOU send him anything? Unless you are acting as his selling agent, your buying agent, a real estate broker, and an attorney, you don't contact the seller. If you're working through a broker, let him/her handle the details. If he has an attorney, your broker can work with him. If you are trying to do this directly, without a broker, hire an attorney. Try Sunbelt Asia. He can sign all of the necessary documents when he arrives in Thailand.

"2) What documents should be reviewed, attached to the sales contract and are needed to transfer the freehold title deed into a foreigner’s name (one of the 49%)? Are additional documents required when I go to sell?"

Several documents: your passport, and foreign currency exchange letter (from your bank) and, in your case, perhaps a letter from mom and dad.

"3) How does the house/address book (I think it’s the blue book) get transferred to me from the current owner (one of the 49%)? On the title deed transfer date?"

As an unmarried non-thai, you can't have your name in the blue book.

"4) How does the electric bill or other utilities billed directly from the provider (as opposed from the Juristic Person) get reconciled? When?"

When the condo is transferred to you, the electric company is notified, and the final settlement to the seller is adjusted for the used electricity.

"5) How does one register the electric in a foreigner’s name? Is this wise or better to use a Thai name to get the real rate?"

What do you mean "the real rate"? If you own the condo, you'll get billed personally at the residential rate. You will need to have the electric meter transferred form the previous owner to you, and that entails paying a cash deposit with the electric company.

"6) To receive mail at my new condo, what, if anything do I need to do?"

Hop on one leg, and cluck like a chicken. Just kidding. Have your mail sent to your new address. Yes, it's just that simple. When you transfer the condo to your name, the condo juristic person is notifed.

[thaihome]

....

5) How does one register the electric in a foreigner’s name? Is this wise or better to use a Thai name to get the real rate?

Was once in the electric company office and saw a real big nice space in the back. Asked what that was and was told that is the "Scam Farang" office. All bills with farang names are sent there first and 400% is added before sending out.

Be very careful, every Thai is trained from birth to scam farangs.

TH

[inThailand]

Thanks for your responses. Could someone specifically address dealing with an out of country seller when it comes to signing the purchase contract? Does the seller get it witnessed/notorized from a Thai consulate in his country?