condo in company name, advise please

[pumpjack]

       condo in city centre residence pattaya by matrix,     condo is in company name,  had  a portential buyer now  but after talking to siam-legal lawyer ( who was acting on behlaf of both of us buyer & seller )   they advise him not to buy.    he called me today and said that in order to make company name you must assign 3 thai people to comapny etc etc  ,  i dont know too mush about it.    

 

       i emailed siam-legal and this is what i got back      -  It is necessary that you will need to notify the developer of change of condo sale agreement. An assignment agreement is needed among the three parties.        To have Mr ******  make deposit, that agreement (assignment agreement) is needed which by laws Matrix needs to get involved.

 

       buyer now wants me get onto matrix and get it in foreign name,  i dont know how to do this ,  if they have any more foreign quoita left in development or not and its an extra 300.000 baht. 

 

      yesterday the buyer knew he was buying the contarxt only then make company name himself  (  i was selling him  the contract ) 

 

    what can we do now , if anything. 

 

   thanks in advance

[KittenKong]

It's true that if there is a change of name on the purchase contract then the developer has to be involved as they are the other signatory to that contract. As far as I know most of them levy some sort of charge for such changes (details should be in your contract).

 

It's also true that if you set up a company to own your condo then the ownership of that company has to be more than 50% Thai. This is one reason why I would never get involved with company ownership here: too many possible downsides and too much room for trickery. There are also various costs involved with setting up the company, and running it, and closing it (eventually). These extra costs make foreign name ownership even more desirable to me.

 

If they have foreign name quota left in the building then it should just be a question of paying extra for your unit. Ask them.

[Peterw42]

As a buyer, its not a great deal buying the contract, as you have said the developer will charge to change the contract name, charge to change it to foreign Quota etc. The buyer then has to pay the sinking fund, electricity meter and connection. Once the buyer becomes aware of the extra cost they often bail out. Especially if similar priced condo has chanote, foreign title, sinking fund paid, elec on etc. As others have said, Matrix will need to be involved as the are still selling the condo.

[pumpjack]

today i have put the unit into the foreign name ( wish i had done this from start but was told my many agents & matrix that company name was ok )  

 

anyway,     moving on,       can anyone advise who pays lawyer to draw up the assignment agreement , me or the buyer or both parties.        siam-legal fee for this is 10.000 thb  .

           also what other things does lawyer need to do apart from this and what extra charges are involved,        i allready lost lot of money now in this place and really dont want to pay out everything  extra that i dont have to.   

 

thankyou in advance 

Edited January 13, 2017 by pumpjack