How long does buying a condo take?

[DefaultName]

In the UK, from saying "OK, I'll buy it" to getting the keys and moving in is, at best, about 8 weeks.  How long does that take in Thailand?

 

Assuming cash sale and me being ready to proceed immediately.

 

 

Thanks

[Delight]

 You need to specify the procedure that you have in mind

Options :

A) The purchase is freehold in your name or a Thai persons name.

  You intend to set up  a company and arrange for the company to buy it.

C) The condo is already owned by an existing company -in which case you will buying this company

 

That said with all the  appropriate resources in place -then the answer is 1 day. The resources will vary dependant on which option is used.

Edited February 4, 2017 by Delight
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[DefaultName]

Thanks, the only one I'd seriously consider is freehold in my name.

[blackcab]

If it is a straight sale and the seller is prepared, and you get to the land office at a reasonable time it can be completed the same day.

 

In reality, if the seller is not prepared then it could take a couple of days for them to get the letters they need to proceed. 

 

You are talking days, however, not weeks.

[HampiK]

normally it can be done in about 1 day. as blackcab already wrote....

 

It all depends if the seller have everything ready. The last time I used about 2-3 hours at the land departement. If the seller still have a bank loan, then it can take 1 day more, because he have to check with the bank.....

[Swiss1960]

Add 1 day to do the proper due diligence with regards to reading contract, check ownership, debts etc

Sent from my HTC 10 using Thaivisa Connect mobile app

[blackcab]

1 hour ago, Swiss1960 said:

Add 1 day to do the proper due diligence with regards to reading contract, check ownership, debts etc

Sent from my HTC 10 using Thaivisa Connect mobile app
 

 

For simple purchases you don't need a contract. It really is simple. The seller turns up with their ID card/passport, chanote, a letter stating common fees have been paid and a letter stating there is enough foreigner quota in the building.

 

You turn up with your passport, a FET form and the money.

 

Any debt will be recorded on the back of the chanote, which you would have seen a copy of previously. The land office won't allow the sale to be completed until all debt has been discharged.

 

There is nothing wrong with having a contract, however it will mean that a deposit has to be paid. For a quick sale is there any need? It's not like the OP wants to reserve a super hot property for a month.

[DefaultName]

Thanks folks, that helps.

[dotpoom]

On 04/02/2017 at 11:27 PM, Delight said:

 You need to specify the procedure that you have in mind

Options :

A) The purchase is freehold in your name or a Thai persons name.

  You intend to set up  a company and arrange for the company to buy it.

C) The condo is already owned by an existing company -in which case you will buying this company

 

That said with all the  appropriate resources in place -then the answer is 1 day. The resources will vary dependant on which option is used.

The condo also has to get clearance of not having money owed .....can be done immediately from the office or if the headoffice is in BKK can take a few days.

[Pdaz]

If you buy "off plan" it can take years.. Google "waterfront pattaya"

[vukovar77]

I think that buy condo in Thailand is not good idea instead you will live in condo and you can buy second hand condo on good location and cheap(which is difficult).Rent it better!!!

Before,maybe it was lucrative to buy on some locations it was OK,but now no!!!Much better is invest in REIT-s here(if you want income 5-8% per year) cos. not expenses at all for maintain property and you can sell easy whenever you want on stock-market  without tax.

[vukovar77]

2 minutes ago, Pdaz said:

If you buy "off plan" it can take years.. Google "waterfront pattaya"

Yeah, sometime NEVER!!!

 

[Destiny1990]

2 hours ago, vukovar77 said:

I think that buy condo in Thailand is not good idea instead you will live in condo and you can buy second hand condo on good location and cheap(which is difficult).Rent it better!!!

Before,maybe it was lucrative to buy on some locations it was OK,but now no!!!Much better is invest in REIT-s here(if you want income 5-8% per year) cos. not expenses at all for maintain property and you can sell easy whenever you want on stock-market  without tax.

Hmmm but with REIT-s in a bad year can they also loose money?

[newnative]

The debt free letter from the condo Juristic office usually takes a minimum of around 3 days, although you might be able to get it sooner depending on the condo.  Once you have that you can proceed.

[NoBrainer]

Nobody here mentioned that you need to transfer your funds in from outside Thailand marked on the transfer as "For Condominium Purchase" and make sure to get

a document from the bank called a TaTaSam (TT3) for the transfer, as you will need it at the land office to show you imported the funds from outside of Thailand.

[elgordo38]

3 hours ago, vukovar77 said:

I think that buy condo in Thailand is not good idea instead you will live in condo and you can buy second hand condo on good location and cheap(which is difficult).Rent it better!!!

Before,maybe it was lucrative to buy on some locations it was OK,but now no!!!Much better is invest in REIT-s here(if you want income 5-8% per year) cos. not expenses at all for maintain property and you can sell easy whenever you want on stock-market  without tax.

Makes a good point. Always consider how long your staying here and if there ever will come a day when you must pack your suitcase and be gone in a 24 hour period. Resale methods here suck as well as real estates are few and far between. Its almost like an Indian sending up smoke signals. 

[blackcab]

3 hours ago, newnative said:

The debt free letter from the condo Juristic office usually takes a minimum of around 3 days, although you might be able to get it sooner depending on the condo.  Once you have that you can proceed.

 

This is the responsibility of the seller, not the buyer.

[blackcab]

3 hours ago, NoBrainer said:

Nobody here mentioned that you need to transfer your funds in from outside Thailand marked on the transfer as "For Condominium Purchase" and make sure to get

a document from the bank called a TaTaSam (TT3) for the transfer, as you will need it at the land office to show you imported the funds from outside of Thailand.

 

It doesn't hurt to specify the transfer is for the purpose of purchasing a condo, but it's not a land office requirement.

 

Nowadays the Tor Tor Sam is called a FET (Foreign Exchange Transfer) Form.

[newnative]

18 minutes ago, blackcab said:

 

It doesn't hurt to specify the transfer is for the purpose of purchasing a condo, but it's not a land office requirement.

 

Nowadays the Tor Tor Sam is called a FET (Foreign Exchange Transfer) Form.

It may not be a Land Office requirement but it's often a bank requirement in order to get the Tor Tor 3, which  the Land Office does require.   Apparently from past postings some buyers have gotten around this but the times I bought condos it was always required.  As long as you are wiring the money anyway, it's a good idea to indicate it's for a condo purchase. 

[DefaultName]

So, its sounding more like "get a solicitor to check things, it'll take a few days".

[vukovar77]

16 hours ago, blackcab said:

 

This is the responsibility of the seller, not the buyer.

Often,if you wait seller to do it,you will wait for a long time!!!

[vukovar77]

You need to have several REIT-s,not only one!

REITS are much more secure than real-estate,but they can change price as well,but mostly not much like a stocks and they must gave shareholders 90% profit as well!!

Anyway You can check all about REITS on web page SET.COM.(price history as well)!