Legal advice for buying a condo

[derek]

Hello all

We have visited Hua Hin and looked at several condos and are now seriously considering purchasing one and would like to approach solicitors for legal advice.

Does anyone have any recommendations [or ones to avoid]?

Thanks for your help.

Derek

[klikster]

Get a recommendation from your embassy or consuate.

[derek]

Thanks

I have emailed them [UK] but they don't respond!

Has anyone asked the same question of them recently?

Are Siam Legal good?

Derek

[buksida]

I'm not in the property game but since you've had very little response to this I will have a go.

As stated above get an independent legal team from Bangkok, try to avoid Hua Hin based lawyers.

Most real estate websites with condo listings should have the law on foreign ownership of condominiums on them which as far as I'm aware states that you can own the freehold on a condo providing the building or rest of the units in it are majority (51%) Thai owned.

[da]

International Migration and Travel Co. Ltd

Srindhorn Building Tower 3-By the US Embassy, BKK

btw, on my condo did it myself went to Amphur with seller no problems

[Jockey]

Unless you are buying a condo entailing a repayment plan or deposit, in my opinion there is no need to waste money on a lawyer. I liken buying a condo to buying a car - if you are paying all the money in one go, then you just have to make sure you have all the correct papers in place during the transfer process which is really just an administrative procedure at the land office. Any competant real estate agent should be able to help you through the process. If there is a contract involved then yes - get it checked by a lawyer.

Here are some simple tips:

1. Never sign a contract if it is only in English - this is Thailand. The contract should be in Thai with English translation.
2. Thai law uses simple words, unlike the pretentious words used by the western countries. Stay clear of contracts with western style over elaborated legal pretentious gobblygook. The Thai words should be clear and to the point, therefore the English translation should reflect this.
3. If buying "off plan" ensure the money you are paying is not being used to build the building - the money should go into a protected account.
4. If buying off plan make sure you are guaranteed foreign freehold status. (Once the 49% foreign threshold is reached, the developer should not sell to any more foreigners unless it is leasehold).
5. Get a good penalty clause built-in to the contract for late completion date.
6. Ensure repayments (off-plan) are made at clearly defined construction points (unless the repayments are based over time with a late penalty clause).
7. Buying off-plan - make sure you have a good refund deal if the developer does not fulfill the obligations of the contract.
8. Make sure all furniture items to be included in the contract are clearly explained.
9. Ensure the maintenance fees and outstanding bills have been paid (if buying 2nd hand).
10. Better to put your heir as co-owner of the condo, (better than a will).

[ozuncle]

I have always wondered if and how they check whether 51% is Thai owned.
What would would happen if they found out that only say 30% was Thai owned?

[huahinnewcomer]

I have always wondered if and how they check whether 51% is Thai owned.
What would would happen if they found out that only say 30% was Thai owned?

The management team at the Condo building have to submit to the land office the names and nationalities of the owners of each unit. Every time a foreigner wishes to buy a condo, the management team have to provide this information.

Buying a second-hand condo:

The owner needs to bring to the land office:
ID
Chanote
A letter from management team there is no outstanding maintenance, electricity or water fees
A list provided by the management team of all owners of every unit in the condo building.

The buyer needs to bring:
Money (usually a bankers draft cheque)
Passport
Proof of address where currently staying in Thailand
Record of money transferred for purpose of buying a condo provided by the bank - might not be necessary but is hand to bring along.

When you bring in money to Thailand to buy a condominium, you get a T.T.3 form from your bank. This form will state that the money you have imported into the country is to buy property. When you sell the property you need to show the T.T.3 form to the bank to export the funds, plus profit. Of course, you will have to pay standard income tax on the profit.

[ozuncle]

Thanks M8
Good info.