Buy a Condo - some advice

[Jackie2013]

Hi, 

I'm about to buy a condo via "East Coast Real Estate" and I've spent the latest days trying to learn about the process. 

 

Hiring a local lawyer is somewhat of a no-brainer, in my opinion, in regards to buying a property (mortgage, ownership, etc.) but when it comes to a Condo - can I assume the Juristic Office (with the real estate agent (yes, I know - he's not on my team)) having stuff in order? 

If that's a hard no, any advice for a local lawyer? 

 

You who have bought, are there any immediate advice that you would like to give me? "If you could to it again" - thinking. 

 

If possible, please keep the general advice on investing in Thailand at a low in this very thread. I'm not planning to make a buck on this one, it's just for living. Bless! 

[thainet]

1) Are you buying under 'foreign quota'..ie: your name is on the Chanoot.

or are you buying with a Thai Company.

2) Are you buying a new Condo from a developer, or buying a previously owned Condo.

These questions, plus many others are important to help you make a decision from your OP post.

[Jackie2013]

Ah, of course. 

1) I'm buying under foreign quota

2) It's a resell (old but well managed building) 

[thainet]

1 minute ago, Jackie2013 said:

Ah, of course. 

1) I'm buying under foreign quota

2) It's a resell (old but well managed building) 

East Coast is one of the oldest Real estate Agents in Pattaya. Very reputable.

Juristic Office have really nothing to do with the sale, except they must issue a paper for the Land Office stating that the seller has no debts to the Juristic.

If its a resell and and foreigner to foreigner, and you have your bank documents that the money has been remitted to Thailand, then personally I wouldn't think a lawyer is required, as a Condo purchase is quite straight forward (don't forget you'll have tax to pay on the transfer day).

That is my advice and answers, but of course if you feel that you wish to hire a lawyer then that's your choice, but I would discuss it with the East Coast manager first.

Hope it helps.

[likeaking]

This guy has some advice from the perspective of a first-time condo buyer. It takes a few minutes before he gets to the meat of the matter. 

Edited December 3, 2021 by likeaking

[Jackie2013]

I'm humbled and thankful for your no-flaming replies. I was expecting the "never buy"-crowd....

Here's some fees that I grabbed from https://www.samuiforsale.com/real-estate/condominium-transfer-tax-and-fees.html

Transfer fees	rate= 2%	the buyer's duty or shared
Specific Business Tax (SBT)	rate= 3.3 %	the seller's duty
Stamp duty	rate= 0,5%*	the seller's duty
Withholding tax (income)	rate= 1% or progressive rate**	the seller' duty (as this relate to the seller's personal or corporate income tax)

 

1) Most ads have a terminology similar to "tax/transfer fees shared 50/50". Is it Transfer Fee + Stamp Duty (above)? Or all the above? 

(I understand the split could be negotiated, I'm merely looking for what fees it regards to) 

 

2) Is there an annual property tax for Condo-owners? 

 

3) What reputable property insurance companies would you recommend me to look closer at? 

 

4) Transferring funds from my foreign bank to my thai bank (having the thai bank making fx as required). No issues on the setup. But, could I do several transfers? Is there a "time limit" as to when my Thai Bank can create the TT3 document? 

 

Thanks! 

 

Edited December 3, 2021 by Jackie2013

[shagwell]

4 hours ago, Jackie2013 said:

You who have bought, are there any immediate advice that you would like to give me? "If you could to it again" - thinking. 

 

I used the same lawyer as the seller for my first condo purchase, I wouldn't do so again as they had the sellers interests not my interests at heart.

Make sure they have the blue book to give you, mine didn't and I since found out it is lost so had to sort it out at a cost myself later.

Have someone check your details on the chanot are correct after the transfer (it's in Thai), my name was incorrect on the chanot for one of my condos, only found out recently when I tried to use a chanot for my TM30 and found out it didn't match my name as in my passport (the chanot had my middle name as my surname).

Make sure there is no outstanding debt on the condo - e.g. the seller doesn't have a loan (mortgage) attached to it, e.g.2 the condo monthly common fees and electricity bill are up to date.

Worth having a contract signed by yourself and the seller even if you make it up yourself. Make sure it includes furniture, fixture and fittings (if included in the sale).

Quite common to split all taxes payable at the land office 50/50. If this is what is agreed make sure it is written in your contract.

In my opinion for the small extra cost relative to the price of the condo it is worth using (your own) lawyer for piece of mind.

Edited December 3, 2021 by shagwell

[The Danimal]

Congrats on your purchase...I also purchased via foreign quota (Grand Avenue) direct from the developer (Pattaya Realty facilitated it ) and used K.T. International Law Office (Soi Post Office?).  They were great and easy to work with.

  Good luck!

[usexpat46]

Back in late 2008 I bought my condo (foreign quota) from the developer.  I used the Magna Carta law office and was very satisfied.

[Jackie2013]

Excellent advise all. 

Is there any "one website" that comes in to mind that I can read up on? 

 

In Thailand, where (and how) do we check that a Condo doesn't have a mortgage or any other encumbrance on it? 

[Tchiowa]

You can do the deal yourself at the land office and save the lawyer fee.

[Greg_B]

11 hours ago, Jackie2013 said:

If possible, please keep the general advice on investing in Thailand at a low in this very thread. I'm not planning to make a buck on this one, it's just for living. Bless! 

Buy something you could sell when you had/wanted to. Don't get stuck with something that will be hard to unload.

[talung66]

On 04/12/2021 at 01:51, Jackie2013 said:

Hi, 

I'm about to buy a condo via "East Coast Real Estate" and I've spent the latest days trying to learn about the process. 

 

Hiring a local lawyer is somewhat of a no-brainer, in my opinion, in regards to buying a property (mortgage, ownership, etc.) but when it comes to a Condo - can I assume the Juristic Office (with the real estate agent (yes, I know - he's not on my team)) having stuff in order? 

If that's a hard no, any advice for a local lawyer? 

 

You who have bought, are there any immediate advice that you would like to give me? "If you could to it again" - thinking. 

 

If possible, please keep the general advice on investing in Thailand at a low in this very thread. I'm not planning to make a buck on this one, it's just for living. Bless! 

You can get a free consultation and  info from magna carta i did a quick one over on WhatsApp recently  to understand things.

very help full i added some of the info here

 

 

 

[talung66]

On 04/12/2021 at 12:56, Tchiowa said:

You can do the deal yourself at the land office and save the lawyer fee.

Yes you can.

i wouldn't on my first purchase in a foreign  country  for 35k to 65k extra ill use magna carta for peace of mind.

Seems to be the most reputable  when it comes to property matters  

[GorGuy RIP]

On 04/12/2021 at 08:56, Tchiowa said:

You can do the deal yourself at the land office and save the lawyer fee.

Indeed.

They will do a search for any loans against it and if it is 100%.

 

[cleptomane]

Is there any formula in thailand that offer rent to buy options? They are getting very popular in US and Europe and I would consider that if I invested in Pattaya.

[pickingberries]

Just curious, how much does it cost to own a condo per year? I don't mean electric and water. But stuff like yearly taxes or something?

[The Danimal]

18 hours ago, pickingberries said:

Just curious, how much does it cost to own a condo per year? I don't mean electric and water. But stuff like yearly taxes or something?

No property taxes ...just HOA/CAM fees which at the Grand Avenue run ~33K baht for 70sm unit/year.  Some of that is fixed costs and some is related to your sm.

[ingo67]

2 hours ago, The Danimal said:

No property taxes ...just HOA/CAM fees which at the Grand Avenue run ~33K baht for 70sm unit/year.  Some of that is fixed costs and some is related to your sm.

To be pedantic, property tax has recently been introduced into Thailand, I had to pay last March and am expecting another bill this year. No cause for concern yet as my charge on a small older condo was 29 Bht..... for the year.

[Stor]

are you sure you need to use a agent at all ? not really too hard to find sales at the oversupplied market at alot better price than agents advertise .

find a proper seller , hire a lawyer for peace of mind and save 5% "plus alot lower sell price" of whatever price you purchase at , also taxes and fees are not needed to pay for a buyer , and specially taxes are sellers alone to handle .

fees you may agree to share if a good price , depends on the situation .

just takes some legwork but the savings are HUGE 

[Ohyesuare]

On 04/12/2021 at 09:09, Greg_B said:

Buy something you could sell when you had/wanted to. Don't get stuck with something that will be hard to unload.

Yes. I remember reading about one guy who couldn't sell his badly maintained condo in the middle of nowhere and was asking what the repercussions were for just abandoning it.

[Fired Up Paul]

Does anyone have any info on converting Thai owned to Foreigner Quota?

My Agent advised me it's possible due to the current Foreigner Quota numbers in my building being favourable.

She said that it would take a couple of months and cost about $20K Baht.

The advertised price difference between Thai owned to Foreigner owned in my building is anywhere from  B500K to way beyond that.

So paying B20K extra on a well priced Thai owned condo seems a no-brainer on paper.

Any advice welcome.

[GorGuy RIP]

48 minutes ago, 1500B said:

Does anyone have any info on converting Thai owned to Foreigner Quota?
My Agent advised me it's possible due to the current Foreigner Quota numbers in my building being favourable.

Any advice welcome.

Speak to the people in the Juristic office of the condo building, they will know the quotas (based on SqM of the building owned by farang/Thai) They will also be able to help you directly, without large fees.

[Fired Up Paul]

Just now, GorGuy said:

Speak to the people in the Juristic office of the condo building, they will know the quotas (based on SqM of the building owned by farang/Thai) They will also be able to help you directly, without large fees.

Thanks for the advice.

Assuming the Agent is telling the truth about the being able to move a Chanote from the Thai to Foreign do you have any info on this actually happening in the past?

If possible, I'm wanting to get the inside scoop on the process and any land mines to avoid.

I'm also assuming that the contract would be 90 days or more to cover the extra admin and the 90% balance wouldn't be paid until the Chanote showed that the condo was in Foreign name.

[jetdoc]

1 hour ago, 1500B said:

Does anyone have any info on converting Thai owned to Foreigner Quota?

Found on the net

Myself would never consider "Thai company" rout, as putting up 100% of the money for a 49% say, doesn't square with me.