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Making your purchase of an apartment in condominium (secondary market)
Making your purchase of an apartment in condominium (secondary market)
Here we try to describe step by step the legal procedure of buying a condo.
So, you find a vendor that offers a decent option, discussed the value and come to a common denominator. After that, ask for a copy of his passport, and chanota house register and go to the legal office, which
1. Checks whether the seller is the owner of the condo. On the reverse side chanota are all former owners of the property, the latter indicated the current owner. Know whether the name in the passport chanote seller, you can and without the help of a lawyer if you or your friends own a Thai language.
2. Checks whether the property in the long-term lease, bail or other encumbrance. This information is also indicated on the reverse side chanota. If, for example, the condo is under guarantee, no hurry to get upset. It is possible to negotiate with the mortgagee of the withdrawal of collateral subject to return him to duty at the time of renewal of real estate.
3. Determines the estimated value of the condo. Fees and taxes to be paid at the Land Department upon registration of the transaction, it is calculated on the basis of this amount. Estimated value is usually different from the actual to the smaller side, but may be higher.
4. Is a contract of sale condos. The contract shall stipulate all the actual conditions, including payment arrangements. Typically, the buyer makes a deposit, which in case of refusal to purchase non-refundable. The final payment will coincide with the day of transfer of ownership - registration of the contract at the Land Department. Date determined by the parties and may depend on the length you want the buyer to transfer money to his account in Thailand and the receipt of bank transfer confirmation in the form of certificates Foreign Currency Transaction.
5. Preparing a power of attorney from the seller and the buyer to register the transaction.Form of proxy is set by the Land Department, over the same shall be made in Thai. This document authorizes the attorney to take all necessary steps to transfer ownership at the Land Department, and frees you from having to appear there in person.
6. Registers a transaction at the Land Department. Registration takes place after the receipt of all documents and money to pay the fees and taxes. At the same time signed a new contract for the sale of a standard form in the Thai language, which indicates the estimated value of the condo. The agreement, signed by you with the seller before, the Department is not presented.
7. Sends you to the documents: chanot in which you listed as the owner, a contract of sale is registered by the Department houses a book and a check for payment of taxes and fees. Registration complete.
Information provided by ABC Asian Legal Service
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