Buying a condo

[almirante82]

So next month I will buy a condo in Hua Hin. I'd like to hear from anyone who has done it recently. I believe I know the basics of how to purchase a condo in Thailand but have a couple of questions.

Firstly, Should I inform Kasikorn bank before transferring the funds from Scotland in order to get the "T3" (Foreign exhange form). My Bank has a limit for overseas transfers of around £70,000. I'll need to make two transfers to Thailand for the condo purchase, so should I inform them of money coming from overseas both times?
Secondly, I plan to pay for the condo using a cashiers cheque, is this a suitable way to pay? A friend mentioned to me that Kasikorn Bank can take a long time to process cashiers cheques, is this true for the Hua Hin branch at market village?
Lastly, It is not a new build condo, I will be buying from the current owner who is Thai, I've been assured that the condominium block is still within it's foreign ownership quota. Will I need a letter from Condo management to take with me to the land registery office, or where ever I should go to transfer the condo into my name. (another Question- Where is this office?)

Thanks in advance for any input.

[JW]

I would advise you to use a lawyer to help you carry out the whole transaction, Chavalit and Partners do a great job.

Enjoy your new place

[Top Croc]

Agree with that.

[SunandFun]

When you make the transfers, indicate in the "Notes" section the specifics of what it is for. i.e.: Transfer 1 or 2 I, Almirante82 purchase of Condo name, Unit 1234, 123 Best Soi, Hua Hin, 77110 for Baht 2 million from Mr. Thai and wife. Then you have record of what the transfer is for. Then you can repatriate your money if you ever leave Thailand. I would also contact the management office of the condo and make sure that, as you are an expat, you can purchase a condo from a Thai. They are responsible for maintaining the percentages and in the best position to tell you this. You can also make sure all fees that may be past due, condominium fees, annual maintenance fees, sinking fund, electric and water charges, etc. have been paid in full by previous owner. See if they can supply a "No Objection Certificate" as this may be needed any way.
As said before, it is advisable to use a lawyer to do the diligence. There needs to be a search done to be sure there are no "liens" of any type on the condo. Other than that, welcome to Thailand!

[timdg]

I just bought a condo in Bangkok. I used the information I found on winvasia website(you need to google it: winvasia + owning property in thailand) and also found a lawyer there(they have about 100 lawyers in their directory). The main thing is to buy value, there is a lot for sale, but you need to go for a bargain. Value is not what you pay for it but what price you can sell it tomorrow.

[Pleng]

Value is not what you pay for it but what price you can sell it tomorrow.

With the amount of new builds around, combined with the fear of ghosts built into most Thais, I don't think anybody should be buying a property in Hua Hin as a financial investment - other than as an investment to save on raising rent prices in the future, that is.

[timdg]

what you see in Bangkok is that demand for second condos in bangkok is growing as they cost half the price of a new one and new ones are less and less affordable: thb 150,000 per sqm and more, due to rising land price(sukhumvit near bts doubled land price in 2012) and rising labour costs(at least 30% in past 2 years). This reality reduces the previous love for only new and creates interest in well maintained 2nd hand.

[Pleng]

what you see in Bangkok....

The OP wants to buy a condo in Hua Hin

[almirante82]

Thanks for the information, just got back to hua hin on Friday and transferred half the money to my account, when that money arrives I'll send the rest, fingers crossed it will all go smoothly.

[Joyce]

We also just bought a second hand condo using Chavalit and Partners as well as Kasikorn Bank. Both parties very helpful. Don't forget you're advised to have a separate Will covering your Thai assets. We had C & P do ours. We're Canadian so probably our money situation is different from yours. No problem using Power of Attorney though.

Cheers,

Joyce

[timdg]

I have found this article on winvasia very interesting, it addresses all your questions

actually you can pay any way you want, as long as you can show that the money came from abroad

[Mod edit: link removed - this website is commercial, not reference.]

[bernadetB]

It is practical and advisable to buy a condo in cities.

[Ginjaninja]

Guys,
I'm in a bit of a dilemma at the moment with the purchase of my new (build) condo. Tomorrow I have the opportunity of completing the transaction and receiving the keys however the compensation amount they have offered for the late penalty fee is only 40K thb, which by my calculation is around 80K thb short considering they are 6-months late.
Has anyone been in a similar situation? Should I just accept the measly 40K and get on with life? I recon the alternative is taking the selling party to court and that could take months/years? Should I stick to my stubborn Western s ?
Appreciate any advice.
Cheers,
GN.

[Dannie Boy]

Guys,
I'm in a bit of a dilemma at the moment with the purchase of my new (build) condo. Tomorrow I have the opportunity of completing the transaction and receiving the keys however the compensation amount they have offered for the late penalty fee is only 40K thb, which by my calculation is around 80K thb short considering they are 6-months late.
Has anyone been in a similar situation? Should I just accept the measly 40K and get on with life? I recon the alternative is taking the selling party to court and that could take months/years? Should I stick to my stubborn Western s ?
Appreciate any advice.
Cheers,
GN.

I don't have any direct experience of the situation you're in, but I think your comment about taking months (and much more likely) years to try to get it resolved is probably correct from the one issue I have had involving a Thai lawyer. Having said that, it is almost certainly worth telling them that the 40k offer is insufficient and that you will take further action unless they offer a fairly substantial increase - although you have to be ready to deal with their reply if it's a no!!

[jimmy40]

One thing for the OP is make sure the deposit says for property purchase. I recently had to jump through hoops as I had the money in my account, but when I went to the property transfer office they wanted to now where the money came from. They said to my Thai friend it is because of westerners laundering money. Hope that helps