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khunsanuk

Buying A Condo

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Hi,

 

We're in the process of buying a condo (new development) and I would appreciate any hints & tips to look out for. To be honest, I am rather unclear on the whole process.

 

We've had a look at the finished condo already and will be looking again this Saturday to see if the issues we identified have been fixed.

 

Mortgage from the bank (in my wife's name, as is the condo) has been approved already.

 

I know we will have to also pay the remainder of the money (sale price - deposits paid - mortgage from the bank) via cashier's cheque, but know idea of how to get such a cheque or what else to expect / look out for.

 

The development company is supposed to send me more details via email, but not yet received them.

 

Also, does anyone know a good lawyer to help us deal with this?

 

Sanuk!

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So what happens if the building burns down or collapses? Any insurance, or do you lose everything? Plus, as there are so many condos going up every day, will you ever be able to get your money out of it when you want to sell it?

 

I'm leery of condos. :hmmm:

 

 

p.s. Several of my Thai colleagues bought condos cheaply after the 1997 crash, figuring to sell them later and make money. As far as I know, they still haven't found a buyer.

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Check carefully, the CAM fee (Common Area Maintenance) As co-owner of the building and facilities you will have joint responsibility for general upkeep e.g. cleaning, security wages, management services etc.

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I know we will have to also pay the remainder of the money (sale price - deposits paid - mortgage from the bank) via cashier's cheque, but know idea of how to get such a cheque or what else to expect / look out for.

 

Also, does anyone know a good lawyer to help us deal with this?

 

Sanuk!

 

KS,

 

The cheque between the bank (mortgage) and the vendor will be taken care of by the bank, they employ their own legal team. They will ensure that District Land Registry Office issue the Chanoot in the Banks name until such time as the mortgage is repaid. What the bank will require is the "Purchase and Sales Agreement" between the purchaser and the vendor, the vendor (development company) should issue this since they want to sell and you are willing to purchase.

 

The bank who offered your wife the mortgage will look out for their loan, the mortgage lender will be with you all the time at the Land Register office and not hand over the cheque (to vendor) until he has the chanoot in hand.

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A proper Insurance policy that covers an owners loss is a huge issue....

lot of times entire condo buildings are hugely underinsured with a variety

of bizarre clauses---read the fine print-

 

Also management is a wild card

 

Caveat Emptor

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Hi.

 

"I'm leery of condos."

 

Can't afford to buy a house anywhere near where I'd want to live. Only places I could afford to buy would see me spending 3-4hrs/day travelling to work and back, and I have no desire to do that.

Leaving the money in the bank is also pretty much pointless at the moment as the interest doesn't even cover inflation.

 

"Also management is a wild card"

 

Yep, agree. I'm hoping we've cut the risk here by at least going with a well known developer (Pruksaa), but you are right.

 

Mekong,

Thanks for the info.

 

Sanuk!

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I rented a condo for two years on Suk, Soi 85.

 

1. check other projects that the builder has completed, quality?

2. During that two years, there was a smell from the drains, improper plumbing vents and "p" traps.

3. twice, the floor tiles buckled up, the last time they came up approx. 20 cm!

4. the yearly maintenance fee was approx. 2,000 Baht, cheap enough.

5. the first condo staff stole all the money for the water payments all the tenants had made and stole the

money that should have been paid to the cable TV provider.

6. Parking, terrible. Way more cars then parking spots and no local parking in the area. Many times I had to park

1Km away, out on some sub soi!!!

7. It was fairly quiet, no complaints there.

8. Inhabitants were mainly university students and middle class working Thais. Very few farang.

9. No pets (animals) allowed.

10. It was a double condo, about 70 sq. meters. I lived directly behind these condos and watched the construction. They

originally sold for about 400,000 for one unit and I wanted to buy one but they completely sold out in three days! I am happy

that I did not buy one due to the lousy construction and management.

The owner wanted to sell me the double unit I was renting for 1.2M Baht, which I laughed at because I knew what she

paid and the lousy construction!!

Today, three years later, it is still for sale.

Approx. 50% have been empty since the place was built.

 

The construction company has since built three more condo complexes, Two on Soi 93, one on Suk Soi 87.

 

YMMV

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My taxi driver yesterday commented on a new condo going up right next to an intersection with Rachadapisek. He said that almost every condo resident will own a car, so why does the city allow condos to be built next to major road? The traffic jams they cause are terrible. Condos should only be allowed some distance from the main roads. Too late to change that now. :p

 

p.s. Best advice I've had is to wait or the next crash. Then you'll be able to buy houses cheaply!

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