Here we will try to describe the legal procedure for buying a condo step by step.
So, you found a seller who offers you a decent option, discussed the cost and came to a common denominator. After that, ask him for a copy of his passport, chanot and house book and go to the legal office, which
Checks whether the seller is the owner of the condo. On the reverse side of the chanot, all former owners of the property are listed, the last one is the current owner. You can find out whether the name in the chanote corresponds to the seller's passport without the help of a lawyer, if you or your friends speak Thai.
Checks whether the property is in a long-term lease, secured or other encumbrance. This information is also indicated on the back of the chanot. If, for example, the condo is under bail, do not rush to get upset. it is possible to negotiate with the mortgagee on the withdrawal of the pledge, provided that the debt is returned to him at the time of re-registration of the property.
Determines the estimated value of the condo. Fees and taxes that must be paid to the Land Department when registering a transaction are calculated based on this amount. The estimated value usually differs from the actual value in a smaller direction, but it can also be greater.
Draws up a contract for the sale of a condo. The contract specifies all the actual conditions, including the payment procedure. As a rule, the buyer makes a deposit, which in case of refusal of the purchase is not returned. The final calculation will coincide with the day of transfer of ownership-registration of the contract in the Land Department. The date is determined by the parties and may depend on the time required for the buyer to transfer money to his account in Thailand and receive confirmation of the transfer from the bank in the form of a Foreign Currency Transaction certificate.
Prepares power of attorney from the seller and buyer to register the transaction. The form of power of attorney is established by the Land Department, of course, it is drawn up in Thai. This document authorizes the lawyer to carry out all necessary actions for the transfer of ownership in the Land Department, and exempts from the need to appear there in person.
Registers the transaction with the Land Department. Registration takes place after receiving all documents and money to pay fees and taxes. At the same time, a new contract of sale of a standard form in Thai is signed, which indicates the estimated value of the condo. The contract signed by you with the seller earlier is not presented to the Department.
Sends you the following documents: a chanot in which you are listed as the owner, a contract of sale registered by the Department, a house book and a receipt for payment of taxes and fees. The registration process is finished.