Standard Condo Agreements
First, when we speak about sales and purchase agreements in relation to buying condo units, agreements for these kinds of transactions are pretty straightforward. Most of the time it means the transfer of the title deed, especially when it concerns a “ready-to-move-in” condominium.
With a purchase in an off-plan development, more elements come into play. Think about the business structure and reputation of the developer (reading into it doesn’t hurt), the project itself, and if the correct permits and licenses are in place. Nanna Real Estate has lots of experience dealing with projects and been in various buying & selling situations to give you honest feedback on the track record of the developer and show previous and completed projects .
The purchase of a house or villa is a different story. While buying a house or villa commonly involves a Thai LLC company with the property added as an asset, there are as well investment opportunities available for 30-year renewable lease structure. Buying a house involves (recommended) the services of a reputable lawyer.
Hiring a Lawyer to Purchase a Condo in Thailand
The Thai Condominium Law exists since 1978 and is a strong, rational law. Plus a law where individual lawyers have specialized in and experience working with. The law allows for any foreigner to be the legal owner of a condominium in Thailand, on a freehold basis and in their own name. Just as long as the funds used to purchase the condo, originate from outside Thailand.
When buying a unit in a large development and a significant number of units have sold already, probably the local lawyer you hire to review the sales and purchase agreement is already familiar with the development. And might have been busy with the project on behalf of a previous buyer.
Research of Information
The research of the developer and research into land titles, background checking of the selling company, contract review and list of recommendations probably is ready. Keep in mind that it is in your advantage if the lawyer has experience with the said contract and the developer besides being familiar with all the key information.
When larger condominium developments have sold many units already, many lawyers proposed amendments that make the agreement more secure and protecting. The developer will subsequently update their master copy for future use with new buyers.
What Process is there to Follow when Hiring a Lawyer?
It is an interesting question our clients ask us often about lawyers and the procedure involved.
Nanna Real Estate has extensive experience with the process and we can definitely assist you in finding a capable lawyer. We can also recommend you which lawyer to work with, however we advise our clients to finding a lawyer themselves. We, Nanna Real Estate, believe each client needs to have the option to work with the lawyer of their choice.
You can normally sign the reservation agreement without a lawyer, as this is a straightforward document. And usually an one-page document only, specifying the agreed terms of sale. The sales and purchase contract is the sole responsibility of the seller who works with a lawyer to produce one. The lawyer will provide the sales and purchase agreement from the details contained within the reservation agreement.
Nanna Real Estate is not responsible to produce a sales and purchase agreement; although where buyer and seller agree not to use a lawyer, then we can provide parties with a contract template that they can use. We like to emphasize that not using a lawyer is not a good idea. Not having solid, legal guidance can create costly experiences and cause complications in the event of arbitration.
A Short List of Services a lawyer can provide:
- General legal advice (& regarding Real Estate)
- Sales and Purchase Agreement;
- Purchase Agreement Review;
- Background Checks (on developers, etc.);
- Due Diligence at the Land Department;
- Assist with Transfer of the Property;
The fee lawyers’ charge depends on the size of property and services required, but a good rule of thumb is 1% of the property value. There are lawyers that limit the amount of amendments they will allow within the boundaries of the initial fee. Others charge an hourly rate for amendments. Please discuss these subjects and agree to them before hiring the lawyer in question.
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