Answer :
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The procedure for buying a condo is extremely easy. The first step is to select the property you want to buy and ensure that it has a Chanote (or at least a Nor Sor 3 Gor) freehold Land Title Deed. Your agent will negotiate the best possible price for you and the seller. When you have an agreement with the seller, ask for a copy of the Land Title Deed. The buyer pays for the lawyer's fees. The seller (usually) pays the transfer fees and taxes, as well as the agent's commission. Then follow these steps:
- Visit your lawyer with the seller and your agent where you lay out the terms of the deal, and give the lawyer all the documents, including a copy of your passport and bank account details from you, and the land title deed. At this stage, you may be asked to give a deposit to the seller, usually 20% of the purchase price. You will be issued with a receipt that states you will forfeit the deposit if you pull out of the deal for any reason. The seller should be required to repay your deposit in full plus 50% if they pull out of the deal for any reason, or if the land title deed does not clear at the land office. Your agent should ask the seller to allow the lawyer to hold the money in escrow until the deal is completed. Once these arrangements you can leave the rest of the work to the lawyer until you are ready to sign the sale papers and pay the purchase price.
- The lawyer will prepare a Sales and Purchase Agreement ready for both parties to sign.
- The lawyer will send one of his staff to the land office to check that the land title deed is free and clear from any encumberances, debts, etc. He will advise if there are any problems with the title deed.
- Meanwhile, your agent or lawyer will take you to the bank to open a bank account if you don't already have one. New restrictions have been imposed on foreigners opening bank accounts in Thailand, but your agent should be able to help you overcome these legally.
- You will transfer the full cost of the condominium to your bank account, less any deposit you have already paid.
- The lawyer will accompany you to the bank when the money arrives to work with the bank to get the proper paperwork required for a condominium purchase.
- The lawyer will call another meeting when everything is ready to conclude the deal. You normally meet at his office, sign the papers, and hand over to the seller the cashier's cheque (or money in whatever form you are paying).
- When this is done the lawyer will accompany you and the seller to the land office to complete the transfer of the land title deed to you, the new owner. This should only take a few hours, but it could take up to 4 or 5 days in some circumstances. Don't worry. Once you and the seller have signed all the sales and purchase papers and handed over the money the property is legally yours and you are fully protected under Thai law.
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