who owns the land a condo is built on This is a topic that many people are looking for. bluevelvetrestaurant.com is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, bluevelvetrestaurant.com would like to introduce to you Massive Problem With Buying A Condo In Thailand. Following along are instructions in the video below:
Everybody how are you simon here. Am. I crooked lets try and get that that straight so today this could be controversial buying a condo in thailand.
2019 from ive gathered now ive been living here a year and a half not that im gonna buy a condo never would but chatting to some of you who visit us here some subscribers come and stay. And some people i know who work in the industry. Its a fact that i i believe and put me straight.
If im wrong. There is no regulated regular. No body that regulates the sale of condos and property and land in thailand.
Is this right no regulative body. I cant be right surely if it is that means i could go and open a shop up at the end of a road and sell condos with no comeback whatsoever just sell them get the commission move on and means. I could say this condo has 22 in pools.
And it doesnt but youve bought it tough is that right in thailand as a foreigner. This is another thing. Thats a good question you are allowed to buy a condominium outright in your own name as a foreigner and they seem to be freehold as well youre allowed to own 49 out of the condominium build.
But if you start reading the small print. Which is all the paperworks in sight. You can own 14.
A foreigner can own 49 of a condominium complex. The inside of a complex 49 of the inside. So you cant own 49 of the swimming pool or the land or anything.
Thats built outside you can only get full accent. But inside of the comp of the building. Again prop me right with a condominium.
You pay maintenance you buy the condo. So you can buy off plan buy off spec. You can go to a finished condo buy a second hand condor and you will get into a maintenance contract with whichever company.
It is another company is that is maintaining that whole complex so thats maintenance for the pool. If theres a gym equipment and the gym the painting of the condos. The upkeep of the gardening security costs for the security guards.
If its a gated one general maintenance of keeping of the condos or pretty and nice now if you can only own 49 of the inside of the condo. Why should you pay for the outside of the conduct.
Well yeah. Its a maintenance agreement you will go into yeah anyway you having a maintenance agreement. When you buy a condo now not having a body that regulates it we had a subscriber came here.
And he told me his horror story. If youve got horror stories or good stories about buying condos pop. It in the comments below this poor guy in white head went to a estate agent property sales agents who was not part of the development they were just selling the condos for other developer went in nice brochures all these condos lovely like that they offered there were some cheaper ones.
Which werent quite as big and maybe the deck hall was not quite as good. And he decided to buy one of these from the brochure. He then booked the condo and havent been built.
But the condo within seven days. He had to pay deposits and then he started some installments and as the condo was finished he made final payments. He then came over he should come over i know he should come over and check the build.
He should have even gone to the plot and looked. He didnt he didnt use a lawyer everything in thailand as far as land registry condos property its all in thai he didnt he just bought it through this shop. It was cheap.
It was only eight hundred thousand bar. Which was not a lot of money for him he just wanted some way brochure level condos swimming pool. Nice gardens grounds car parking bike parking he bought his condo he turned up condo was quite nice it was as they said.
It wasnt quite as nice decorated and it was in a not so beautiful building. However. The condo was on a separate plot wasnt on the same plot for the brochure.
One he was seeing he didnt see that they had four or five different plots. They were billed not his condo was half a kilometer away from the one he saw in the brochure with the swimming pool. His condo did apparently have some sort of gym.
But no pool can you imagine that he bought a condo you bought it off a brochure. Hes not asked the question has my condo got a pool. Hes just assumed yet you could say it serves him right and all the rest of it.
But the sales person didnt even tell him. He bought conduct. No pool half a kilometer away from the one he was soaring the brochure with the pool.
Luckily the maintenance contract didnt have a pool in the maintenance contracts. A good job really and it was quite a low maintenance.
Because all they did was as basic grounds and the building so. But thats just an example if youre gonna buy a condo find a good lawyer that not only is not connected with a development. A lawyer.
Thats can translate or offer translation services in your language. Go through all the paperwork. If youre buying direct from a developer.
Its even more important if youre. But for actually now it makes no difference. If this is right theres no regular regulation.
No body that regulates it all buying from an estate agent. All the developer makes no difference they can say anything they want if youre not going to get everything translated and work out if its true then it doesnt matter to them. But get a good lawyer look at all the paperwork.
Its all in thai. It needs to be translated it seems that there are some unscrupulous people out there i dont like the word scam. But there are people out there who are taking money off you and the condos might not even ever get finished or the condos will get finished.
But theyre not all occupied. So theyre leaves. Another question.
The maintenance agreement is made between the maintenance company appointed by the developer. The maintenance company thats going to look after everything now if theyre still building. Which part are you and you pay and maintenance for is it just your block.
If theyre more blocks is the pool finish is there multiple pools so if its not finished and you move in youve really got to work that one out maintenance and then once its finished are you so as an example 100 condos are built 51 of them are sold to tie people 49 to foreigners you all pay 1 of the maintenance is that right am. I right there. Lets assume.
I am. Then 10 of the type people whove got mortgages on the condos or go bust. Or run out of money and the bank comes along for closes and repossesses those 10 condos.
Does that bank continue to pay the maintenance on those condos or is there some rule in where they dont have to oh hang on its not regulated. So that would be up to the maintenance company have they got clause in the contract stating. If banks repossess those percentage.
Everyone else has to pick up the slack pay the extra maintenance. How does that work with condos can you answer that one for me for us for the community.
Do the 51. The type people actually pay maintenance on the condos or is it just the foreigners. Again.
I dont know theres so many potential pitfalls with buying a condo. Ive heard stories. Where somebody patea has bought a beautiful condo on a beautiful part of passier.
A really top end area a high class build. Theyve bought it early its been completed and theyve sold it for an absolute fortune and made loads of money it looks like its possible to do that if you are in the know or you know what youre doing generally though im starting to see around my area. Im not far from chora.
Why him condos half built and not being finished as the bank. Reapers are they run out of money and the banks took it. But some are being lived in are those people having to pay for everything i dont know buying a condo is a great idea in thailand.
If you have the money you have the spare money to do it and youre prepared to do some legwork to find a good lawyer. Find a good interpreter. Even get second opinions spend the time you know all that money youre going to spend surely.
Its worth doing some serious homework even getting to lawyers to look at contracts find out about those maintenance. The company maybe research. What that company do they look after other complexes go to those complexes.
Ask tenants. Whats the maintenance like surely theyll give you that information if you can tick. All the boxes speak to the right lawyers get the right translations.
You buy a condo freehold. You could live there happily ever after for the rest of your life. And it could work out great for you.
But there seems to be a lot a lot of developments around thailand out of condos and not finished be careful please im not a lawyer. Im not an expert. Im just passing on my thoughts of buying a condo would i ever buy a condom.
No because you dont own the ground. Its built on you never will especially as a foreigner you can several ways in tyre. Weve covered this on other videos.
If you havent got a thai partner. Even if youve got a thai partner got a thai partner you buy some land together before you register.
The land. You do a lease hold with your thai partner through the lawyers give yourself 30 year lease of what you build on the land. You dont own the land.
But the 30 year lease of what to put on top of the land then register. It and put the lease into the registration and thats going to give you quite good protection of what you build on top of the grain hmm but you can as a foreign you can own land in thailand you can set up a company. Which is very expensive.
Its a one way around the system. You can buy a condo. 49 of the condo complex.
The inside of the condo complex and or you can go down at least path may be leasing off a type person thirty year which you can transfer if you set it up in the lease at the beginning. You can also renew for a further 30 years. So there are choices condo is like the one not for me is it right.
There is nobody regulating all of these sales companies around thailand. There are every corner in in the main cities and entertainment zones. Theres one of these shops everywhere selling stuff.
Im really really surprised and ive checked across google. Ive asked the question ive looked at lots of sites. Ive watched quite a few youtube videos of these legal companies that are advertising condos and links.
Ive checked and check to check. And he seems to be that nobody regulates that the sales thats scary and theyre all making commission. Everyone is selling these condos.
Theyre all making commission. So it must be a good business to be in so. If you want to set up a shop selling condos doesnt seem that hard to do maybe no licenses or if i completely typed.
The wrong question into google and im totally wrong. If so it was a good conversation and debate. But i got a feeling on the right right guys.
Im off dont forget to check out the new membership area on our channel. Doesnt affect the main channel. Thats all still the same but extra stuff because it will join button somewhere community tab next to the subscribe button should pop up as well got a good old chat room going on in there.
See you later be good bye for now music. .
Thank you for watching all the articles on the topic Massive Problem With Buying A Condo In Thailand. All shares of bluevelvetrestaurant.com are very good. We hope you are satisfied with the article. For any questions, please leave a comment below. Hopefully you guys support our website even more.