Condominium Purchase In Thailand

Condominium Purchase in Thailand

Purchasing a condominium in a tropical paradise is a dream for many foreigners who wish to escape the cold winters and the high cost of living in their home country. Thailand offers the foreigner many benefits including beautiful beaches, tasty food, friendly people, world class health care and inexpensive property. Many foreigners come to Thailand to purchase a condo for various reasons: for their retirement, as a second residence or for investment purposes. For those who desire to stay longer in Thailand, the ability to acquire property is an important issue. Many foreigners prefer to reside in a condominium since there is less maintenance involved for the owner. You can simply close and lock the door until your next stay. Projects in Thailand offer 24 hour security so you can feel safe that everything will be as it was when you left. From the perspective of a Legal Advisor, I would like to share with you the process so you’ll feel secure of your purchase of a condominium in Thailand.

Legal Structure

In Thailand, a foreigner may own a condominium 100 percent in his/her own name. Freehold title for the condominium purchase is the most secure method of ownership for the foreigner. If the project is over the 49 percent quota for foreigners, you may need to draft a lease contract for your transaction. In Hua Hin we do not find this problem since Thai owners are the majority in most condominium projects.

Legal & Financial Planning

Before you sign any deposit agreement or contract, you should sit down with a lawyer or solicitor to discuss the legal process. You need to know the correct legal process in Thailand for the foreigner to purchase a condominium. Remember that you are spending part of your life savings to acquire this property and you must carefully plan your steps in the process. Some banks will offer up to 70 percent financing to foreigners for purchasing a condominium. The repayment term can be as high as 20 years. Siam Legal offers free legal consultation to potential property buyers. You should get the legal facts of the property and contract laws in Thailand before you deposit any money.

Title Investigation

A comprehensive examination of title deed recorded at the Land Department should be done. You need to verify that the Seller has clear and legal title of the land before you enter into a contractual agreement. The title search will trace the land to its first possession. Don’t take the word of anyone who tells you it has been checked before. The lawyer conducting the title investigation will provide you a full report and a copy of the title deed in English language.

Due Diligence

Every financial transaction requires some sort of due diligence on behalf of the purchaser to verify that it is a sound investment. When you purchase shares of a company listed in stock market or a mutual fund you will generally research the profile and performance of the company or fund. The same is true when you purchase a property from a developer. You should check with the previous buyers to see if they are satisfied with the quality and time frame of construction. If you don’t have the time to spend on checking the history of the developer, a local lawyer near the development will know or can check the project, its directors and their reputation.

Deposit

When you feel satisfied with the property and it meets your expectations, you will be asked to make a deposit to show your good faith to continue the process. In return, the Seller will reserve the unit for you and start the process by drafting the contracts for purchase. Unless you write specifically a “get-out” clause in the deposit agreement, for example “subject to clear title” or “subject to agreement on the contract terms,” the money deposited is non-refundable.

Construction Contract

There are some fundamental elements which should be included in every contract. These are, among others:

1.Time frame

An agreement should have a time frame which stipulates clearly the starting date for construction as well as its completion date. Check for any extension clauses which normally give the developer a few extra months to complete without incurring any penalties.

2.Payment Penalties

Check that the penalties for default of payment are not too burdensome on you. Terms such as immediate rescission of contract and retaining the money you have already paid are not uncommon but there should be a period given to you to remedy this default.

3.Developer’s Default

Ensure that you have some recourse to a full refund in the event that the developer does not complete the construction due to insolvency or for any other reason.

4.Late Completion

Penalties should be given to you if the completion is late. This is normally deducted from the final payment due upon completion. Penalty rates vary greatly in Thailand although for condominiums there is a daily minimum penalty of 0.01 of the property’s value was made available to foreigners who did not qualify for a local loan. This gave many foreigners access to finance for their dream homes even if they did not reside in Thailand. Up until this time, there were only a handful of private offshore firms offering lines of credit of this kind and often at rather stringent and unattractive terms.

Bangkok Bank in Singapore still offers such loans to foreigners and the demand for this is increasing. They are able to tender loans in several currencies including US and Singapore Dollars (SGD). Currently, the interest rate for SGD loan stands at 6.00 for USD and 6.00% for SGD. However, it appears their processing fee may be slightly higher but offers the advantage of applying for the loan locally in Thailand without having to set foot in Singapore. UOB’s entrance into this niche market is a welcoming sign to the area of financing to foreigners in Thailand.

“Flipping”

Many investors target a condo project when the development first launches. They are keen to purchase the plum units in the project as an investment. Later, the investor will resale or “flip” the unit typically before the legal interest is registered at the Land Department. The value of the unit increases prior to the completion or title transfer. These investors will capture their profits without their names ever appearing on the title deeds. Care and caution should be exercised if you are “flipping” the unit since some developers will not allow assignment of the unit to another person. Some developers will allow this option but they will charge a very high administrative fee or even a percentage penalty.

Summary

Living in Thailand should be an enjoyable and relaxing experience. If you plan and prepare in advance for the acquisition of your property, you will be rewarded for your efforts. Those who take short cuts in the recommended process above will save some money but in the end it will not be worth it if something goes wrong. Property is a solid investment in Thailand as well as a great place to live while enjoying life in paradise.
Thailand Property & Real Estate Legal Services – Attorneys – Solicitors

Purchasing A Condominium

If you are planning to invest in a real estate property, one of the choices you have is to buy a condominium. This is actually one of the least forms of home ownership and before you decide to get into the process, you should be familiar first with the advantages and disadvantages of owning one. When you look for a condo, one of the possible starting points you have is online Portland MLS. You can also ask for listings from your agents and for sure, you can find the type of condominium unit you are looking for. Having the right resources, it will surely be very easy for you to find Portland Homes for Sale and other Portland real estate properties such as condominiums. Having a buyers agent will be a very good help as well. Below are the pros and cons of investing in a condominium to help you make your decision whether you will buy one or not.
Why buy?
1.Less things to worry about
Owning a condominium means that you will only have an ownership to a single unit. Most condo owners find it more convenient to be away from their condominium because they have fewer things to worry about. The whole complex is well-secured as there is always a security guard hired by the Home Owners Association (HOA) to protect the units. Your neighbors and the other owners of condominium units can also easily look out for your property whenever you are not around.
2.Less expenses for maintenance
HOA pays for the siding paintings and for the maintenance of the roofing, meaning you have less repair expenses to finance.
3.Swimming pool
Most of the condominium complexes have swimming pool that is freely used by all the owners. You can use the swimming pool whenever you want and you do not have to pay much for the maintenance because the expenses for it are shared by all the unit owners.
4.Cheaper
Because you will only pay for a condominium unit which is relatively smaller than single-family residences and detached homes, you can expect that you will get a lower price deal for it.
Why Not Buy?
1.Limitations
If you will reside in a condominium, expect that there will be restrictions and limitations, as stated in the strict bylaws and regulations created by the HOA. The HOA poses some limitations regarding the improvements and redesigning that you can do to your unit. Sometimes, there are also pet regulations that you need to follow.
2.Noisier
Unlike single family residences that can be meters far away from each other, in a condominium unit, your neighbor is only a wall away from you and most of the time, you can hear their noise. It is actually possible that you hear almost anything from your neighbors unit.
3.Difficult to sell
It is actually harder to sell a condo unit that a single-family residence. It may take you a longer time to find a buyer who will make a purchase offer to your condo unit.
4.Cant rent it out
Most condominium owners do not allow their buyers or the residents to rent out the property to other owners.

Things To Consider Before Hiring Condominium For Rent In Cebu

Cebu is one the beautiful city in Philippines. Philippines itself is a beautiful country. If you are there for vacations you may find several Condominiums for Rent in Cebu. You may get them as per your need in terms of size and the services. If you need you personal thing not to be shared, you can find the private Condominium for Rent in Cebu.

You can use internet to find the best desired thing in Cebu. On internet there are many of the companies available that let you know about the Condominium for Rent in Cebu online but you can also visit them personally to enquire what you are getting for the money you are spending. Many points need to be considered before you are going to find the condo.

Location: – Once you are going to hire the condo, you must check the location you are going to live in. If you stay at the best place with your life, you feel the great joy of life. You should never select the place near to the crowd area or near to the bus stations or the railway stations. This is not recommended due to the traffic issues. Once you tell about this to the agent they will guide you the best possible way and will tell you the best place to choose the Condominium for Rent in Cebu.
Older or new condominium: – You can enjoy almost all amenities and the services in Cebu at the Condominium since most of them are just renovated or set up for the first time. If you are going to hire the old Condominium for Rent in Cebu you must go there personally before hiring and check if you are going to have all possible amenities and enjoy your stay.
The amenities/Facilities: – The most important thing is about the services and the amenities you are going to be served. You need to see if they have the swimming pools, gardens, shops etc. You deserve the right to ask about these things to the agent. The final thing is about the safety and security.

Always try to consider these points when you are going to hire the best Condominium for Rent in Cebu. You may get confuse with so many real estate agents there and so internet can be used to find the best one. www.cebuhomes.com is the best real estate agency there.

Areas To Look For In Search Of Condominium For Sale

If one were to ask a bunch of Chicago locals which is the ideal neighborhood or area for buying apartments in Chicago then you would get a bunch of different answers. There is nothing surprising about it because the answer to such a question is a matter of personal preference and hence it would differ from one person to another. Nevertheless, one cannot deny that the Windy City does have some very amazing condominiums and apartments for sale. Thus, you can take a look at some of the popular options to see which condominium for sale you should opt for.

Chicago, also known as the Windy City, is renowned for its food, music and sports team. One can witness a multitude of cultures here and the beauty is that they all blend seamlessly into the fabric of life. Based on what your interests and preferences are, you can start off your quest of looking for apartments in Chicago that are on sale. You can also go for a condominium for sale if condos are your cup of tea. One of the most populated neighborhoods in Chicago is the Wrigleyville – it has a very vibrant nightlife to offer to its residents. Thus, this area is perfect for party lovers.

Just in case you are not really into the whole idea of dancing the night away, but you are a big foodie then look for an apartment or condominium for sale in Lincoln Park or Lakeview. These neighborhoods offer great apartments in Chicago and there is also a host of great eats here offering a multitude of cuisines, from Chinese to Italian. For apartment hunters looking for urban high-rise neighborhoods, it would be ideal to go with downtown or The Loop. Living in downtown Chicago offers great perks, for instance, one can get direct access to sporting stadiums where the Bulls and the Bears play.

Apart from Wrigleyville, downtown Chicago is another preferred choice of people when it comes to getting a condominium for sale or an apartment. This area offers endless fun, entertainment and amusement with its stores, restaurants, museums and tourist spots. Another great area to look for ideal apartments in Chicago would have to be the northern side of the city or Gold Coast to be precise. Since the Gold Coast is situated on the lakefront, therefore one can gain access to art galleries. It goes without saying that this part of the city is great for art lovers.

Occupying its southern flank are places of interest like the University of Chicago, the Washington Park, the Chicago White Sox and many more is another area where one can look for a condominium for sale. The population in this part of the city mostly comprises of students and families. For families with children, it is important to look for apartments that are situated in an area with a lot of schools, so the southern side would be perfect in this case. The apartments in Chicago in the southern side are affordable, so your objective should be to strike a good deal.

Thus, mentioned above are some of the areas where you can hunt for apartments in Chicago. However, bear in mind that just the location and surrounding areas of interest are not good enough to help you decide whether or not you should purchase the condominium for sale in question. You need to also take into consideration the proximity of the apartment to major facilities like public transport and healthcare not to mention water and electricity. It is only after you have considered all these factors that you can go ahead and make your final decision.

Tips For Proper Condominium Association Management

Condominiums have gained popularity as is evident with the increasing demand for these housing units. For the property association to work well, the proper management must be in place. This is what most people find challenging, so they try to avoid being on the condominium management team.

However, with the proper information and good strategies in place, it is very easy to properly manage a property on behalf of the condominium association. For instance, it should be noted that many issues are the result of poor management of finances within the association. This can be dealt with by having a budget in place that will account for every expense. These expenses should be supported by documents such as payment slips and receipts.

The budget plays a very important role in the management process since all members can see how their money has been spent in the development and maintenance of the property in general, thereby promoting harmony and trust between members. The other tip for making management successful is learning the goals and objectives of the association and then coming up with strategies to meet them in the long run.

The one mistake most associations make is failing to come up with the main objectives or failing to set expectations for the association. Management is much easier when there is a clear idea of what should be achieved in the end as this helps in coming up with strategies that will indeed work towards achieving these goals. The strategies made to achieve the overall goals should be discussed among the members to ensure that everyone is on the same page and that every idea is accommodated.

To ensure that the property is always occupied, the management should take it upon itself to ensure that the property is well maintained and remains attractive to clients. The amenities within the property and all systems should be kept in good working condition to keep the property as good as new.

There are companies which offer condominium association management services for those who find it difficult to manage the condominium association. These services have come in handy for condominium association members as they can rest assured that all issues pertaining to the property are taken care of by professionals and will definitely meet with success. It is important to choose a management company that will offer all necessary services and has the necessary experience and expertise to accomplish its job successfully.

Condominiums of Todays Trends

Condominiums are some of the most popular types of housings in Philippine market due to its benefits which conform in todays modern trends. So what are the benefits or advantages of living in a condominium unit?

Different Types of Condominiums
There are currently two types of condominiums in the Philippines, the typical condominiums mostly found in the city, such as the many Metro manila condominiums, and condominiums found in the outskirts or even in the provinces, which are known as condominium complexes.

Location
The main factor which made most condominiums in the city popular is because of its location. Most of these types of housings are strategically found in business and commercial district, such as those found in Makati City and many other major cities in Metro Manila.

Because of its location, residents can enjoy the luxury of living within walking distance or mass transit distance from their workplaces, allowing them to avoid the usual hassles of rush hour. Its location is also within reach of popular entertainment places such as malls and “hang-out” places.

Condominium complexes, on the other hand, are found far from these places. Most condominium complexes are found in the outskirts, while some are even found in the provinces. These types of condominiums aim to provide a more family-oriented environment for Filipino families compared to Metro manila condominiums.

Because of its location, condominium complexes can offer a more peaceful and quieter environment compared to that of the city. Condominium complexes can also offer the wide open space that growing children require for playing. However, what made condominium complexes more popular is with its amenities.

Amenities
Other than its family-oriented location and environment, condominium complexes are also known for its amenities such as its own swimming pools, gyms, recreational parks, playgrounds, as well as a full-size sports complex complete with basketball, volleyball, tennis, and badminton courts. Because of this, condominium complexes became one of the best types of modern housing for modern Filipino families.

However, other than condominium complexes, a number of condominiums in the city are also known to offer their own amenities. Some of the oldest Metro manila condominiums offer gyms as their amenities. Today, many new condominiums in the city can now offer their own indoor swimming pools and sports complexes for the enjoyment of their residents.

Condominium complexes A House For The Modern Filipino

The number of condominium Philippines have steadily grown in the market since its first introduction. According to many experts, the reason why condominiums have become so popular in the Philippines is because of its many benefits in which many Filipinos living a fast-paced lifestyle have taken advantage off, which is its location.

Many condominiums in the Philippines are found in business and commercial districts, which allowed its residents to live within walking distance to their workplaces, a feat rarely found in other types of housing, except maybe from apartment buildings.

However, many new condominiums in the country have evolved to a more peaceful type of housing. These new types of condominiums are known as condominium complexes.

Condominium complexes: A house for the modern Filipino Condominiums first begun as a type of housing in which many Filipinos have benefited from, which is because of its location. It is also known as one of the most popular modern housing in the Philippines because of its many benefits which caters to every Filipinos’ needs, particularly in today’s modern and fast-paced lifestyles.

However, other than these types of condominium Philippines, a number of new condominiums have been introduced which offers a different kind of advantage for other Filipinos. One of the most popular new types of condominiums today are condominium complexes.

Compared to condominiums found in the city, these types of condominiums are mostly found in the outskirts or even in provincial areas, which is why these types of condominiums are known for its serene and relaxing environment.

Although condominiums in the city can still provide the necessary privacy and peace for its residents even in the busiest district, condominium complexes are known to offer a different peace and privacy in which many Filipinos are looking for, particularly for their growing family.

According to many Filipinos, condominium complexes are known for its benefits which are popular among the many modern Filipino families. In addition to its family-oriented environment, condominium complexes are also known for its amenities in which many Filipino families can benefit from such as swimming pools, gyms, sports complexes, recreational parks, as well as playgrounds.

Because of these new types of condominium Philippines, many Filipino families have now been given the chance to experience living in a modern type of housing which can provide them with everything that they needed, particularly the needs of their family and growing children. For more information visit to our site at http://www.atayala.com

Condominium Ownership Document And Address Registration Tabien Baan

Foreigners buying a condominium in Thailand will receive 2 official government issued documents related to the condominium.

1 the condominium ownership title deed
2 the condominium house registration book

Each condominium unit has a unit title deed issued by the Provincial Land Department or its branch office and a Tabien Baan or House Registration Book issued by the local municipality.

The condominium unit title deed is the official ownership document and its use id proof of ownership. The apartment’s house book primary use is registration of the unit and it’s address and verification and registration of a Thai person’s address living in the condominium.

The normal house book issued for each address in Thailand is the blue version of the Tabien Baan. Foreigners owning a property are usually not registered in the blue book as owner or resident. Opposite Thai nationals foreigners often have an empty blue house book.

There is a separate version of the Tabien Baan for foreigners, the ‘yellow book’. It is possible for foreigners to exchange the blue book for a yellow book if the foreigner meets the requirements for the application. The required documents for a yellow book vary per location but usually require a non-immigrant visa and an ownership document such as the condominium unit title deed, but could also include a work permit or marriage certificate.

A yellow book is unusual in Thailand and it is not necessary for foreigners to exchange the blue book for a yellow book. The majority of foreigners have the blue book together with the ownership unit title deed.

Even though the foreigner is not registered in the house book foreigners usually proof their address through the Tabien Baan and the condominium title deed, or obtain a separate ‘letter of residence’ from the local immigration.

Overall compared to the ownership title deed the house book is not an important document and there is no need for foreigners to exchange a blue for a yellow book.

Panama City Condominium Rentals Leaves You Back With A Delightful Experience

If are looking for to spend a vacation in a different place, then the very first destination one would think of accommodation facilities and hotels. Panama City offers the vacationers with lots of luxurious hotels, condominiums, beach condos, and vacation houses on rent near the astounding beaches. Trump Ocean Club condominium rentals come with gyms, high-definition cable televisions, DVD players, internet connections with wifi access, room cleaning equipments, air-conditioning system, kitchen, refrigerator, laundry services, etc., depending on the type of condo you will take on rent. Some of the other extra amenities we offer are towels, tooth brushes, soaps, house wares etc.
Spending a holiday in Panama City will be surely a memorable and enjoyable experience. Condos, Villas, and beach rentals are one of the best options for vacationers visiting this city. There are ample reasons to enjoy a vacation in Panama City. It is one of the liveliest cities and has a lot to offer for its tourists. Our condominium rentals deliver the vacationers with the best of amenities, luxurious facilities and competitively priced. This city facilitates you with abundant tourists attraction spots and is a tourist’s paradise. Individuals can experience a matchless and pleasurable mix of condominium living and the traditional culture of Panama City with Trump Ocean Club.
Every year, millions of individuals choose this city for holidays because of its astonishing beaches and humid surroundings. Panama City has something to offer for everyone. It is a perfect choice for businessmen looking forward to work at or individuals looking for having fun on the sandy beaches. Your stay at our luxurious condominium rentals in Panama City will serve you with all the deluxe facilities of corporate hotels. Trump Ocean Club offers a wide range of deluxe condos in Panama City for individuals looking for competitively priced, yet luxurious condos.
Trump Ocean Clubs condos are one of the best choices to live in as it is favorable to the needs of individuals. Our high quality condominiums offer the finest living solution for every individual in Panama. Vacationers can effortlessly rent luxurious condominiums in Panama. A vacation spent in our condo rentals which will surely perk up your vacation. So Why Wait! Trump Ocean Club is one of the best places to rent condo in Panama City. Rent a condominium today, to avail the advantages of luxury living with Trump Ocean Club whenever you visit this stunning city. Start off your search for condominium rentals and enjoy a deluxe stay in Panama City with us!

Whom Needs A Condominium Reserve Study

There are few things as vital to creating an ideal reserve fund than a condominium reserve study. For maintenance costs to repairs and replacements, maintaining a condo property can be expensive.

Condominium properties are built on the premise of shared amenities and common areas. While each unit is a home, the larger property as a whole must serve the needs of the entire community. Over time, those common areas will experience wear and tear and must be maintained and repaired. A reserve fund is used for this, but a condominium reserve study will need to be created in order to ensure adequate resources are available when needed most.

More Than Just Common Areas

Condo properties have a considerable amount of shared common areas, as well as equipment and amenities. Your condo reserve study must account for much more than just maintaining your common areas. Any condominium reserve study should include a variety of other factors, including structural elements like the roof and the propertys foundations. In addition to those areas, items such as HVAC systems, exterior lighting and even playground equipment must be examined in order to provide the most accurate picture possible in terms of maintenance, repairs and replacement costs that youll have to pay over the life of the property.

Customization Is Essential

One of the most important factors to consider in your condominium reserve study is whether the study is customized to your specific property. Some architectural firms use a cookie cutter approach here, but that is far from advisable. Every single property differs from every other you have concerns that may or may not apply to a property down the road, much less on the other side of town or in another part of the state.

When you need a condo reserve study conducted, its vital that you choose an architectural firm known for taking the time to customize that study to reflect your propertys unique needs. Of course, there are also other considerations you need to make when selecting the firm youll work with.

Other Reporting Options

In addition to a condominium reserve study, you may find that you need a variety of other reports depending on your situation and specific needs. For instance, you might find that building repair studies are necessary down the road, or that you need bid design documents. You might also find that if new work is required on your property, you need a company that can offer construction monitoring. Additional services a reputable architectural firm can offer include transition studies, balcony repair studies, structural reviews, roof leak studies and more.

As you can see, working with a reputable architectural firm is vital for your condominium reserve study. J. Hershey Architecture can provide you with all the assistance you require, tailored to fit your specific propertys unique situation. If youre seeking peace of mind and the accurate reporting necessary to build your capital reserve fund, this architect can help.