Do you know?

If you are looking for a good deal to buy property you might find a good deal at an auction. Pattaya  has a Legal Equalization Department  Branch in Pattaya  located on Thepprasit Road just behind 7-11 before you turn left to Thappraya Road to go to Jomtien Beach. How do you attend the auction? First of all you should visit the Legal Equalization Department website at www.led.go.th available only in Thai so you should have a Thai person help you pick out the property that you are interested in or if you don’t have internet access you can go to their office located on Thepprasit Road. If you can’t find you can call 038 252 244-5

After you pick out the property you like if it is land and house you should visit the property and check out the condition of the house. If it is a condo you like, check if the maintenance fee has been paid. Sometimes it may be surprise you that the price of condo is only 400,000 baht but the outstanding fee maintenance fee is  1,000,000 baht as it hasn’t been paid for 10 years.

On the auction day you have to go to Legal Equalization Department located on Thepprasit Road at 8.30 in the morning with your Thai ID card or Passport and registration, where you are required to put a 20,000 baht deposit if the purchase is under 500,000 baht or 50,000 baht deposit if the purchase is over 500,000 baht.

When registered you enter the auction room and the auction will run very quickly in the same order that is posted on internet and also on the big board in the registration room.

The owner or a person who is related to the property can stop the sale before the auction commences and you may have to ask the offcer to confrm that the property still available for the auction. One more thing the owner or a person who is related to the property can stop the sale during the auction if they feel  the highest  price bid is too low for their property. If this happens and you still want that particular property you can go to the owner or a person who is related to the property to buy directly from them after you fnd out who they are.

If you win the bidding you have to go to the desk at the back of the room and sign the contract to buy that property using the deposit that you put in earlier. If you did not win the bidding just bring your ticket and collect your deposit. You have 45 days for you to get a bank loan or come up with cash to transfer the property. If you can’t obtain fnance in this time you will lose your deposit and the property will go up for auction again