4 things you should know before buying a 'second-hand house' from the Legal Execution Department
Nowadays, There are many different methods for choosing a house to buy. Whether it's finding it from online channels, contacting through an agent or contacting them directly. It depends on the convenience of each person. There’s also another interesting channel which is buying a second-hand house from the Legal Execution Department. It is another interesting channel for people who are looking for a second-hand house, in good condition, at an affordable price, you can contact the Legal Execution Department regarding that property. YOOHOO would like to share with you about 4 things you should know before buying a 'second-hand house' from the Legal Execution Department.
What is buying a house from the Legal Execution Department?
The house that is under the possession of the Legal Execution Department is caused by a debtor being sued by a creditor over a debt. The debtor's property will be seized and sold at auction to raise money to pay off debts. The Legal Execution Department has a duty to take houses or condos that are assets of the debtor to auction and sell according to court decisions. Also known as the red case number. The main purpose of selling the house that the Legal Execution Department auction is to repay debts to creditors. As a result, the opening price for auctioning properties is lower than houses sold in the market.
Preparation before contacting the Legal Execution Department
Before going to buy a house from the Legal Execution Department, You should study the steps in detail first which has the following details:
Study information and details of the house you want to buy, conditions and contract terms.
Bring personal documents such as ID card, government official ID card, government official or state enterprise employee card.
Collateral, which is the amount of money that will be used as collateral depends on the appraised value of that property.
No.
Appraisal Value
Collateral
1
Not more than 500,000 baht
not less than percent 5 of the appraised value
2
More than 500,000 baht
but less than 1,000,000 baht
50,000 baht
3
More than 1,000,000 baht
but less than 5,000,000 baht
250,000 baht
4
More than 5,000,000 baht
but less than 10,000,000 baht
500,000 baht
5
More than 10,000,000 baht
but less than 20,000,000 baht
1,000,000 baht
6
More than 20,000,000 baht
but less than 50,000,000 baht
2,500,000 baht
7
More than 50,000,000 baht
but less than 100,000,000 baht
5,000,000 baht
8
More than 100,000,000 baht
but less than 200,000,000 baht
10,000,000 baht
9
More than 200,000,000 baht
According to the Director-General or assigned person
Steps for buying a house from the Legal Execution Department
Steps for buying a house from the Legal Execution Department, It will be in the form of an auction for that property. We must follow these steps.
Register and place collateral with the officials to participate in the auction and receive an auction sign.
When the auction starts, the staff will inform you of the conditions, auction details and set the starting price of the property that will be auctioned on that day
After that, the officials will open an auction for each property. If we are interested or want to compete on price with other bidders, raise the sign to increase the price. Each time the staff will set the price for how much you can add at a time.
When the price of that property reaches the highest price, The officials will ask the interested parties. Which is the representative of the creditor or debtor. If no one objects, Officials will knock on wood to signal the winning bidder.
After purchasing a home from the Legal Execution Department, What must be done?
After there is a winning bidder There will be next steps and details as follows.
The Legal Execution Department will create a sales contract on the date of purchase for the winning bidder to pay the auction price. If the winning bidder is waiting for bank loan results or is collecting money. The Legal Execution Department will extend the contract period to 15 - 90 days.
After payment in full, The Legal Execution Department officials will issue ownership transfer documents and related documents to Land Department officials.
After the trade is completed, there will be some fees in addition to the auction price such as transfer fees, stamp duty or taxes.
Buying a second-hand house from the Legal Execution Department, is still another interesting channel for people who are looking for a second-hand house in good condition, not too expensive. But if anyone is looking for a house from other places, You can try looking in YOOHOO.
