Is it possible to wrap up the purchase of a condo in 1 week?

[inf]

I'm planning to fly in from Taiwan in November to do the paperwork for a condo I want to buy.

 

Would it be possible for me to do all the following within the space of one week = 5 working days?

1/open a bank account - I will only have a tourist visa, no residence permit, and plan to open the account preferably at Bangkok Bank Jomtien (because that's where the condo is and I plan to open an account first at a Bangkok Bank here in Taiwan)

2/transfer the money for the condo from my Taiwan account to the Thai one + get the FET from the bank

3/put everything in order with the Land Office for the purchase (hand in the FET and other documents, fill in the forms, make the necessary payments)

4/sign the contract, move the money from my new Thai account to the seller, get the yellow book (tabien baan).

 

Could it be possible for me to fly in on a Sunday, open the bank account on Monday morning, do the rest of the stuff during the following days, and fly back to Taiwan the next weekend, calling myself the proud owner of a Thai piece of property?

I know many of you will advise me not to buy any condo in Thailand, but I'm already set. What I'm wondering is, am I underestimating the bureaucracy, in particular the time needed for the bank account to be opened and for the money to move from Taiwan to Thailand and result in a FET?

Should I stay longer, a week and a half, even two weeks?

Edited October 4, 2017 by inf

[Peterw42]

I dont think the Bangkok Bank in Taiwan would be officially a Thai bank, its a Thai bank company operating under a Tawain bank license. The money needs to come into Thailand. Its possible the money would still be in Taiwan in a Thai named/owned bank. It may still take 3-4 days to transfer from Taiwan to Thai account.

Otherwise, with a FET in hand, everything can happen in one day at the land office (with assistance from an agent or someone that deals regularly with the land office).

Edited October 4, 2017 by Peterw42

[cheeryble]

1 hour ago, Peterw42 said:

I dont think the Bangkok Bank in Taiwan would be officially a Thai bank, its a Thai bank company operating under a Tawain bank license. The money needs to come into Thailand. Its possible the money would still be in Taiwan in a Thai named/owned bank. It may still take 3-4 days to transfer from Taiwan to Thai account.

Otherwise, with a FET in hand, everything can happen in one day at the land office (with assistance from an agent or someone that deals regularly with the land office).

 

Dont forget the seller needs a letter from the condo JP stating no debts outstanding on the unit.....u need to make sure debts are paid and s9meone s there who can sign and not gone walkies.

with everything in hand the Land Office is easy, maybe allow a couple of hours in my experience in C.M. . When everything’s handed in and fees paid....usually 50/50 split..... they’ll tell u to wait and sooner or later basically tell u it’s ok to pay now.. by then the final things are being printed out for u and the chanoot should be registered.

befire buying I would try to spend a night or two in the unit or at least get right to inspect late at night. I would stay there as part of the deal with your week or two's rent forgiven on purchase. You gotta stay somewhere, why not there?

Edited October 4, 2017 by cheeryble

[KittenKong]

Opening a bank account should only take a matter of a few tens of minutes. This could be done well in advance and I would start sounding them out now, especially if funds need to be transferred. If there is some local branch of the same bank in the OP's home country they may be able to help with this. If not, no big deal as many bank branches in Pattaya are entirely accustomed to opening accounts for farangs (and many others seem to have lots of trouble with it). Personally I would be inclined to ask Krungsri at View Talay 7 as they have lots of farang customers and are quite with-it. TMB near View Talay 2 arent bad either, nor is Kasikorn on Jomtien Beach Road. I would be inclined to arm myself with details of the condo being purchased as well as the usual proof of identity documents (passport, home address).

 

Once you have an account number a transfer from Taiwan should only take a day, and may well arrive the same day.

 

Processing at the Land Office should take at most a few hours.

 

As mentioned, the vendor should arrange for a debt-free certificate to be issued and also for a letter from the JPM of the building to certify that the sale wont take the farang quota above 49%. These should be not be done too early.

[YouAreBananas]

You can be scammed really quick.

 

Actually just save the money on flight and do it online.

[inf]

Thanks for all the advice.

 

I stayed at the condo where I'm buying, so I'm ok with it.

I'll visit the Bangkok Bank in Taipei today to see whether there's any advantage in opening an account with them here, maybe lower fees in moving the money from their Taiwan branch to the branch in Jomtien I want to work with.

[phantomfiddler]

ALWAYS use a good lawyer, and there is no real reason the whole process cannot be done in an afternoon. I have bought many condos and had them signed and dusted within a day, no problem. Just have your requirements ready, ie letter from your bank saying you brought the money in from overseas for the purpose of buying a condo, and make sure the seller has his, ie letter from the condo saying all bills have been paid to date, and the rest is simple. Just sign a P.O.A. form in your lawyer,s office and he can take care of it withing hours ! Repeat ALWAYS use a good lawyer !

[lucjoker]

To buy ...a week is short

To lose your money it can take up a day.

[KittenKong]

50 minutes ago, phantomfiddler said:

Repeat ALWAYS use a good lawyer !

 

First find a good lawyer. I certainly dont know of any here.

 

And I think that for most normal condo purchases a lawyer will do little apart from collect his fee. The Land Office does all the checking and paperwork.

[murraynz]

the money spent on a good lawyer, is well worth it for your own security.it will speed things up.you actually have do no nothing,just sign papers...you seem to have thought things through,staying in condo etc...yes dont take any notice of the loosers who say -dont buy...these people usually CANT  buy. the lawyer or an agent, can take you to any local thai bkk bank---its easy to open an account when you have somebody local with you...

[inThailand]

I think possible but not probable and not wise.

 

Unless, you have done your due diligence? Have a signed contract, reviewed; the title deed, ownership type, the land title deed, audited financial reports, bylaws and rules & regs, current financial status, fee structure, fees paid up, ie debt free letter.

 

The bottom line is... do not rely on an attorney, you need to do your own due diligence or most likely you will be in for one or more surprises.

[PerkinsCuthbert]

Marriage, property and death - never rush.

[nasanews]

Two weeks minimum, cha cha as the locals say

[Cranky]

1 hour ago, KittenKong said:

 

First find a good lawyer. I certainly dont know of any here.

 

And I think that for most normal condo purchases a lawyer will do little apart from collect his fee. The Land Office does all the checking and paperwork.

Never used a Lawyer, several transactions over 20 years.   Just make sure you do not hand over the cash, or bank draft, till the Chanot has your name on it.

 

What's the rush?  There are about 20,000 units on the market here.............no sign of supply drying up any time soon.

 

 

 

[KittenKong]

2 hours ago, inThailand said:

Unless, you have done your due diligence? Have a signed contract, reviewed; the title deed, ownership type, the land title deed, audited financial reports, bylaws and rules & regs, current financial status, fee structure, fees paid up, ie debt free letter.

 

What do you need a contract for? The Land Office will produce the only sale document needed.

 

Review the title deed? Why? It's all in Thai and the Land Office wont process the transfer if the chanote is wrong.

 

Ownership type? Farang name freehold, in Pattaya. Anything else isnt a sale.

 

Land title deed? Audited financial reports? Financial status? Fees paid up? Good luck trying to find that out in my building, or many others I could name. What real difference does it make anyway?

 

Check the bylaws and rules and regs? Why? They are very similar in most buildings and there is nothing you can do to change them anyway.

 

Debt free letter? The vendor gets that and the Land Office wont act without it anyway. Also the letter from the JPM relating to the farang quota.

 

 

[maccraw]

angkok bank Jomtien----you will need a certificate of residence from immigration and they wont open an account on a short term visa—I needed an additional account earlier this year and walked away when they also wanted some deposit which could not be touched,

I opened an account at Kasikorn Jomtien –needed the residence cert and of course the long term visa—I seem to recall also a minimum deposit of 15.ooo—but this could be used right away –atm card

Things may have changed at either bank but I think you should anticipate the requirements.

[greenchair]

This sounds like a bait to scam. 

This happened to my friend. 

There'll be some cock and bull story about the money being stuck transition and if you pay 20,000 for taxes to help me get it out, I'll pay you back double. Something along those lines. 

Shush up mate. 

Remember people, if it sounds to good to be true. 

It is. 

Be careful out there. 

[newnative]

6 hours ago, phantomfiddler said:

ALWAYS use a good lawyer, and there is no real reason the whole process cannot be done in an afternoon. I have bought many condos and had them signed and dusted within a day, no problem. Just have your requirements ready, ie letter from your bank saying you brought the money in from overseas for the purpose of buying a condo, and make sure the seller has his, ie letter from the condo saying all bills have been paid to date, and the rest is simple. Just sign a P.O.A. form in your lawyer,s office and he can take care of it withing hours ! Repeat ALWAYS use a good lawyer !

I agree, it's worth the money to have the assistance of an English-speaking Thai lawyer.  The lawyer can check the contract and make sure it is protecting your interests. The lawyer can also go with you to the Land Office on the closing date to make sure everything goes ok, explain to you what is happening, make sure you get the correct documents, and check the documents--which will be in Thai, including your name on the Chanote. 

[dotpoom]

I have bougjt at least 12 properties here...never needed a lawyer.

   But I am not stupid either so to some degree I rely on that.

   I say that because relativly recently I was approached about a condo I have for Sale. This person said he wanted to buy it and asked would it be ok to pay for it over six months. I said yes. Anyway, I started to get odd stories from him (too long to go into here) Then he asked me if it would be ok if he paid over 4 months...again I said Yes. At no time did we haggle, he just accepted my advertised price, I guess.

   Next thing I got an email from him asking me for all my details...Bank a/c  No., Full name, Passport details, Phone No. etc., He said when he lodges the deposit (we never even discussed how much that would be) I would get an sms from my bank, amazing how he knew whether I was signed up for that service or not, he has no idea which bank I would be using.

    I didn't bother replying. I was going to tell him "I know there is green in my eye, but not enough to play golf on". but I later considered it wasn't worth the effort.

I'm just sharing this story because there is probably some people out there who would have fallen for his story.

[wpcoe]

I've heard of a few sales where the weak link in the chain was, in fact, the debt-free letter from the condo management.  In one case the ONLY person authorized to sign the letter was on a two-week vacation and totally unavailable.  This was a fairly large, rather well known property, too.  Assuming you are in contact with the seller, have them get that process started as early as you can.

[inThailand]

5 hours ago, KittenKong said:

 

What do you need a contract for? The Land Office will produce the only sale document needed.

 

Review the title deed? Why? It's all in Thai and the Land Office wont process the transfer if the chanote is wrong.

 

Ownership type? Farang name freehold, in Pattaya. Anything else isnt a sale.

 

Land title deed? Audited financial reports? Financial status? Fees paid up? Good luck trying to find that out in my building, or many others I could name. What real difference does it make anyway?

 

Check the bylaws and rules and regs? Why? They are very similar in most buildings and there is nothing you can do to change them anyway.

 

Debt free letter? The vendor gets that and the Land Office wont act without it anyway. Also the letter from the JPM relating to the farang quota.

 

 

 

Yes, just blindly hand over your money and bring vaseline with you.

[inThailand]

6 hours ago, KittenKong said:

 

What do you need a contract for? The Land Office will produce the only sale document needed.

 

Review the title deed? Why? It's all in Thai and the Land Office wont process the transfer if the chanote is wrong.

 

Ownership type? Farang name freehold, in Pattaya. Anything else isnt a sale.

 

Land title deed? Audited financial reports? Financial status? Fees paid up? Good luck trying to find that out in my building, or many others I could name. What real difference does it make anyway?

 

Check the bylaws and rules and regs? Why? They are very similar in most buildings and there is nothing you can do to change them anyway.

 

Debt free letter? The vendor gets that and the Land Office wont act without it anyway. Also the letter from the JPM relating to the farang quota.

 

 

 

Good advice... f... due diligence and roll the dice! 

[MyFriend You]

I was lucky, I bought a friends condo, already had the money in Thailand listed in Remarks as required "To Purchase House, Condominium or Apartment"  we did everything in half a day, you will have to pay a 'processing fee' and you won't get a receipt, cost us 5,000 baht on a Friday about 2 hrs during lunch.

 

The money HAS TO COME FROM ABROAD  no exceptions and must be marked as above.  But hey, since you don;t know the sellers, what's the rush..........if I was buying an unknown entity, I would get a lawyer to do the background checks on the bldg and condo to ensure it is free and clear.

 

Good Luck

 

[KittenKong]

1 hour ago, TunnelRat69 said:

we did everything in half a day, you will have to pay a 'processing fee' and you won't get a receipt, cost us 5,000 baht on a Friday about 2 hrs during lunch.

 

You do NOT have to pay any such fee. I paid no tea money of any type when I bought my condo, nor did the vendor. The only payments made were the taxes/fees, in cash, for which a full receipt was issued. It still took a couple of hours all told.

 

[KittenKong]

5 hours ago, inThailand said:

Good advice... f... due diligence and roll the dice! 

 

As I mentioned, what would you have had me check?  I explained for each item why no checking is needed.

[cheeryble]

No lawyers needed, no 5000 baht needed.

Unless the owner identified on both the chanoot and it's LO copy shows proper ID he cannot sell.

 

It MAY be worth checking for other issues than noise etc vis a vis the building.....there are occasionally problems like unapproved alterations.........but you would best do this your self by inspecting, chatting with owners, manager etc. You might consider checking the bathroom ceiling below for any leaks, but it's not a killer.

Edited October 5, 2017 by cheeryble

[funandsuninbangkok]

Bruuuhhaahahaha!

 

welcome! Welcome!  

 

Would you like something to drink?

 

sign here, and here, and here, here, here

 

OK give me your money

 

maybe this guy will help you

 

http://www.nationmultimedia.com/detail/national/30324755

 

 

 

[MyFriend You]

34 minutes ago, KittenKong said:

 

You do NOT have to pay any such fee. I paid no tea money of any type when I bought my condo, nor did the vendor. The only payments made were the taxes/fees, in cash, for which a full receipt was issued. It still took a couple of hours all told.

 

I let my friends wife handle it...........

[inThailand]

6 hours ago, TunnelRat69 said:

I was lucky, I bought a friends condo, already had the money in Thailand listed in Remarks as required "To Purchase House, Condominium or Apartment"  we did everything in half a day, you will have to pay a 'processing fee' and you won't get a receipt, cost us 5,000 baht on a Friday about 2 hrs during lunch.

 

The money HAS TO COME FROM ABROAD  no exceptions and must be marked as above.  But hey, since you don;t know the sellers, what's the rush..........if I was buying an unknown entity, I would get a lawyer to do the background checks on the bldg and condo to ensure it is free and clear.

 

Good Luck

 

 

Yup! I recall both parties paying 1 or 2 thousand baht each to the Land Office to "expedite" the processing so it wasn't an all day event.

[inThailand]

Let's be honest, many buyers have had problems during the buying process, so a thorough contract including breach resolution is critical.

 

Recently, heard about a buyer who bought a condo unknowingly that had multiple violations to the condo rules and regulations. He has now inherited these problems.