Buying condo: FETF transfer + bank account.

[james247360]

Not sure if this belongs to banking section of the forum or here, but here goes.

 

I'm planning on buying a second-hand condo on my next 3-4 week trip to Thailand. Prior to leaving to Thailand, I'll short-list about a dozen condos I'm interested in. I was thinking of arriving on Visa Exemption for its convenience. I've tried to read a lot about buying a condo in Thailand, but still I have a few questions.

 

 -1. Would there be any problems with the paperwork with only Visa Exemption stamp on the passport?

 -2. Do I need to have my own bank account opened in Thailand to make the FETF-transfer?

 -3. Is it easy to open an account for a condo purchase? I've read that for example Bangkok Bank requires Thai address, which cannot be Hotel or P.O. box. Do banks make exceptions on condo purchases?

 -4. Can I FETF-transfer any amount prior to purchasing just to have the money ready, and then use the left over from purchase for living, bills, etc. Or does it have to be exact amount for specific purchase?

 -5. Do the real estate agents generally do any due diligence on the owner/condo? Should I involve a local lawyer that or just do it myself?

[Peterw42]

2 minutes ago, james247360 said:

-1. Would there be any problems with the paperwork with only Visa Exemption stamp on the passport?

 -2. Do I need to have my own bank account opened in Thailand to make the FETF-transfer?

 -3. Is it easy to open an account for a condo purchase? I've read that for example Bangkok Bank requires Thai address, which cannot be Hotel or P.O. box. Do banks make exceptions on condo purchases?

 -4. Can I FETF-transfer any amount prior to purchasing just to have the money ready, and then use the left over from purchase for living, bills, etc. Or does it have to be exact amount for specific purchase?

 -5. Do the real estate agents generally do any due diligence on the owner/condo? Should I involve a local lawyer that or just do it myself?

1) Usually not important, technically you could be outside of Thailand and have a lawyer buy on your behalf, POA.

 

2) Yes, you need your own account to generate the FET, the exception being if you buy from a developer and transfer direct to their account, they generate the FET.

 

3) Lots of threads about opening accounts, its harder on a visa exempt but not impossible. Its a matter of going from bank to bank, branch to branch until you find one that will, easier in expat areas. If its an option, maybe enter on a tourist visa as maybe easier.

 

4) yes , the money can be transferred prior and an FET for a part amount. There is no time limit on the bank generating an FET

 

5) Real estates do nothing in regard to due diligence. However, there are lots of checks and balances at the land office, property cannot change hands if a mortgage/lease in place, seller needs to provide a letter stating condo fees up to date, within foreign quota etc. you pay with a bank cheque after the land office advise you own etc. Usually the agent will take care of the land office things, acting for and advising both parties, as they want their commission.