Paying off our condo with Thai bank deposits

[soistalker]

My wife and I bought a condo, but have not yet paid it all off. The payments that we made were to the owner's thai bank account bank with deposits made in Thailand. 

Is this wrong? Do the payments  need to come from overseas? What can we do now that we want to transfer the condo to our name?

[Peterw42]

I presume you have a contract etc where the owner will transfer to you after final loan payment, at which point you would need an FET for the whole purchase amount (or at least what the land office says its worth) to show the land office. I presume you have been bringing money into Thailand to live, for extensions etc. You should be able to go to your bank and ask for an FET (or several) showing an equivalent (to the condo price) amount of incoming funds.

 

How you paid/pay the owner is irrelevant to the land office, it could have been instalments, a lump sum, Thai money etc etc.

If a 1 million baht condo, you need to show proof of 1 million baht coming in, so an FET for your extension 800k plus 200k that you paid for a car or 10x100k per month for living etc etc, could all be used. the money coming into Thailand doesn't need to be the same money that bought the condo.

 

If you have been working and making the money in Thailand you would need to look at other ways of getting an FET, send money out then back in etc

 

 

[soistalker]

15 hours ago, Peterw42 said:

I presume you have a contract etc where the owner will transfer to you after final loan payment, at which point you would need an FET for the whole purchase amount (or at least what the land office says its worth) to show the land office. I presume you have been bringing money into Thailand to live, for extensions etc. You should be able to go to your bank and ask for an FET (or several) showing an equivalent (to the condo price) amount of incoming funds.

 

How you paid/pay the owner is irrelevant to the land office, it could have been instalments, a lump sum, Thai money etc etc.

If a 1 million baht condo, you need to show proof of 1 million baht coming in, so an FET for your extension 800k plus 200k that you paid for a car or 10x100k per month for living etc etc, could all be used. the money coming into Thailand doesn't need to be the same money that bought the condo.

 

If you have been working and making the money in Thailand you would need to look at other ways of getting an FET, send money out then back in etc

 

 

Can the funds coming from my overseas bank be transferred into the seller's bank account? Then he would have to produce the FET?

[Peterw42]

41 minutes ago, soistalker said:

Can the funds coming from my overseas bank be transferred into the seller's bank account? Then he would have to produce the FET?

Yes, that is possible. That is how developers do it, people are often paying instalments into a developer account, then the developer generates the FET from their account.

The land office wants to see an FET that shows the buyer as either the receiver of the (foreign currency) funds (what usually happens) or the sender of the (foreign currency) funds (if going into another account). In the later case its very important to be clearly named as the sender, not send funds from ACME trust fund etc. You would need the cooperation of the seller and the sellers bank.

 

You mention earlier deposits "made in Thailand" into the sellers account, if that is cash or a transfer from a Thai account etc, the seller would have trouble generating the FET.

 

[smutcakes]

I am thinking there will be a topic in 3 months about scamming Thai's problems with transfers etc etc

 

OP, why did you not just do some simple DD on this before starting?

 

Payments only need to come from overseas into Thailand in Foreign currency if you are buying under foreign quota. If you are buying in Thai quota in company or wife name i don't believe it matters where the funds come from.

[KittenKong]

17 hours ago, soistalker said:

My wife and I bought a condo

What nationality is your wife? What nationality is the current owner (this does not appear to be an off-plan purchase from a developer)?

 

 

[soistalker]

We are buying from a European man. It is a condo in company name. We dont need FET with a condo in company name?

[KittenKong]

1 hour ago, soistalker said:

It is a condo in company name. We dont need FET with a condo in company name?

Presumably you are buying the company (which owns the condo) rather than just the condo without the company?

 

If so then you dont need an FET and the money can come from anywhere.

[fouryesrs]

On 3/20/2019 at 9:19 AM, Peterw42 said:

I presume you have a contract etc where the owner will transfer to you after final loan payment, at which point you would need an FET for the whole purchase amount (or at least what the land office says its worth) to show the land office. I presume you have been bringing money into Thailand to live, for extensions etc. You should be able to go to your bank and ask for an FET (or several) showing an equivalent (to the condo price) amount of incoming funds.

 

How you paid/pay the owner is irrelevant to the land office, it could have been instalments, a lump sum, Thai money etc etc.

If a 1 million baht condo, you need to show proof of 1 million baht coming in, so an FET for your extension 800k plus 200k that you paid for a car or 10x100k per month for living etc etc, could all be used. the money coming into Thailand doesn't need to be the same money that bought the condo.

 

If you have been working and making the money in Thailand you would need to look at other ways of getting an FET, send money out then back in etc

 

 

what is a FET ?

 

[smutcakes]

1 hour ago, fouryesrs said:

what is a FET ?

 

Foreign Exchange Transfer form. The form required as proof that foreign currency funds have been transferred into Thailand in a foreign currency denomination before being converted to THB within Thailand. You need this to be able to transfer condo ownership in a foreign name.