Questions about condo purchase

[thaitanic]

I have 3 questions about purchasing a condominium in Thailand (probably Bangkok). I'm British on a non-O visa (retirement basis):

 

1. Does the FET form have to state that the reason for the money transfer is for a specific, named condominium? Or just "a condominium"? In other words, do I have to decide on the exact condo before making the transfer?
2. Is there any time limit within which the money transfer must be spent on the condominium?
3. If my inheritors fail to sell my condominium within 1 year of my death (quite possible/probable), what happens to it?

Thanks!

[batata]

FET can say condominium without indicating the specific project

When I did my transfer the bank said that I had maximum 3 months to use it

as for the ownership transfer to your inheritors within 1 year of your death (why are you thinking about death one should be thinking about life and enjoying it to the best he can) can't comment on the law as didn't research it

[Peterw42]

The land office just wants proof the money came from outside thailand, you can say to buy a condo or leave it blank. Its not usually a strict land office requirement. Its more a bank of thailand requirement, to stop money laundering. 

 

So long as the bank will give you an FET, there is no time limit on the money being transfered then spent, people use money thats been sitting in the bank for years. You can approach the bank for the FET anytime. I literally used my 800k extension money a year after it came in. 

 

Never heard of any law that says an inherited condo needs to be sold after a year, a friend inherited his fathers condo and is still living in it 3 years later. (maybe you are confusing a foreign husband inheriting land from Thai wife, that he cannot own, and must be sold in a time period)

 

[Delight]

 The Land office will sell it for you-no doubt at auction.

Your beneficiaries will get the proceeds less L.O commission.

Make sure that in your will one of  beneficiaries is also the administrator.

This way post probate  the condo can remain in the name of the administrator for years.

 I think that your planning ahead is a smart move.

[Delight]

13 minutes ago, Peterw42 said:

 

 

Never heard of any law that says an inherited condo needs to be sold after a year, a friend inherited his fathers condo and is still living in it 3 years later. (maybe you are confusing a foreign husband inheriting land from Thai wife, that he cannot own, and must be sold in a time period)

 

 This is what Samuiforsale states about it.

Section 19/7 of the condominium Act deals with unqualified foreigners (i.e. not listed in section 19, 1 to 5 as listed above). Other foreigners inheriting a condo must sell the unit within 1 year of the acquisition of the unit by inheritance. 

[Peterw42]

30 minutes ago, Delight said:

 This is what Samuiforsale states about it.

Section 19/7 of the condominium Act deals with unqualified foreigners (i.e. not listed in section 19, 1 to 5 as listed above). Other foreigners inheriting a condo must sell the unit within 1 year of the acquisition of the unit by inheritance. 

I suppose it would come down to entering Thailand and then you are no longer an unqualified foreigner. So long as you meet the conditions in the earlier parts of Section 19. The end of 19/7 says Section 19 quinque shall apply mutatis mutandis. (once appropriate changes have been made). As I said, I have one friend who inherited his fathers condo 3 years ago, its now in his name and has been living in it ever since.

 

[moontang]

Get them to address the letter to the land office doing the transaction.

[Delight]

5 hours ago, Peterw42 said:

I suppose it would come down to entering Thailand and then you are no longer an unqualified foreigner. So long as you meet the conditions in the earlier parts of Section 19. The end of 19/7 says Section 19 quinque shall apply mutatis mutandis. (once appropriate changes have been made). As I said, I have one friend who inherited his fathers condo 3 years ago, its now in his name and has been living in it ever since.

 

 An unqualified foreigner is a foreigner without a FET.

Reference your friend.

Inheritance laws -in relation to foreigners - are very specific. If you want the inherited condo in your ( a foreigner) name then you must have a FET . No way around it.

Of couse FETs can be obtained cheaply.

 

The other way is for the beneficiary to also be the administrator. Post probate it is in the name of the administrator. It can be left in that state for years. It never needs to be in the beneficiaries name.

Possibly that is the case with your friend.

[thaitanic]

Thank you for the replies.

 

Glad that the condominium doesn't have to be named.

 

Seems it's safest to hold off on the transfer until pretty sure of the purchase, in case a 3-month limit is enforced.

 

Clearly it's very important to have a Thailand will if investing in property here. I will consider appointing the beneficiary as the administrator. Does the administrator of a Thailand will have to be a Thai national, or have a work permit if a foreigner?

 

22 hours ago, batata said:

..why are you thinking about death one should be thinking about life and enjoying it to the best he can...

It's important to me that my inheritors don't inherit a problem or, worse still, lose their inheritance.

[batata]

3 hours ago, thaitanic said:

Thank you for the replies.

 

Glad that the condominium doesn't have to be named.

 

Seems it's safest to hold off on the transfer until pretty sure of the purchase, in case a 3-month limit is enforced.

 

Clearly it's very important to have a Thailand will if investing in property here. I will consider appointing the beneficiary as the administrator. Does the administrator of a Thailand will have to be a Thai national, or have a work permit if a foreigner?

 

It's important to me that my inheritors don't inherit a problem or, worse still, lose their inheritance.

sorry man but we are talking about Thailand, problems here rise on  a minute/hour basis, law changes all the time, hey will deal with it when time comes, again, enjoy life, stop worrying

[Delight]

11 hours ago, thaitanic said:

 

Clearly it's very important to have a Thailand will if investing in property here. I will consider appointing the beneficiary as the administrator. Does the administrator of a Thailand will have to be a Thai national, or have a work permit if a foreigner?

 

It's important to me that my inheritors don't inherit a problem or, worse still, lose their inheritance.

 The inheritors are people that you select.Nothing to do with work permits or nationality.

Use a good lawyer to help you draw up your will.

The man that has helped me is  a farang. He cannot practice law. He simply owns and manages a law practice.. He was a lawyer in the UK.

If you reside in the Pattaya area he is your best bet.

[thaitanic]

11 hours ago, Delight said:

 The inheritors are people that you select.Nothing to do with work permits or nationality...

Thanks. I was asking about the administrator(s) (i.e. executor(s)), not the inheritors. It would not surprise me if they have to be Thai nationals to administer a Thailand will. But I'm sure the answer is elsewhere on this forum or the net.

[ThaiBunny]

Just now, thaitanic said:

Thanks. I was asking about the administrator(s) (i.e. executor(s)), not the inheritors. It would not surprise me if they have to be Thai nationals to administer a Thailand will. But I'm sure the answer is elsewhere on this forum or the net.

The Executor can be anyone with legal capacity to act. I've been an executor in Thailand and I'm here as a retiree

[YT3k72Em]

On 5/2/2019 at 2:24 PM, thaitanic said:

Seems it's safest to hold off on the transfer until pretty sure of the purchase, in case a 3-month limit is enforced.

 

There is no 3 month limit on using the FET. As people have stated here, they can be used years later.

 

Perhaps the poster got the wrong message from the bank and it was something like they can issue the FET/letter up to 3 months after the funds arrive.

[moontang]

13 hours ago, Delight said:

 The inheritors are people that you select.Nothing to do with work permits or nationality.

Use a good lawyer to help you draw up your will.

The man that has helped me is  a farang. He cannot practice law. He simply owns and manages a law practice.. He was a lawyer in the UK.

If you reside in the Pattaya area he is your best bet.

thanks for reminding me to catch upon andrew drummond..he has exposed some massive frauds in pattaya by farang running law offices.

[Delight]

thanks for reminding me to catch upon andrew drummond..he has exposed some massive frauds in pattaya by farang running law offices.

Providing the Farang has a work permit. He can run an office. He cannot practice law.

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