Buying condo from Thai owner. How to ?

[JohnHauser]

Dears,

 

The Condo I rent for several years the Thai owner wants to sell.

Wasn't planning buying a Condo, but I like the place a lot and don't wanna move.

 

I'm just in the process to transfer the money from abroad and will get the Bank letter soon.

 

 

o Owner got a letter from the Condo Management (juristic person) that the maintenance fee are paid

o Owner send me a buy/sell contract, looks standard.

o I have a copy of the owners chanote.

o According to the Condo Management, 27% of the Condos have foreign ownerships.

 

Next step (I guess).

 

Going with the owner to the 'Land Department' and doing the transfer.

(Transfer cost 0.2% + 0.2% will be split)

 

I'll bring the bank letter ($ came from abroad) + my Passport (copies ?) + and over a bank check when I get the chanote at the land department?.

Anything else ?

 

Is that how it works ?

 

Thanks a lot for your help

JH

 

[Peterw42]

Transfer is around 2% (of what the land office says its worth), not 0.2/0.4 % as you mention. The owners letter from the condo office should also state 49% quota is available (not just a verbal according to).

 

Otherwise, everything else is correct.

Edited June 30, 2019 by Peterw42

[BobBKK]

Normally two contracts. One for the LO so they can asses tax at the 'standard' rate and one real with the real sell price on. Most important is make sure the words on the transfer doc from your overseas bank as the words 'For purchase of condo' written clearly in the space for 'comments', 'ref' etc.

[JohnHauser]

Dear Peterw42, BobBKK,

Thanks a lot for your reply. Very appreciated !!!!!

Will talk to the Condo management to get the 49% availability letter.

[Delight]

 If 27% of the total available space is currently allocated to foreigners-then 22% is available to be allocated to new foreign purchases.

I do not understand where Peterw42 gets his 49% from.

Am I missing something?

[blackcab]

6 hours ago, BobBKK said:

Most important is make sure the words on the transfer doc from your overseas bank as the words 'For purchase of condo written clearly in the space for 'comments', 'ref' etc.

 

This is not a requirement; must Land Offices will accept a FET form with nothing or anything written in the comments section.

 

I believe this all started with misinformed developers spreading the word. There are several threads in the Real Estate forum discussing this.

 

That being said, it doesn't hurt to add the comment.

[BobBKK]

4 hours ago, blackcab said:

 

This is not a requirement; must Land Offices will accept a FET form with nothing or anything written in the comments section.

 

I believe this all started with misinformed developers spreading the word. There are several threads in the Real Estate forum discussing this.

 

That being said, it doesn't hurt to add the comment.

Oh, ok I was told it had to go on as the transfer must be specific - but if I'm wrong I'm wrong, but as you say, might as well put it on as each office seems to make up their own rules. 

[scorecard]

On 6/30/2019 at 11:30 AM, Peterw42 said:

Transfer is around 2% (of what the land office says its worth), not 0.2/0.4 % as you mention. The owners letter from the condo office should also state 49% quota is available (not just a verbal according to).

 

Otherwise, everything else is correct.

what about a letter from the condo office saying all past maintenance fees etc., are paid, is that a requirement at the LTO to get the transfer completed?

[newnative]

On 6/30/2019 at 1:25 PM, Delight said:

 If 27% of the total available space is currently allocated to foreigners-then 22% is available to be allocated to new foreign purchases.

I do not understand where Peterw42 gets his 49% from.

Am I missing something?

   Just shorthand that foreign quota is still available.

[JohnHauser]

Talked to the Condo Management, they will provide the information with the percentage of foreign owners.

That document/letter is only 7 days valid.

Edited July 2, 2019 by JohnHauser

[LukKrueng]

On 6/30/2019 at 11:31 AM, BobBKK said:

Normally two contracts. One for the LO so they can asses tax at the 'standard' rate and one real with the real sell price on.

no need for 2contracts. The land office doesn't look at the contract you signed outside, but is drawing an official buy/sell contract on the spot, and the buyer/settler just tell them the price to put in that contract.

[BobBKK]

3 hours ago, LukKrueng said:

no need for 2contracts. The land office doesn't look at the contract you signed outside, but is drawing an official buy/sell contract on the spot, and the buyer/settler just tell them the price to put in that contract.

Nah.  Also the bank will need the 'standard' price to put on the bank letter for LO and they will also require to see the 'alt' contract.

Edited July 3, 2019 by BobBKK

[LukKrueng]

14 hours ago, BobBKK said:

Nah.  Also the bank will need the 'standard' price to put on the bank letter for LO and they will also require to see the 'alt' contract.

nah. The bank only issues a letter saying the amount that was transferred from overseas and the remark saying it is for buying a property. They don't write the price of the unit nor they need to see any contact

[KittenKong]

On 7/2/2019 at 3:47 PM, scorecard said:

what about a letter from the condo office saying all past maintenance fees etc., are paid, is that a requirement at the LTO to get the transfer completed?

Yes.

[BobBKK]

7 hours ago, LukKrueng said:

nah. The bank only issues a letter saying the amount that was transferred from overseas and the remark saying it is for buying a property. They don't write the price of the unit nor they need to see any contact

Nah. You do not want to declare the whole amount you transfer only the amount you might spend. You might transfer 5m but only spend 3m on this condo and bank can write that lower figure in. Need two contracts one to pay the lower LO fee and one for the real price.

[JohnHauser]

Bank Letter: Bank want to see the signed contract. (can be a copy). Saying prereq. from BOT (Bank of Thailand).

[BobBKK]

Just now, JohnHauser said:

Bank Letter: Bank want to see the signed contract. (can be a copy). Saying prereq. from BOT (Bank of Thailand).

Yup and if you want to save taxes we all do two contracts. 

[JohnHauser]

Addon question.

The owner is in the Hospital and now his secretary will go to the Land Department'

 

Does anybody sees any issue with that.

 

I guess she will have a letter that she is allowed to do that for him?

 

Thanks again.

[mania]

13 hours ago, JohnHauser said:

Addon question.

The owner is in the Hospital and now his secretary will go to the Land Department'

 

Does anybody sees any issue with that.

 

I guess she will have a letter that she is allowed to do that for him?

 

Thanks again.

 

Probably not but........If it is not a big deal to wait for owner who is listed on title that is what I would do.

Thailand is too sketchy to try anything else than plain vanilla

 

Would be different if a bank owned title & they were going to show in place of owner but owners secretary?

 

Yes if owner is out of hospital soon why not wait?