Buying second condo - meeting foreign funds requirements

[Megolith]

I am planning to sell my Thai condo to a Thai person and using the money from the sale to buy a new one in a different location.

 

I have all the original FETs from bringing money into Thailand for the first condo. Enough FETs to cover the price of the new condo.

 

Do I still need to send money out of Thailand and then bring it back in to buy the second condo or will the original FETs still be valid at the Land Office.

 

If I need to send money out and bring it in again, what is the best way to do it without losing a lot on the exchange transactions?

 

Also, is there anything I need to be careful of in taking money out of the country and bringing it back in, e.g. not using the same bank account etc. Things that the bureaucrats will use to say "you have done something wrong". 

[jadee]

Hi, I bought my condo in 2010 and transferred the money from abroad to my bank account to get the FET. I believe that's still the requirement - one FET showing sufficient funds to purchase the condo, although I stand to be corrected. 

I was buying a unit in a completed building (not off-plan) and was buying from the developer so there was little risk but I still paid 20,000baht to a Thai lawyer to ensure everything went through okay. The lawyer was helpful in terms of accompanying me to the local land office and ensuring all the correct documents were signed.

So that would be my advice: find a local lawyer, they can assist in liaising with the local land office (wherever you want to buy the new condo) and they'll be able to find out whether you need on FET or can use multiple/original FETs. I'd especially recommend it if you're buying your new condo from a Thai person as opposed to a developer, but that's just me...

When I looked at my FET from 2010 I noticed that I put the address of the new condo I was buying (not where I lived at the time) and I can't remember why, maybe that was the lawyer's advice, I'm not sure. If you use the old one, that may be something the officials say you're doing wrong, but best to check with a lawyer. 

If you have to send money out and back in, the cheapest way to send out is a SWIFT from your Thai bank and back in is Transferwise. 
 

[baansgr]

Normally with the sales receipt from your sold condo is sufficient, however in Thailand each land office seem to have its own rules. It's the only place you will get confirmation.

[LukKrueng]

On 7/14/2020 at 9:22 PM, jadee said:

Hi, I bought my condo in 2010 and transferred the money from abroad to my bank account to get the FET. I believe that's still the requirement - one FET showing sufficient funds to purchase the condo, although I stand to be corrected. 

I was buying a unit in a completed building (not off-plan) and was buying from the developer so there was little risk but I still paid 20,000baht to a Thai lawyer to ensure everything went through okay. The lawyer was helpful in terms of accompanying me to the local land office and ensuring all the correct documents were signed.

So that would be my advice: find a local lawyer, they can assist in liaising with the local land office (wherever you want to buy the new condo) and they'll be able to find out whether you need on FET or can use multiple/original FETs. I'd especially recommend it if you're buying your new condo from a Thai person as opposed to a developer, but that's just me...

When I looked at my FET from 2010 I noticed that I put the address of the new condo I was buying (not where I lived at the time) and I can't remember why, maybe that was the lawyer's advice, I'm not sure. If you use the old one, that may be something the officials say you're doing wrong, but best to check with a lawyer. 

If you have to send money out and back in, the cheapest way to send out is a SWIFT from your Thai bank and back in is Transferwise. 
 

1. OP wrote he's planning to sell old condo to a Thai person. No mention that the new one will be bought from a Thai person

2. No need for a lawyer to deal with the land office.

 

When buying a condo - be it from Thai or foreigner, one needs a letter from the condo juristic person saying the current status of ownership of the building (not more than 49% owned by non Thai on the day of ownership transfer).

As for the validity of the FET - I'm not sure about it, but if the price of the new unit is not higher than the amount on the FET + documents of the sale of the first unit (part of the transfer of ownership process at the Land Office is signing a sell/ buy agreement with the price as declared at the land office for tax purposes) should be enough. I would try just to show the original FET and only if told it's too old I'd show the selling documents. 

A while back a friend of mine transferred money to buy 2 units. He bought one unit at a time, using the same FET both times by showing that the amount stated on the FET was enough for both units. 

If the OP buys the new unit through an agent, the agent will be there to assist. But again - it's a simple process that can be done alone (being able to speak Thai would help if course) 

[scoupeo]

On 7/14/2020 at 9:22 PM, jadee said:

Hi, I bought my condo in 2010 and transferred the money from abroad to my bank account to get the FET. I believe that's still the requirement - one FET showing sufficient funds to purchase the condo, although I stand to be corrected. 

I was buying a unit in a completed building (not off-plan) and was buying from the developer so there was little risk but I still paid 20,000baht to a Thai lawyer to ensure everything went through okay. The lawyer was helpful in terms of accompanying me to the local land office and ensuring all the correct documents were signed.

So that would be my advice: find a local lawyer, they can assist in liaising with the local land office (wherever you want to buy the new condo) and they'll be able to find out whether you need on FET or can use multiple/original FETs. I'd especially recommend it if you're buying your new condo from a Thai person as opposed to a developer, but that's just me...

When I looked at my FET from 2010 I noticed that I put the address of the new condo I was buying (not where I lived at the time) and I can't remember why, maybe that was the lawyer's advice, I'm not sure. If you use the old one, that may be something the officials say you're doing wrong, but best to check with a lawyer. 

If you have to send money out and back in, the cheapest way to send out is a SWIFT from your Thai bank and back in is Transferwise. 
 

 

Paying a lawyer when they are 100% useless to buy or sell a condo safely in Thailand...

Maybe I am not old and weak enough, or maybe people are just weird ?!

I bought and sold many condos but never needed anyone to help.

 

Just wondering...

 

 

 

[Max69xl]

15 minutes ago, scoupeo said:

 

Paying a lawyer when they are 100% useless to buy or sell a condo safely in Thailand...

Maybe I am not old and weak enough, or maybe people are just weird ?!

I bought and sold many condos but never needed anyone to help.

 

Just wondering...

 

 

 

People listens to "friends" who comes up with c**p about lawyers and agents. Just because they haven't got a clue about anything. 

[Megolith]

Thanks for the advice.

 

The new condo is from a developer and they say they will take care of everything at Land Department. That's what happened last time, so I will not use a lawyer for that.

 

However for selling, I think I have to use a lawyer because I am not in Thailand so need a representative. In fact it was one lawyer I contacted who said I couldn't use the money from the sale to buy the next condo. That's why I wanted to check with TV. Some lawyers tell you what you can't do. And others help you find ways to do things. I like the second type.

 

Making people send money out of the country and bring it in again to get a new FET when they have all the sales and purchase records seems like a useless waste of money and a backwards way to regulate a property market.