Tor Tor 3 - Missing forex receipt for only 20k thb

[positiveaction]

I searched this forum with tt3 or tor tor 3 and nothing came up which I found surprising? Does the search function work for anyone else? Or is there really no thread on this tt3 or tot tor 3?

 

ANYWAY, to my main questions which I would appreciate any feedback/answers to ….

 

I have been paying for a condo in Pattaya off plan over last 4 years while working in Thailand.

 

The contract cost of condo is 2.15 m thb

 

It is now fully paid and I sent money from UK to Thailand (developer bank account) to the sum of 2.13 m thb. I got hit with extra sqm (unit was slightly bigger than on original contract  estimate) metre charge of 40,000 thb - (sigh 1,000 GBP cash flow for a space for a pair of shoes! lol)

 

However, after paying fees, electric meters, sinking funds etc. they now say they have TT3 to the value of only 2.13m thb! 

 

This is because the initial 20k reservation deposit, I sent from within Thailand. The extra sqm charge I also sent internally just recently.  So I am missing TT3 for 20k thb.  I realise I should have sent the reservation 20k and/or the 40k extra sqm from UK, but I thought that the TT3 was needed for remitting money back to UK and if I was 20k short, on what I could send out 10 years (or whenever) from now, I would not care.

 

However, the developer say they need the TT3 for additionally 20k just to register and get the chanote? And for a TT3 form for this 20k thb….I need to pay a mysterious 7k to a private individuals bank account????

 

Of course if they had let me know I was going to be 20k thb short and wouldn't be able to register they title deed (if this is the case), I would have remitted the 40k thb from UK.....

 

So, my first question is are TT3 forms even needed to just register the condo and get chanote, rather than just to remit the money back out after any future sale?

 

Secondly, I think the registered value at land office comes in at 2m thb - so surely if I have tt3 to the value of 2.13 m thb this should be enough to cover the registered value of around 2m thb??? I thought the contract price didn't come into it at the transfer as both developer and buyer pay less transfer duty by accepting the lower registered valuation??

 

I have suggested that I send them 20k from outside Thailand to generate tt3 for the missing 20k and then they just refund me? I get a feeling they won't agree.

 

Does anyone have the answer to the first 2 questions or any suggestion of how to avoid another 7000 thb cost(which with reduced earnings due to covid I would rather not pay...)

 

Thanks in advance.

 

 

 

 

[kingofthemountain]

Hi

 

for your question about the search function on the forum

i have never been able to find something using it. So you are not alone.

 

For your other question i can not answer with precision about the tor tor 3

but reading your post and as you ask for a feed back imo they are trying to

milking you.

 

With the covid crisis all the condos prices are down and the real

estate market will enter in such a crisis in the next months that even the 97 crisis

will looks like a joke in comparison.

 

Try to meet them in person and to fix the problem with a new writing

contract about the costs and what you are paying.

The global price should be actualy decreasing, not increasing

try to find how much they actualy discount the condos if all the units

in the building are not sold yet it could give you some weight in the negociation

 

If you continue to pay, it should be an endless play for them

as long as they feel they can receive money from you, and they can

invent dowens of reasons, valids or not.

 

It's time to stop the play, be polite but strong, no more payement until they deliver

you the title deed, in the respect of the initial deal

You have already paid all the condo (And even more than that)

the fees problem for the transfer should be already in the initial contract

with who pay for what. If you want confirmation about the fee pay a visit to 

the land office and ask to them, they will be happy to inform you with precision

about the exact cost and who usually pay for it.

 

 

If you are not in Thailand at the moment or if nobody can act for you on your side

i am afraid you are screwed

 

good luck

Edited October 6, 2020 by kingofthemountain

[Peterw42]

OP, thor tor 3 is an old form that doesn't exist anymore, it has been replaced by an FET (foreign exchange transaction) form, this may explain why you find no results in searches.

The land office will want to see an FET for the value of the whole transaction, registered value and any transfer fees (2-3 %), initial sinking fund etc, which explains why they need an FET greater than the value.. FET is required to show foreign funds at purchase and also (secondary function) may be required to export funds later.

An FET can be generated by foreign money being sent (your name as the sender) into a Thai account (the developer) OR an FET can be generated by foreign money being received into an account in your name (your name as the receiver). You can generate an FET for any foreign funds into your Thai account, enquire at your bank.

There is no reason why the developer should not accept a fresh 20k covered by an FET and refund your original 20k, also you should be able to generate an FET covering 20k from any foreign deposits into your own Thai account.

 

 

Edited October 7, 2020 by Peterw42

[Oldie]

"I searched this forum with tt3 or tor tor 3 and nothing came up which I found surprising? Does the search function work for anyone else? Or is there really no thread on this tt3 or tot tor 3?" 

 

You can use Google for searching. You can limit the search to the site with

 

site: thaivisa.com Tor 3

 

 

 

 

[positiveaction]

8 hours ago, Peterw42 said:

OP, thor tor 3 is an old form that doesn't exist anymore, it has been replaced by an FET (foreign exchange transaction) form, this may explain why you find no results in searches.

The land office will want to see an FET for the value of the whole transaction, registered value and any transfer fees (2-3 %), initial sinking fund etc, which explains why they need an FET greater than the value.. FET is required to show foreign funds at purchase and also (secondary function) may be required to export funds later.

An FET can be generated by foreign money being sent (your name as the sender) into a Thai account (the developer) OR an FET can be generated by foreign money being received into an account in your name (your name as the receiver). You can generate an FET for any foreign funds into your Thai account, enquire at your bank.

There is no reason why the developer should not accept a fresh 20k covered by an FET and refund your original 20k, also you should be able to generate an FET covering 20k from any foreign deposits into your own Thai account.

 

 

Thanks Peter for this useful answer. They requested enough to cover only the purchase price, but I was 20k short as I didn't remit the the 20k reservation deposit from outside. They didn't mention needing anything to cover the sinking fund etc. So it would seem that, if they refuse to help by allowing me to send and refund, I can simply send to my own account stating its for a condo purchase with details and ask my bank for a form to cover this amount?

[Crossy]

On 10/7/2020 at 4:00 PM, positiveaction said:

I can simply send to my own account stating its for a condo purchase with details and ask my bank for a form to cover this amount?

 

That's what I would do, easy route to happiness.

 

Of course you should send too much, there will always be something they "forgot".

 

IIRC there's a minimum remittance needed to generate an FET so check with your bank before sending.

 

If you've been sending to your bank regularly anyway they may generate a suitable FET from your existing transactions, can't hurt to ask.