If I want to buy a condo when I am not in Thailand:

I suppose i need to give someone a power of attorney, notarized in the country where I am now.  And an authorization to access my bank account (has to be done at the embassy of the country where I am now),  otherwise there is no way to get the necessary FET (formally TT3).

Any experiences?

 

If you buy off a developer you can transfer the funds to them and they will get the FET for you. Yes you would need a POA. Not sure what you mean authorization to access your bank account. Presumably if you are buying a condo you would be transferring funds from abroad.

You need to transfer the money into your Thailand bank account from abroad and the a TT3 can be issued from the Thai bank. Giving the developer a power of attorney in Thailand they can then transfer ownership to you. I have done this before when i was out of Thailand.

My advise to you will be that unless you're in a hurry to buy a condo  for some reason, giving people access to your accounts and to buy a property on your behalf only will leads to problems unless you know the people you're trusting, you can however look on line for a property, talk to the sellers or their agents and lay the groundwork for when you'll come back and do it yourself.. i have bought and sold several properties in this country so i should know what i'm talking... ( if you need further advice PM me)

You have to ask....why on Earth would you buy property in Thailand?......buy in your own country where you know the laws and the market....rent it out and use the income to rent in Thailand.....just saying.

1 hour ago, BangkokAlan said:

You need to transfer the money into your Thailand bank account from abroad and the a TT3 can be issued from the Thai bank. Giving the developer a power of attorney in Thailand they can then transfer ownership to you. I have done this before when i was out of Thailand.

I am buying from a private person,  not a developer. 

I see ezzra's point,  and I will probably wait until i am back in Bangkok. 

If I understand Alan and smutcakes right I can

- send the money to my bank account in Bangkok

- then get the FET (formerly TT3), no need to give someone access to my account

- then transfer the money to the seller.

Correct? 

And I still would have to give someone PoA for the transfer of the title.

 

Thx a lot for the answers

Yes normally people go through their own bank accounts and get the TT3 from your own bank. For this you have to give the land transfer office a copy with the bank stamp inked not just photocopy as they wont accept that. The bank will hold original TT3 so ask them to stamp the TT3 after they have copied it.  Even if you are here normally you would give the developer or real estate agent POA to transfer the unit into your name as the process is all in Thai anyway or you could use a lawyer if you feel thats a better option for you.

 

Nothings moving in Thailand real estate market right now so you might get a good deal when you are back in town.

Trust a local!????

3 hours ago, Kiujunn said:

...then transfer the money to the seller

 

This is not the way to buy property as you are completely exposed without any protection at all. If the seller decides not to sell then you will struggle to get your money back, if at all. If there is a problem with the title and the land office decline to transfer the property then unfortunately you have already paid for it. If the seller dies before the date of transfer then you will have to wait for the administration of the estate to conclude, and you will only be a general creditor. If the seller is declared bankrupt then it will also be difficult for you to reclaim your money.

 

The safest way is to present the seller with an account payable only bank cheque at the time of purchase. This is the accepted way of purchasing property, and you do not hand over the cheque until the officer at the Land Office agrees to transfer the property.

 

You can purchase a cheque for something like 50 baht from your bank the day before you attend the Land Office.

 

Send the seller a picture of the cheque the day previously so they can verify the authenticity of the cheque.

I thought one uses a cashier cheque.

Is there a difference to what you describe (you wrote "bank cheque")?

15 hours ago, Kiujunn said:

I thought one uses a cashier cheque.

Is there a difference to what you describe (you wrote "bank cheque")?

 

Same thing. Cashier cheque/bank cheque/manager cheque.

On 12/25/2020 at 9:58 AM, Surelynot said:

You have to ask....why on Earth would you buy property in Thailand?......buy in your own country where you know the laws and the market....rent it out and use the income to rent in Thailand.....just saying.

I bought my property to live in and reduce my living costs. I sold my fully paid for home in Australia because as a foreign resident for tax purposes it wouldn’t be worth the effort put it in the rental market, what with government income taxes, property management fees, repairs and maintenance (very high end fittings and accessories) and above all the CGT hit I would take if I had to or wanted to sell at a later date. 
I’ve committed my life to living in Thailand so it made sense for me 

On 12/25/2020 at 12:58 PM, Surelynot said:

You have to ask....why on Earth would you buy property in Thailand?......buy in your own country where you know the laws and the market....rent it out and use the income to rent in Thailand.....just saying.

And watch your rent money hemorrhaging against the baht over the last 7 years with no end in sight? Just ask the unfortunate punters who left their money behind 

 

Insane taxes plus repair bills through the roof. I pay peanuts for repairs in Thailand and no tax 

 

 

Go buy back home. That is terrible advice 

 

I'm in Oz right now getting paid in thai baht condo rent on Sukhumvit thank you very much.

Long live the mighty baht ????

1 hour ago, MadMuhammad said:

I bought my property to live in and reduce my living costs. I sold my fully paid for home in Australia because as a foreign resident for tax purposes it wouldn’t be worth the effort put it in the rental market, what with government income taxes, property management fees, repairs and maintenance (very high end fittings and accessories) and above all the CGT hit I would take if I had to or wanted to sell at a later date. 
I’ve committed my life to living in Thailand so it made sense for me 

       Same with me.  Unless you want to be homeless, your options are pretty much buying or renting.  For many, renting's the ticket.  For my partner and me, here for the long haul, we prefer to own our space.  Not for us living in someone else's space, with their taste reflected in the space and not ours.  Not for us tiptoeing around some rental trying not to damage anything--feeling like we are just visitors.  Not for us losing the freedom to do what we will with our space.  Nope.  Life's too darn short--something that is driven home to me with each birthday's larger number.  

I have 325 sq m duplex condo for sale Sukhumvit Soi 4 - see view from my roof terrace.  5/6 bedroom.  Willing to accept offers over 25M baht for quick sale. Message me.

On 12/25/2020 at 4:02 AM, Kiujunn said:

If I want to buy a condo when I am not in Thailand:

I suppose i need to give someone a power of attorney, notarized in the country where I am now.  And an authorization to access my bank account (has to be done at the embassy of the country where I am now),  otherwise there is no way to get the necessary FET (formally TT3).

Any experiences?

 

I am now in the process of buying a condo in Bangkok.

Found a right property that I checked and visited before I left Thailand last December.

After negotiation on the price, the sales person sent me an MOI to fill and I transfer to the projects account 50k THB for reservation of the unit. Then I went to my bank, fill a declaration for the purpose of transfer, and transfer then 30% of the cost.

The remaining 70 % will be sent once I return to Thailand to complete the registration in Land dept. and get the blue and yellow book. Keep in mind that the transfer document of your bank must state clearly that the money is for buying a condo,

the name of the project, address, and your name.

You can complete the registration at land department. The project can do it for you. You will sign a power of attorney for their lawyer. If it is a big serious project, it  is absolutely safe. but, you can wait until you come to Thailand.

The big question is are the prices for condos dropping right now ? The first thing to tumble during a recession is condos . If you are not seeing prices dropping in a big way I’d wait . This recession is going to hit everyone of us and it’s coming in the next year so be prepared guys . 

 

I've bought BKK condos when overseas. I used a high end lawyer from BKK financial district. Signed power of attorney and got it notarised before sending by FedEx. Both times I sent the money from my UK bank to the law firm's client account (rather than my own Thai account). This made it a lot easier for the law firm to pay the developer and satisfy the land office. On both occassions my lawyers handled things perfectly and communicated in excellent English every stage of the process. I wish you well whichever route you choose. There are starting to be some excellent bargains from motivated (mostly foreign) sellers of property in Pattaya, Hua Hin and Bangkok. I reckon another 9 months will see the bottom of the market. Just my feeling at this time.

 

On 12/25/2020 at 9:58 AM, Surelynot said:

You have to ask....why on Earth would you buy property in Thailand?......buy in your own country where you know the laws and the market....rent it out and use the income to rent in Thailand.....just saying.

There's always one...Just saying.