Selling my condo and buying a new condo.

[Charlie]

My question is this.

I wish to sell my old condo.

After selling, can I use the money to buy a new one without

having to send the money from my home county.

Or I have to send back the money back to my home country first.

Then for the new one, I will have to send the full amount from my home country.

In other words, can I use the money gained from my selling my old condo to

buy a new one ?

You kind advice is much appreciated.

Thanking you all in advance.

 

 

[Delight]

You have 2 choices

 

1)  Send and return the money back to Thailand.

or 

2)  Find a friendly bank  manager who will supply the required FET (typically for a  small  fee)

[Brierley]

You can use the original FET. The requirement is only that the funds came from overseas originally, there is nothing that says those same funds can't be used multiple times. I did just that. I brought funds in and purchased a condo, later I sold the condo and bought another one. In neither case did I actually have an FET, just the banks confirmation of overseas funds transfer.

Edited May 9, 2021 by Brierley

[scubascuba3]

8 minutes ago, Brierley said:

You can use the original FET. The requirement is only that the funds came from overseas originally, there is nothing that says those same funds can't be used multiple times. I did just that. I brought funds in and purchased a condo, later I sold the condo and bought another one. In neither case did I actually have an FET, just the banks confirmation of overseas funds transfer.

So the bank confirm wasn't a letter saying what condo you were buying? my confirm last year from Bangkok Bank detailed that, standard letter

[Brierley]

1 minute ago, scubascuba3 said:

So the bank confirm wasn't a letter saying what condo you were buying? my confirm last year from Bangkok Bank detailed that, standard letter

No, I've bought and sold several times here and my bank letter has never specified the property, just the details of the funds transfer - my banks have been HSBC and later, UOB and CIMB.

[Fairynuff]

On 5/9/2021 at 5:46 PM, Delight said:

You have 2 choices

 

1)  Send and return the money back to Thailand.

or 

2)  Find a friendly bank  manager who will supply the required FET (typically for a  small  fee)

Wrong. There is no need to do this. As long as all the sales and purchase contracts are in order you do NOT need to send money out and bring it back in.

[Pravda]

You have a buyer in this environment? 

[AlQaholic]

Do anyone know where this requirement about funds originating from abroad comes from? There is nothing in the condominium act about this, so where in the Thai Law does it come from?

[l4ml4m]

how long can we use the document saying that funds come from abroad ? and after used once can it be used again ?

 

[Charlie]

2 hours ago, AlQaholic said:

Do anyone know where this requirement about funds originating from abroad comes from? There is nothing in the condominium act about this, so where in the Thai Law does it come from?

The Condo Act has nothing to do with the buying/selling a condo.

The main issue is this.

The "Land Department" is the main issue.

Meaning if you can't prove that the full amount for the condo comes from your

home country, then the Land Department won't issue you the Title Deed (chanote)".

The oversea bank transfer to buy the condo must be in your name and must state

the name and unit of the condo -as stated in your Sales & Purchase Agreement (S &P).

The "Land Dept" and the "Title Deed (chanote) is the main issue. Please take note.

[AlQaholic]

24 minutes ago, Charlie said:

The Condo Act has nothing to do with the buying/selling a condo.

The main issue is this.

The "Land Department" is the main issue.

Meaning if you can't prove that the full amount for the condo comes from your

home country, then the Land Department won't issue you the Title Deed (chanote)".

The oversea bank transfer to buy the condo must be in your name and must state

the name and unit of the condo -as stated in your Sales & Purchase Agreement (S &P).

The "Land Dept" and the "Title Deed (chanote) is the main issue. Please take note.

And where is the Thai Law stating this? As a side note; I bought my condo with locally earned money. I have the chanote.

Edited May 11, 2021 by AlQaholic

[Toby1947]

My advice would be sell the condo, stick the cash in your back pocket and get out of the god forsaken place. They are consumed with jealousy and absolutely hate every other race.

Edited May 11, 2021 by Toby1947

[Nojohndoe]

50 minutes ago, Toby1947 said:

My advice would be sell the condo, stick the cash in your back pocket and get out of the god forsaken place. They are consumed with jealousy and absolutely hate every other race.

They is not a name I have heard before  in Thailand.

 

[kynikoi]

On 5/11/2021 at 2:09 PM, AlQaholic said:

And where is the Thai Law stating this? As a side note; I bought my condo with locally earned money. I have the chanote.

 

What documents did you show? Tax returns? Nothing?

 

Was this Bangkok?

 

Do you have anyone to contact on this? Using local savings from employment. Thanks

[Brierley]

On 5/11/2021 at 1:47 PM, Charlie said:

The Condo Act has nothing to do with the buying/selling a condo.

The main issue is this.

The "Land Department" is the main issue.

Meaning if you can't prove that the full amount for the condo comes from your

home country, then the Land Department won't issue you the Title Deed (chanote)".

The oversea bank transfer to buy the condo must be in your name and must state

the name and unit of the condo -as stated in your Sales & Purchase Agreement (S &P).

The "Land Dept" and the "Title Deed (chanote) is the main issue. Please take note.

What you have written is correct although there is no legal requirement for the bank letter to confirm the address of the property that is being acquired. The sole purpose of the bank letter is to confirm the source and availability of the funds

[AlQaholic]

5 hours ago, kynikoi said:

 

What documents did you show? Tax returns? Nothing?

 

Was this Bangkok?

 

Do you have anyone to contact on this? Using local savings from employment. Thanks

Only doc. I had to show was the work permit. Developer handled it all, I had no interaction with the land office myself, I paid the money to the developer and got the chanote from developer, never visited the land office myself. This was in Sattahip in about 2010. Maybe rules have changed since.

[micky]

3 hours ago, AlQaholic said:

Only doc. I had to show was the work permit. Developer handled it all, I had no interaction with the land office myself, I paid the money to the developer and got the chanote from developer, never visited the land office myself. This was in Sattahip in about 2010. Maybe rules have changed since.

Some years ago, I visited the Land Department at CW (Bangkok) to make inquiries on this matter. Only foreigners who have "Permanent Resident" (PR) in Thailand are allowed to buy a condo in Thailand "Without Making A Bank Transfer From Abroad". BTW, are you a PR ? If not, I am very much surprised how you could get the "Chanote". Please take note. Khap Phom.

[Kismet]

I am on Retirement Extension of stay. This was how I bought a new condo (under construction) by "instalments" from a developer. The developer allowed me to pay by instalments (on a six monthly payment plan). All payments (booking/deposit/instalments) paid to the developer was in Thai Baht/Thai Bank. Now getting the "Title Deed" from the Land Office.  I had to send the "Full Amount" from my home country to the developer as stated in the "S & P" Agreement. Then the developer helped me to get the Title Deed (chanote) with the Oversea Banking Statement (full amount). Finally, the developer paid me back all the balance. Meaning, minus all the "instalments" which I have paid. The Land Office will only issue you the "Title Deed" if you can show proof that the "Full Amount" has come from your home country. Another option, is that you can send the “Full Amount” as stated in your “S & P” direct to your “Thai Bank” Savings Account. It must state that it was for the purpose of buying that condo. With that “proof” you can proceed ahead. The Developer with your  “Letter of Attorney” can help you to get the Title Deed.

[AlQaholic]

On 5/14/2021 at 11:54 AM, micky said:

Some years ago, I visited the Land Department at CW (Bangkok) to make inquiries on this matter. Only foreigners who have "Permanent Resident" (PR) in Thailand are allowed to buy a condo in Thailand "Without Making A Bank Transfer From Abroad". BTW, are you a PR ? If not, I am very much surprised how you could get the "Chanote". Please take note. Khap Phom.

Not a PR. Most of the time the Land office are clueless about the actual rules and have a personnel turnover not allowing on the job training. There is no actual interest in reading any regulations. A rule can be followed in one land office and not so in another office. I just wanted to see an actual text stating that the funds must come from abroad, like an Act, such as the Land development act or the Condominium act or a ministerial directive, not som verbal communication from some official.

[AlQaholic]

I guess the logic would be, If I get the money locally, and the requirement is that the money must come from abroad, Then I would have to send it abroad and then bring it back. Then why bother enforcing that rule. But knowing the land office (and Thai bureaucracy in general) they would never ever bypass a rule because it makes sense.

[Charlie]

            Condominium Act, B.E. 2522 (1979).  Section 19 ter.

 For the alien person or alien juristic person under Section 19 (5), shall present

the evident of bringing in the foreign currency or the withdrawal evidence of the

Thai Baht Account from the foreign bank account of the Thai resided outside the

Kingdom, at the amount not less than the value of condo unit being transferred.