need help procedure to buy a condo

[hanhanhan]

I am thinking to buy a condo. The seller bought for 3.2 million 3 years ago, and now he need cash, asking price 2.6 million and wants to sell quickly. I am not sure how foreigner buy condo process work. I read a few websites but still not clear.

 

1. If I buy this for 2.6 million baht, do i need to transfer more than 2.6 million baht worth of foreign money at one time, or can be multiple transfers add up to be more than 2.6 million baht. For example 30000 USD transfer 3 times, or need to be 90000 USD one big sum one time?

 

2. I read a few websites, they emphasize the money need to be foreign money coming into Thailand. I am not sure what that means. If I use swift USD transfer online to my Thai bank account, is that what they mean by sending foreign money into Thai bank. I thought that is the only way to send money, how do you send Thai money from overseas to Thai bank account?

 

3. After money arrived, I go bank ask for foreign exchange form to show money from overseas. Then I transfer seller money and then go to land office to change ownership name. Is this correct steps? or we need to go land office first before send seller money?

 

4. is there anything else i need to know, or be careful about?

 

thank you for helping

 

 

[Peterw42]

1) The money can be in separate transfers. The bank will look back through your transactions and give an FET/letter saying X amount has come in.

 

2) You need to send a foreign currency and it gets converted to baht by a Thai bank. (dont get home bank to convert and send baht)

 

3)You usually get a bank/cashiers check and take it with you to land office, hand it to the seller when your name is on the title. (you could also pay cash or do an online transfer, all done at land office as sale goes through)

[Swiss1960]

Most important: have a LAWYER review the condo ownership documents to ensure, they are legit and CLEAN, I.e. no outstanding loan on the condo. You would be responsible for such a loan, once you sign the sales docs.

[samtam]

8 minutes ago, Swiss1960 said:

Most important: have a LAWYER review the condo ownership documents to ensure, they are legit and CLEAN, I.e. no outstanding loan on the condo. You would be responsible for such a loan, once you sign the sales docs.

 

I am a bit concerned about your lack of knowledge about buying a property here, judging by your questions. Even though I bought my property here 18 years ago, I did so with my lawyer doing the conveyancing, and I would do so again today. As Swiss1960 says, use a lawyer for the paperwork, but I would also strongly urge you to use a lawyer for the entire procedure, so that you do not come afoul with the vendor and the Land Department, and the transaction is legally watertight. It is well worth spending this money (legal fees) to ensure your right to ownership.

[Capitalist]

May I ask, what's motivating you to buy a condo? Rent is cheap in Thailand.

[Delight]

Is this condo .that you wish to purchase, in the foreign 49% or organised via  the company route?

  You have not specified 

[hanhanhan]

3 hours ago, Peterw42 said:

2) You need to send a foreign currency and it gets converted to baht by a Thai bank. (dont get home bank to convert and send baht)

 

3 hours ago, Peterw42 said:

I just checked my online swift transfer, there is no option that you can click to choose convert Thai baht at my foreign bank or convert at my Thai bank. Maybe its automatic convert at Thai bank when foreign money arrived. I hope that is the case. When there is no option to choose where to convert Thai baht, does it mean get converted at Thai bank here?

 

3 hours ago, Peterw42 said:

 

 

[Delight]

10 minutes ago, hanhanhan said:

 

 

 

A SWIFT transaction only applies to money coming in from abroad.

Your receiving bank will have no problem in the issuance of the required FET.

Also you will  need a letter  from the Juristic Person  Manager specifying that the condo which you are about is purchase is debt free

[hanhanhan]

1 hour ago, Capitalist said:

May I ask, what's motivating you to buy a condo? Rent is cheap in Thailand.

Just some extra cash. I met many units owners sell below their buying prices now. One 3 room unit asking 2 million, owner showed me he bought for 2.7 million, maybe many people desperate for cash. So I think good idea to get a unit here in Thailand, I bought a unit in Kuala Lumpur 3 years ago. My kid is digital nomad so he can shift around a few places.

[Surelynot]

1 hour ago, Capitalist said:

May I ask, what's motivating you to buy a condo? Rent is cheap in Thailand.

100% correct observation.

 

I let a two bed in the UK £1000 pm........well furnished, reasonable area, private parking

 

I rent a very nice, very well managed, almost new one bed condo, centre of BKK, swimming pool, gym....the works.....£400 pm.........to me.................... buy at home, rent in Thailand........it is a no brainer.

[Peterw42]

46 minutes ago, Delight said:

A SWIFT transaction only applies to money coming in from abroad.

Your receiving bank will have no problem in the issuance of the required FET.

Also you will  need a letter  from the Juristic Person  Manager specifying that the condo which you are about is purchase is debt free

I think you will find the condo letter is the sellers responsibility, the condo office wont be giving it to a prospective buyer

[scubascuba3]

The most important question you've not answered yet and usually sellers brush over, especially with newbies is, is this foreign quota? or thai company ?????

[donx]

If I'm not mistaken, I read on here that you need to show the transfer of funds from outside of Thailand for the assessed value of the property, not what the seller is asking you to pay. The assessed value also applies to the taxes and fees that need to be paid. With that in mind, plan on sending over enough funds to cover all these amounts.