Jump to content

Steps in purchasing condo under foreign quota?


Recommended Posts

Could anyone or a few people together provide me with all the steps, details and process of purchasing a condo under a foreign quota?

 

I'd appreciate as much effort as you feel like putting in which hopefully includes clearing issues with the condo association,  the transfer of money, documentation, land office transfer, obtaining house book.

 

Can or should Wise be used to send money? I have Bangkok Bank and SCB accounts.

 

Could my Thai wife buy the condo with Thai baht and then just place my name on the chanote? As I recall there's some form she signs or I do that the asset is hers free and clear.

 

Is there any way to use thb earned legitimately to purchase a condo here?!

 

Is it at all possible for someone employed in Thailand (wp) to use some or all of this income in the purchase? If not by law, might it be possible to find a sympathetic banker?

 

Thank you. I'll save this information out.

Link to post
Share on other sites

That was discussed many times in this forum.

If the internal search does not bring results I suggest you use Google, that search works most of the time for entries in this forum.

 

About the money: I transferred money to SCB. 

Important: The transfer to Thailand has to be in the foreign currency like EUR or USD. The exchange to THB has to happen in Thailand.

On the transfer you have to write something like: for purchase of a condominium in Bangkok.

For the bank transfer you don't have to mention any condominium name or address.

When you know exactly what you want to buy then you have to get a letter from the bank that the money for the purchase of unit x of condo y was transferred to them from out of Thailand.

The condo manager or whoever will join you in the land office should know the details.

 

There are lots of different fees involved and you should know what to expect and you should clearly agree with the seller who pays what. When I bought a unit my seller agreed to pay all the fees. That made it easy for me to relax and don't worry about those details.

  • Thanks 1
Link to post
Share on other sites

Posted (edited)

The sales contract should have to have a clause saying that AC is working and the windows are water tight and if not you have the right for compensation.

 

Many other clause important. I know them nearly all. Thai plus English version.

 

Important also is your name in Thai in the sales contract must be same in the deed with no letter mistakes. 

 

If so, you are not the owner!

 

Most important is that a lawyer checks the identities of the previous owner and the data related to it in the deed plus land title at the department. Deed could be an old version…..The IDs and existing deed must be checked. It could be that there is a loan on the deed and the bank “owns” the Condo😉.

Lawyer!

 

I never would buy a condo without a lawyer who check the sales contract and advices the steps until payment and handover at the land of department. Not worth the risks.

I was 30y in the Real Business and you cant trust anybody!

 

The time point from money hand over happened in my cases at the land of department with checks. Once I had the new deed in my hand confirmed by a lawyer who joined i gave the checks to the department and they gave it to the seller. Best procedure:).

 

And so on.

 

Invest 50k for that and you are safe.

Go to a good long time existing lawyer.

Your lawyer is the weak point only then:). You even must cross check your lawyer to reach 99,9%
 

He should check also the sales contract for the 50k.

 

 

Edited by Tom H
  • Like 1
  • Thanks 1
Link to post
Share on other sites

Posted (edited)

Thanks to everyone much of this i was unaware or vaguely aware. Something else popped into my head. High likelihood that the condo owner has a mortgage. How does the transfer go down? Do the bank and the 'owner' meet me at the land office and both release the property by signature? Who is paid?

 

What happens if anything if I flag the money in Wise or bank transfer for purchase of a condo but the deal falls through? Is the flag good forever as long as the balance doesn't drop below the deposit? Can it be used on another condo purchase? What if after x months I give up and cannot find another condo? Can the money simply be spent in years forward?

Edited by BonMot
Link to post
Share on other sites

Posted (edited)
11 minutes ago, BonMot said:

Thanks to everyone much of this i was unaware or vaguely aware. Something else popped into my head. High likelihood that the condo owner has a mortgage. How does the transfer go down? Do the bank and the 'owner' meet me at the land office and both release the property by signature? Who is paid?

The bank will be at the land office with the seller, they get paid clear mortgage etc, otherwise sale wont happen. Some of the bigger land offices have permanent bank staff onsite.

Obviously the seller would pre-arrange with there bank, payout figure etc. As buyer you may be instructed to bring different cheques, one for the bank, one for the seller etc.

But, you don't pay anyone until mortgage is clear, your name is on chanote etc.

Edited by Peterw42
  • Thanks 1
Link to post
Share on other sites

Lawyer!

Why?

A “shall clause” in the sales contract in English means nothing when it is translated as a “must clause” in Thai because Thai version prevails😉. You have no clue when someone wants to get rid of all obligations etc.

 

Invest the money and dont safe money by finding the cheapest one.

 

Deed is one thing - sales contract conditions the other issue. 

Practical expieriences from an engineer😉.

 

 

 

 

  • Like 1
Link to post
Share on other sites

18 minutes ago, BonMot said:

Thanks to everyone much of this i was unaware or vaguely aware. Something else popped into my head. High likelihood that the condo owner has a mortgage. How does the transfer go down? Do the bank and the 'owner' meet me at the land office and both release the property by signature? Who is paid?

 

What happens if anything if I flag the money in Wise or bank transfer for purchase of a condo but the deal falls through? Is the flag good forever as long as the balance doesn't drop below the deposit? Can it be used on another condo purchase? What if after x months I give up and cannot find another condo? Can the money simply be spent in years forward?

Transfer reason: buying a condo! Dont mention a specific condo.

  • Like 1
Link to post
Share on other sites

Posted (edited)
21 minutes ago, BonMot said:

What happens if anything if I flag the money in Wise or bank transfer for purchase of a condo but the deal falls through? Is the flag good forever as long as the balance doesn't drop below the deposit? Can it be used on another condo purchase? What if after x months I give up and cannot find another condo? Can the money simply be spent in years forward?

Edited 12 minutes ago by BonMot

Yes, the money can always be used later for a different purchase, or spent elsewhere. And the bank would be able to generate FET/letter at a later date.

 

Edited by Peterw42
  • Thanks 1
Link to post
Share on other sites

If using Wise it's better to use Bangkok Bank as if you use reason for transfer as "buying a property" it will be coded as International and easier to get the FET letter from the bank, not the case with SCB.  Also max wise transfer 2m baht, but can do multiples

  • Thanks 1
Link to post
Share on other sites

9 hours ago, Peterw42 said:

you don't pay anyone until mortgage is clear, your name is on chanote

How do they clear the mortgage here? The seller obviously doesn't have the dish.

Link to post
Share on other sites

8 hours ago, scubascuba3 said:

If using Wise it's better to use Bangkok Bank as if you use reason for transfer as "buying a property" it will be coded as International and easier to get the FET letter from the bank, not the case with SCB.  Also max wise transfer 2m baht, but can do multiples

I have three Bangkok Bank accounts. One SCB but I've heard the same. Thanks.

Link to post
Share on other sites

2 hours ago, BonMot said:

I have three Bangkok Bank accounts. One SCB but I've heard the same. Thanks.

Wise is generally not a good value for larger transfers, at least from the US.

 

When I transfer money from the US, the Thai bank always calls me and asks what the funds are for, and if the exchange rate is acceptable. 

  • Thanks 1
Link to post
Share on other sites

  • 2 weeks later...

I had posted in a similar thread but perhaps this would be a better thread for my queries. Any insight would be much appreciated.

 

On 5/19/2022 at 7:42 AM, OneMoreFarang said:

Important: The transfer to Thailand has to be in the foreign currency like EUR or USD. The exchange to THB has to happen in Thailand.

Is it possible, and has anyone successfully managed, to get a condo unit transferred to you at the Land Department with an overseas transfer where the conversion to THB was done abroad and not in Thailand? That is to say, the bank abroad sent THB to Thailand via SWIFT, rather than a foreign currency (to then be converted to THB in Thailand). It seems possible for the bank to issue a credit note/confirmation letter according to this site, but I just wanted to find out if anyone had had any personal experience getting a condo unit transferred with such a credit note/confirmation letter.

 

On 5/19/2022 at 8:10 AM, Peterw42 said:

Can or should Wise be used to send money? I have Bangkok Bank and SCB accounts.

Yes you can use wise, tick the buy a condo box when transferring (its then tagged as foreign transfer), BKK bank are aware of wise and can generate FET/letter

 

Have you had, or do you know anyone who had, any experience with the Land Department accepting a FET/letter based on a Wise Transfer?

 

Link to post
Share on other sites

1 hour ago, Meni said:

I had posted in a similar thread but perhaps this would be a better thread for my queries. Any insight would be much appreciated.

 

Is it possible, and has anyone successfully managed, to get a condo unit transferred to you at the Land Department with an overseas transfer where the conversion to THB was done abroad and not in Thailand? That is to say, the bank abroad sent THB to Thailand via SWIFT, rather than a foreign currency (to then be converted to THB in Thailand). It seems possible for the bank to issue a credit note/confirmation letter according to this site, but I just wanted to find out if anyone had had any personal experience getting a condo unit transferred with such a credit note/confirmation letter.

 

Have you had, or do you know anyone who had, any experience with the Land Department accepting a FET/letter based on a Wise Transfer?

 

The land office will accept what the bank issues, so a Wise transfer done correctly as "international" will be seen at the bank as international and produce the letter on request they may not even see it's from Wise unless they dig into it which is unlikely.

 

A local transfer deemed to be International is a problem, see what people say, I've read people have sent money back then done the transfer correctly or alternatively bung someone money at the bank producing the letter 

  • Like 2
Link to post
Share on other sites

With all the rules and what should and shouldn't work I also would not be surprised if things are handled differently from land office to land office and maybe even depending on the officer behind the desk. 

I wouldn't bet that if something works in office A it will also work in office B.

 

Link to post
Share on other sites

3 hours ago, Meni said:

 

 

Have you had, or do you know anyone who had, any experience with the Land Department accepting a FET/letter based on a Wise Transfer?

 

Yes, I sold a condo a month ago, and the buyer used wise for the transfer, bangkok bank produced a FET.

If you explore the wise website, they have section/FAQ covering how to do it.

  • Like 2
Link to post
Share on other sites

As there's no escrow in Thailand how is the property actually purchased and money transferred? Banks issue cashier's checks? 

 

I've read here that buyers should do a final walk-through before heading to the land office. If it's a barren condo that might be a bit much but often condos and especially homes are quite cluttered.

Link to post
Share on other sites

3 minutes ago, BonMot said:

As there's no escrow in Thailand how is the property actually purchased and money transferred? Banks issue cashier's checks? 

 

I've read here that buyers should do a final walk-through before heading to the land office. If it's a barren condo that might be a bit much but often condos and especially homes are quite cluttered.

you get a bank cheque and give it to the buyer after the name is transferred on chanote at the land office

  • Thanks 1
Link to post
Share on other sites

  • 1 month later...
On 5/28/2022 at 4:07 PM, Peterw42 said:

Yes, I sold a condo a month ago, and the buyer used wise for the transfer, bangkok bank produced a FET.

If you explore the wise website, they have section/FAQ covering how to do it.

Thanks for this.

 

I managed to get an FET from Bangkok Bank for a Wise transfer, but it doesn't state that the money has been converted from a foreign currency. Was it the same in your case?

 

Do you know if the Land Department will want to see the Wise transfer slip (containing info regarding the exchange rate, etc) or is the FET enough?

Edited by Meni
Link to post
Share on other sites

25 minutes ago, Meni said:

Thanks for this.

 

I managed to get an FET from Bangkok Bank for a Wise transfer, but it doesn't state that the money has been converted from a foreign currency. Was it the same in your case?

 

Do you know if the Land Department will want to see the Wise transfer slip (containing info regarding the exchange rate, etc) or is the FET enough?

Your Bangkok Bank letter should say it's an international transfer and for purchase of property, maybe name of condo also, it's just standard format, 100 baht, it's enough for land office

Link to post
Share on other sites

1 minute ago, scubascuba3 said:

Your Bangkok Bank letter should say it's an international transfer and for purchase of property, maybe name of condo also, it's just standard format, 100 baht, it's enough for land office

Yes it states all that you have mentioned, just not the currency exchange.

 

Or rather, it states that the "exchange" was 1:1 - i.e. THB to THB.

Edited by Meni
Link to post
Share on other sites

1 minute ago, Meni said:

Yes it states all that you have mentioned, just not the currency exchange.

 

Or rather, it states that the "exchange" was 1:1 - i.e. THB to THB.

currency exchange rate isn't important, I doubt my letter had that. BB issue a standard letter accepted by land office, it's as simple as that

  • Like 1
Link to post
Share on other sites

12 hours ago, Meni said:

Thanks for this.

 

I managed to get an FET from Bangkok Bank for a Wise transfer, but it doesn't state that the money has been converted from a foreign currency. Was it the same in your case?

 

Do you know if the Land Department will want to see the Wise transfer slip (containing info regarding the exchange rate, etc) or is the FET enough?

The FET is the required proof "Foreign Exchange Transaction" (details that a foreign exchange has happened)

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...