Procedure, Paying For Uncompleted Condo

[cmsally]

Anyone have experience of this. I am buying a condo before completion (although completion scheduled for Nov/Dec 07).

In buying from the present "owner" am paying one sum and there will be monthly installments left - I believe 4 installments.

Then of course there is the main payment at transfer.

Condominium company says they want the remaining monthly payments up front.

Is this because foreigners pay a normally larger deposit than Thais (buying in my name from a Thai). It still works out the same amount, it is just they want the payments before transfer up front. Any info gratefully received , am trying to get hold of the reason, just had very unclear conversation with the property company.

Although it might be that they don't have any documents proving funds coming from abroad unless they get some kind of deposit in the form of upfront installments with a proof of transfer attached.

[trajan]

do the last 4 installment total in aggregate USD20,000?

If so, they probably need that amount in one lump sum to get the foreign exchange transaction form (evidencing remittance into Thailand of funds for the purpose of buying a condo)....I believe the minimum threshold amount to get such form is USD20K...... you will need such form when you eventually transfer title to the condo into your own name (as a foreigner with a residence booklet)...

[cmsally]

Nope not that, well under US$20,000 for the installments although it will be over for final payment on transfer.

I just called a friend of my husbands who's a lawyer and he said if original buyer was paying in monthly installments you just carry on doing the same. No reason to do different just because you are buying as a foreigner.

[trajan]

yes, if its not for the foreign exchange form, there is no need to accelerate payments to the developer (unless its triggered in the purchase contract by a transfer to a new buyer).....

Edited July 16, 2007 by trajan

[joeuk1]

I have two condos bought , expected handover date Oct 08 . I paid 50k deposit , 150k on exchange of contract 14 days , i have 15 montly payments of 10k and pay balance when the condos are finished .

They do not expect another baht of me till the condos afre finished and all the paperwork is in place .

Hope this helps

jB

[pkrv]

Perhaps I should not be so open, however we are all explorers here, and believe you me I am a small fry!

The Park schedule was:

0.25m THB deposit

2.631m on signing of contract

an instalment of 1.44 m

transfer the remainder - 10.09m

I am openly making these figures available - I hope they help

[cmsally]

Still bit of a mystery, when I queried this with the company they said they would call me back, all quiet.

Will find out in a couple of days , have a friend who is a lawyer/aeyagarn coming with me so he can sort it out.

The seller is just as confused, she says there is nothing in the original contract to explain it.

Will find out if they are making a habit of trying to make foreigners pay up front when they buy from resellers!

[cmsally]

All sorted. Turns out they need some kind of proof money transferred from abroad to buy.

The transaction statement for amount being paid to reseller is enough.

So for anyone buying a resale , something to keep in mind, get a print out from the bank when going to do contract and take it along with you, could save you some hassle.

[trajan]

so it did have something to do with obtaining a 'Foreign Exchange Transaction Form" which evidences funds imported into Thailand for the purpose of buying a condo?

Your payment to the seller was reflected by an inward remittance into Thailand right? Your subsequent installments to the developer also needs evidence of inward remittance....

Edited July 17, 2007 by trajan

[RAZZELL]

Perhaps I should not be so open, however we are all explorers here, and believe you me I am a small fry!

The Park schedule was:

0.25m THB deposit

2.631m on signing of contract

an instalment of 1.44 m

transfer the remainder - 10.09m

I am openly making these figures available - I hope they help

Interesting...what was the approximate timescale between each step of the buying process?

Many thanks

RAZZ

[cosmont]

If the deposit is less than 20.000 USD, does the credit advice/receipt from the thai bank will be enough proof for land department to consider this money was transfer to Thailand for the purchase of the condominium ?