Buy a condo

[Naus71]

Hi everyone,

I did a try use search option but I didn't find an answer to my question. in view of a future transfer to Thailand, I am evaluating the purchase of a condo. Searching for information in this regard, I understood that I have to transfer the money from my country to a Thai bank. The problem is that I do not have a Thai bank and it seems that it is not possible to open an account with only a tourist visa. Do you have any advice on how to proceed?

 

Best regards

[Mavideol]

8 minutes ago, Naus71 said:

Hi everyone,

I did a try use search option but I didn't find an answer to my question. in view of a future transfer to Thailand, I am evaluating the purchase of a condo. Searching for information in this regard, I understood that I have to transfer the money from my country to a Thai bank. The problem is that I do not have a Thai bank and it seems that it is not possible to open an account with only a tourist visa. Do you have any advice on how to proceed?

 

Best regards

you can transfer money to the sellers account and when the seller receives it he/she will receive a transfer certificate from the bank that you will need when to transfer title. It you transfer money to the sellers account is has to be in a foreign currency, they will convert into Thai Baht when it arrives here, you can not transfer baht, if you do, the bank will not give you the transfer certificate, as for opening a bank account, there are ways or many ways. Where are you buying, which area?

[scubascuba3]

An agent should be able to open a bank account for you, better to do that first

[Peterw42]

Wait until you transfer to Thailand, and are on a long stay visa, then you can open an account then you can buy a condo.

Otherwise, there are plenty of agents in places like Bangkok, Pattaya, Phuket etc. that can open an account for you on a tourist visa, if you really want to buy before you have secured long stay immigration status.

[save the frogs]

if you're over 50, you can get a retirement visa and you can open a thai bank account with it.

[steven100]

I have a Thai bank account you can use.   send the money to me and I really promise I'll give it to the seller. 

[Naus71]

5 hours ago, Mavideol said:

Where are you buying, which area?

I diden't decide yet, but I am thinking about Hua Hin area

[Naus71]

3 hours ago, save the frogs said:

if you're over 50, you can get a retirement visa and you can open a thai bank account with it.

Save the frogs,

Visa is not a problem, besides being over 50, I am also married to a Thai. We will not retire to Thailand for another four years, and with the increasing prices of the real estate market I was thinking of buying a condo before moving.

[CallumWK]

7 minutes ago, Naus71 said:

and with the increasing prices of the real estate market I was thinking of buying a condo before moving.

 

Nobody can tell you for sure, but my opinion is that prices will come down in the long term.

Used property prices are declining already, and although property developers are still pretending trees grow into heaven, they will follow suit.

Just look at the reports about the Chinese, who for the past few years were the driving force behind the property sales, skipping Thailand.

[scubascuba3]

4 hours ago, Naus71 said:

Save the frogs,

Visa is not a problem, besides being over 50, I am also married to a Thai. We will not retire to Thailand for another four years, and with the increasing prices of the real estate market I was thinking of buying a condo before moving.

Prices do go up, a lot since Covid, new builds are over priced to begin with so struggle to go up. Buying off plan is fraught with danger.

 

I wouldn't buy until you know the area you want to live in, i changed my mind a few times before buying 

[SAFETY FIRST]

10 hours ago, Mavideol said:

you can transfer money to the sellers account

DO NOT DO THIS. 

 

Look for an agent to help you open a bank account. 

 

Transfer money to seller at the Land office once Chanote in your name. 

 

[save the frogs]

17 hours ago, Naus71 said:

I diden't decide yet, but I am thinking about Hua Hin area

FYI: Guide to Property in Hua Hin

 

https://www.investasian.com/property-investment/property-hua-hin/

[Hawaiian]

1 hour ago, SAFETY FIRST said:

DO NOT DO THIS. 

 

Look for an agent to help you open a bank account. 

 

Transfer money to seller at the Land office once Chanote in your name. 

 

Excellent advice.  Once the seller has your money and reneges you can kiss your money goodbye.

[Naus71]

7 hours ago, SAFETY FIRST said:

18 hours ago, Mavideol said:

you can transfer money to the sellers account

DO NOT DO THIS. 

Don't worry, the idea never crossed my mind

[save the frogs]

met a thai girl who bought a condo

she's a real estate agent and she is a local, so she knows which develepors are reliable

might be a good idea to research the developer, do a background check

 

 

[SAFETY FIRST]

18 minutes ago, Naus71 said:

Don't worry, the idea never crossed my mind

You'd be surprised how many would!!!!!

[Yagoda]

1. Come to Thailand.

2. Find the property.

3. Go to Krungsri Bank in Emquartier, Bangkok ask for private banking and they will help you. 

[bkk6060]

I would never look at buying a condo here as an investment, but as a place to live.

It may go up some, but fees and sales commisions when sold can take that away.

 

Also,  anyone know if the funds transferred are possibly taxable now under the new enforcement.? That should be clarified before you transfer anything.

 

[soi3eddie]

A good alternative, is to use a reputable lawyer and transfer the funds safely to their account. They then do the title transfer after checking all in order and then they pay the seller. This is what I did (twice) and it was seemless with no hassle - even though already having my own Thai account. I would not buy a condo without using a lawyer as they will check everything is legit.

 

[NativeBob]

Don't buy anything in Thailand. Period

[Suitcase]

Rent don't buy

Same as with the women here, rent don't buy

[Peterphuket]

21 hours ago, Mavideol said:

you can transfer money to the sellers account and when the seller receives it he/she will receive a transfer certificate from the bank that you will need when to transfer title. It you transfer money to the sellers account is has to be in a foreign currency, they will convert into Thai Baht when it arrives here, you can not transfer baht, if you do, the bank will not give you the transfer certificate, as for opening a bank account, there are ways or many ways. Where are you buying, which area?

That doesn't really seem sensible to me now, and what if the seller is not acting in good faith?
It won't be the first time and happened to me 25 years ago when I wanted to buy a condo in LOS.

[save the frogs]

14 hours ago, bkk6060 said:

I would never look at buying a condo here as an investment, but as a place to live.

according to this guy, condo values in thailand doubled over the past decade.

but then makes the argument why it's no longer a good investment option. 

 

https://www.investasian.com/property-investment/condo-in-thailand/

Had you invested here a decade ago, you would have done rather well. Broadly speaking, Thai condo values doubled over the past decade.

 

[thrilled]

Maybe things have  changed over the years. I walked into a Kasikorn bank with only my passport and  baht. They were happy to open an account.

[Mavideol]

13 hours ago, SAFETY FIRST said:

DO NOT DO THIS. 

 

Look for an agent to help you open a bank account. 

 

Transfer money to seller at the Land office once Chanote in your name. 

 

YOU CAN'T DO THIS

 

The seller only transfer chanote/tittle once the money is on their account

[Mavideol]

1 hour ago, Peterphuket said:

That doesn't really seem sensible to me now, and what if the seller is not acting in good faith?
It won't be the first time and happened to me 25 years ago when I wanted to buy a condo in LOS.

what about crooked agents and/or developers, if the buyer signs a contract/agreement with the seller and they use a lawyer where is the problem, my friend just did it and the seller handed him the bank transfer certificate when they went to the land department, it's unbelievable the quantity of misleading information write on here, I am not pointing at you absolutely not, but some of the advice/comments on this post are just unbelievable

[sikishrory]

13 hours ago, SAFETY FIRST said:

DO NOT DO THIS. 

 

Look for an agent to help you open a bank account. 

 

Transfer money to seller at the Land office once Chanote in your name. 

 

This is the answer.

Furthermore make sure that your lawyer negotiates this point (transfer at the land office) into the contract if it isn't already there.

Other points - This is Thailand. Ask for discounts.

Renegotiate the payment terms if off plan so the majority gets paid at handover... at the land office.

[SAFETY FIRST]

13 minutes ago, Mavideol said:

YOU CAN'T DO THIS

 

The seller only transfer chanote/tittle once the money is on their account

Hey, I'm not here to argue with you. 

 

You want to send money to a strangers account, go ahead. 

 

[scubascuba3]

17 minutes ago, Mavideol said:

YOU CAN'T DO THIS

 

The seller only transfer chanote/tittle once the money is on their account

❌ Incorrect, when i bought my condo 4 years ago, i had a bank cheque, this was passed to the seller once my name was on the chanote, this is done at the land office

[Patong2021]

5 hours ago, soi3eddie said:

A good alternative, is to use a reputable lawyer and transfer the funds safely to their account. They then do the title transfer after checking all in order and then they pay the seller. This is what I did (twice) and it was seemless with no hassle - even though already having my own Thai account. I would not buy a condo without using a lawyer as they will check everything is legit.

 

 

The right way to do a transaction. Escrow  or Trust account is the only way of protecting oneself.