Condo Title Transfer Questions

[INTJ]

Hi,

Could anybody give me a checklist of paperwork I need when transferring title of a condominium from Thai to Farang ? The guy is coming down from Chiang Mai so I want to make sure everything is in order at my end.

Do I need a letter from immigration confirming my visa status or address etc ?

Do I need to prove where the funds came from (i.e. outside Thailand)? I had I had some money transferred at the end of last year, but haven't got any official documents to show that (other than an entry in my passbook), as I wasn't planning on buying a condo then. Do I need to get a letter or document from the bank to support that, or doesn't it matter ?

The manager of the condo is new and said it can be in a Farang name, and when transferring title I only need to take my passport. Looking for some clarification as that sounds just too easy.

Many Thanks

Edited October 12, 2007 by INTJ

[tominchaam]

You need a letter confirming your address as well as a letter from your bank confirming the money has been transferred into Thailand if the Land Office play according to the rules.

[INTJ]

Thanks for the reply.

So, in this instance would a letter from my bank stating I had a sum of money (greater than the condo price) transferred last December suffice ?

Cheers.

[tangoll]

I just completed title transfer on a condo unit in a new development in Bangkok. While I signed a power of attorney to the developer to do the paperwork at the Land Office, the paperwork consisted of the following:

1. Sufficient foreign funds transferred in documented in Foreign Exchange Certificates issued by receiving bank (in my case Bangkok Bank) showing foreign funds brought in for condo purchase. Your incoming funds transfer document should state that purpose of funds is for "purchase of condo". You need to find out from your receiving bank whether they will issue this FEC to you with that stated purpose.

2. Your developer or the juristic body of the condominium (not just the manager, but the legal body of the condominium) has to prepare a letter certifying that the foreign ownership of the condominium is less than 49% by area.

3. Copy of your passport showing your visa or residence in Thailand status. If you have a work permit for Thailand, the above two conditions are probably modified but I'm not sure.

4. For some reason, the developer also needed some document showing the names of my parents. So I gave them a copy of my birth certificate. If you already have a Thai language version of your name, then you should give them that. What goes on the title document is your foreign name transliterated in Thai language, and who knows who made that up?

5. A bank certified cheque for the amount of the purchase, plus other funds for the sinking fund, management fees for first year, electric meter fee, etc.

If this is a private sale, you might wish to get a Thai lawyer to help you through this. If there are tax payments due (withholding tax, specific business tax, transfer fees) and you are responsible for some of these payments, you certainly should engage a lawyer to help you.

[INTJ]

Hi,

Does anybody know if my bank will issue this FEC retrospectively ? Or am I in a spot of bother here ?

By the way, it is a private sale, and I have a lawyer.

INTJ.

[tangoll]

If you have a lawyer and your bank, might you want to direct your questions to them? Why ask here?

For Bangkok Bank, they will issue the FEC for amounts transferred in of at least US$20,000 or equivalent foreign currency (not offshore purchased baht) and with the stated purpose of condo purchase. The FEC has to be issued after the funds have been received by the bank, and I don't know if there's a time limit after the transfer for when the FEC must be issued. I'm not sure what issuing the FEC retroactively means, because the FEC can only be issued after the transfer of funds.

Best bet is to get your lawyer to do his job.

[pkrv]

IMO The term 'Be Squeaky Clean' come to mind. You need to start asking for the correct documentation or you could be in for a spot of bother.

[HAL9000]

Hi,

Could anybody give me a checklist of paperwork I need when transferring title of a condominium from Thai to Farang ? The guy is coming down from Chiang Mai so I want to make sure everything is in order at my end.

Do I need a letter from immigration confirming my visa status or address etc ?

Do I need to prove where the funds came from (i.e. outside Thailand)? I had I had some money transferred at the end of last year, but haven't got any official documents to show that (other than an entry in my passbook), as I wasn't planning on buying a condo then. Do I need to get a letter or document from the bank to support that, or doesn't it matter ?

The manager of the condo is new and said it can be in a Farang name, and when transferring title I only need to take my passport. Looking for some clarification as that sounds just too easy.

Many Thanks

I'm not sure what I am missing here. I thought foreigners couldn not own property in Thailand at all. ???

[pkrv]

jkolak - Try this thread it may help

http://www.thaivisa.com/forum/index.php?sh...p;#entry1280034

Yes you can own in Thailand - Freehold in a Condominium 49% rule.

[INTJ]

Just to update,

1) Letter from my bank stating funds transferred from abroad.

2) Passport.

3) Good Lawyer.

Don't know what those FEC's are.

Job Done.

Cheers.

Edited October 18, 2007 by INTJ

[donx]

Job Done.

Does this mean you are now the proud owner of a condo in Thailand or does this mean that you have everything you need for the title transfer to take place?

[INTJ]

Transferred already.

None of Tangoll's FEC's or whatever.

No letter from immigration.

Cheers

[tangoll]

Here's what an FEC looks like:

Foreign Exchange Transaction Form

Care to post what your bank letter looks like? I don't know what Land Office you used, but if you are non-Thai, for sure the Land Office would not issue the title deed without the FEC's showing sufficient funds were imported from abroad. Want to see what a title deed looks like?

Maybe your lawyer is a miracle worker. If you did use a lawyer, why did you even post your questions here in the first place, and then question the validity of my response when I was merely trying to be helpful in answering your questions?

[percy2]

FEC is only issued for amounts over $20,000.

If you have brought in funds in amounts under $20,000 you bank can/will issue a letter confirming this(for a fee).

I have always had a letter from the embassy with me but have never been asked for it.

Never been asked about my parents.

Didn't need a cheque , just the the current owner to sign the papers.

Did have my passport + copy.

FEC's can be retrospectively issued, a nice bank will even change the reason for the funds being transfered.

Cheers

[INTJ]

Hi Tangoll,

It must be nice to know everything.

I am non Thai, and I have the title deed in my name. I didn't need any FEC. It might be helpful if you could let me see what a title deed looks like, as I am actually quite stupid.

or perhaps my lawyer is a miracle worker - isn't that what lawyers are for ?

Cheers

Edited October 29, 2007 by INTJ

[brewsterbudgen]

Here's what an FEC looks like:

Foreign Exchange Transaction Form

Care to post what your bank letter looks like? I don't know what Land Office you used, but if you are non-Thai, for sure the Land Office would not issue the title deed without the FEC's showing sufficient funds were imported from abroad. Want to see what a title deed looks like?

Maybe your lawyer is a miracle worker. If you did use a lawyer, why did you even post your questions here in the first place, and then question the validity of my response when I was merely trying to be helpful in answering your questions?

I've just bought a condo in Phra Khanong, Bangkok and due to a cock up on my part I was unable to get the FEC as the money was converted from GBP (£62,000) to baht offshore and therefore received by my Thai bank in baht instead of sterling (I also lost about 300,000 baht on the exchange rate). However, my bank (Bangkok Bank) issued a letter confirming that the funds had been transferred from the UK for the purpose of buying a condominium and the Land Department had no problem in completing the transfer. I have the title deed. My lawyer and agent (from Sunbelt Asia) were involved all through the process.

Edited October 29, 2007 by brewsterbudgen