Buying A Condo

[Larryst]

I'm thinking about buying a condo. I have enough money in a thai bank for over 3 years. But, i've heard that it has to show the money was wire transferred to a thai bank. The money I have in a thai bank was deposited by using a ATM withdrawal or cash withdraw by my credit card. So will I have a problem in purchasing a condo?

Edited December 24, 2007 by Larryst

[mauiguy90]

I'm thinking about buying a condo. I have enough money in a thai bank for over 3 years. But, i've heard that it has to show the money was wire transferred to a thai bank. The money I have in a thai bank was deposited by using a ATM withdrawal or cash withdraw by my credit card. So will I have a problem in purchasing a condo?

My impression is that the document showing that the money was wire transferred to a thai bank is necessary when you want to take the money out of the country. If and when you sell your condo, it will be difficult to transfer the money out of the country since it will be a relatively large sum of money. In short, buying a condo should not be a problem. Transferring the money out of the country thereafter could be.

[Jackson2516]

I have my experience by buying a Condo. Normally if you have the money in your banks in Thailand, you just needs to buy a Casheir Cheque or Bank Draft only. I did it last year purchasing a Condominium. Just acknowledge the Bank officer of your bank stated that's buying Bank draft or Cashier Cheque for purchasing Condominium.

I'm thinking about buying a condo. I have enough money in a thai bank for over 3 years. But, i've heard that it has to show the money was wire transferred to a thai bank. The money I have in a thai bank was deposited by using a ATM withdrawal or cash withdraw by my credit card. So will I have a problem in purchasing a condo?

[Larryst]

Here's what happened years ago. Back in October 2001 I did buy a condo. I had money transferred to a thai bank account then. Years ago I closed out the bank account because I didn't like the bank. I still have the cancelled bank book where it shows TF (foreign transfer). But no papers showing it was transferred. In 2004 I sold the condo and put the money in a different thai bank and left most of it in the bank. Will there be a problem?

[PattayaParent]

You can still go back to the original bank and get the FET but I don't know about using it to purchase a new one.

In theory it sounds fine, you shouldn't have to transfer it out and back in again, but TIT.

mauiguy90 - You need to give the original of the FET to the Land Office when you register your condo purchase.

[Larryst]

I have my experience by buying a Condo. Normally if you have the money in your banks in Thailand, you just needs to buy a Casheir Cheque or Bank Draft only. I did it last year purchasing a Condominium. Just acknowledge the Bank officer of your bank stated that's buying Bank draft or Cashier Cheque for purchasing Condominium.

I'm thinking about buying a condo. I have enough money in a thai bank for over 3 years. But, i've heard that it has to show the money was wire transferred to a thai bank. The money I have in a thai bank was deposited by using a ATM withdrawal or cash withdraw by my credit card. So will I have a problem in purchasing a condo?

So is it easy to get a Cashier Check or Bank Draft from Bangkok Bank and will you get a Tor Tor 3 from the bank?

[PattayaParent]

Yes it's easy to get a cashiers cheque or bank draft from the bank to pay for the condo but you'll have to go back to the original bank that you deposited the money into to get the TT3.

If the amounts were transfered in less than $20k blocks you can ask them for a Bai Rap Rong for each transaction but in your original post you state that you obtained the money from ATM / Credit Card withdrawals so then there's no record of a FET is there?

[Larryst]

Yes it's easy to get a cashiers cheque or bank draft from the bank to pay for the condo but you'll have to go back to the original bank that you deposited the money into to get the TT3.

If the amounts were transfered in less than $20k blocks you can ask them for a Bai Rap Rong for each transaction but in your original post you state that you obtained the money from ATM / Credit Card withdrawals so then there's no record of a FET is there?

I'm not sure if the original bank would give a TT3. They probably won't keep the paperwork. But, I do have a TF deposit on my bank book. So they might reissue a copy. If they can do that.

No record on cash withdraw using a ATM. So i'm not sure if a bank would issue anything by making cash deposits. Unless they would want a little cash incentive to issue a statement.

[mauiguy90]

mauiguy90 - You need to give the original of the FET to the Land Office when you register your condo purchase.

Thanks PP! Already done long ago...

[Larryst]

Thanks for all your comments & help.

I talked to my lawyer yesterday and this is what he said.

I cannot use the money I have in a thai bank for buying a condo. He said it all has to be foreign wire transferred. Total cost of the condo must be wired. He said it could be less than I want to pay, depending on the value of the condo at the land office.

He said that I can take the money out of a thai bank and convert them to U.S. dollars. Then take the U.S. dollars home and wire them back to a thai bank. He said it would not be worth it. Because of the rates I would get & the cost of going back to the states.

I asked about the sell of my old condo back in 2004 and I left the money in a thai bank. Can I use the old Tor Tor 3. He said it can only be used once.

So instead of buying a condo now. I'll consider renting later and use the money in a thai bank for living expenses. Leave the monthly annuities in a bank in the states. Which will be able to get better interest rates. Then wait a year or 2 and then wire money into a thai bank for buying a condo. If I want one then.

One good thing about leaving the money in a thai bank is. It's a little easier on getting a retirement extension. But, I can always get a letter from the U.S. Embassy for income.

So with money in a bank here, is almost useless if you can't buy what you want.

[BEENTHEREDONETHAT]

I bought a condo last September and the land Dept. wanted to see proof the money was brought in to issue the chanote. Getting the proof was easy enough since we had designated the money for condo purchase when we brought it in.

[billaaa777]

Larry, I buy, renovate and sell plenty of condos. There are lots of ways to do this without sending the money out of the country. If you are really interested in buying a condo PM me and I will tell you what to do. It only takes a half hour and a few thousand in fees.

[Larryst]

Larry, I buy, renovate and sell plenty of condos. There are lots of ways to do this without sending the money out of the country. If you are really interested in buying a condo PM me and I will tell you what to do. It only takes a half hour and a few thousand in fees.

Thanks. Check your PM. Larry