Transferring Funds

[bigcat]

This may be an obvious question, but I am about to buy a condo and will have funds transferred soon. I've read on some websites that there can be complications -- main one is that the name of the person sending the money has to be the same name as the one receiving the money to buy the condo (i.e. bank accounts in both countries must be under the same name). Also that funds must be transferred on the day of purchase. Are these right? And are there any more pitfalls?

Edited May 22, 2008 by bigcat

[PattayaParent]

Transfer of funds from offshore to onshore should be done BEFORE the day of purchase as you have to allow time for clearing and for the receiving bank to make the FET certificate and then you have to get your cheque from your bank to pay the seller.

Make sure the fund transfer states that the funds are intended to purchase a condo and give your bank a copy of the purchase agreement.

Transfer of the funds to the seller should be done on the day of purchase, unless he's a trusting soul.