Tor Tor -3

[laluji]

Hi

I want to buy a small condo in Bangkok .

I know that after I transfer money to Thailand ,i have to ask the bank to give me Tor Tor -3 .

I have a questions -

1)Is it a statuary form or a declaration letter ?

2)For how long it remains valid ?suppose i take 6 months to finalise a deal after transfer of money and issue of Tor Tor -3 ?

3)How long it takes to transfer the ownership in my name?

4)How i know that seller has not taken any loan against the condo and there are no electric,water or other dues outstanding.?

Thanks

[PattayaParent]

1) It's a statutory form - The bank will have a standard format.

2) These days the banks want to see the Purchase Agreement for the condo before they'll credit the money to your account so you should have the deal in place before transferring the money.

3) Half a day

4) The seller has to get a 'free of debt' from the condo management stating there are no outstanding bills. Also the Chanot will state if there's a loan registered against the property.

[tangoll]

My experience with the Foreign Exchange Transaction Form (It's no longer a tor tor 3, but many people still refer to the FETF as a tor tor 3).

1) Bank supplies the form, and the bank stamps the original. You need to save a copy if later you wish to export funds from Thailand. Bangkok Bank states that it will only issue FEFT if amount transferred exceeds the equivalent of US$20,000.

2) Bangkok Bank has never asked to see a Purchase Agreement. What's important is that the TT form sending foreign funds to your Thai bank state that the purpose is for "purchase of condominium"; that is sufficient for Bangkok Bank to convert funds, without withholding, and deposit baht into your account., and issue the FETF.

There is nothing on the FETF stating the expiry of the form. Once the FETF is given to the Land Department, it's used and no longer has any validity, nor can any excess amount on the FETF be used.

3) The actual process at the Land dept office does take only a half day or so, but once your S+P Agreement is signed, it does take a week or more to prepare additional documents needed to do the transfer at the Land Dept office. For a foreign buyer, the most important document is the FETF (s), and while not relevant for me, I have heard of other documents like a letter from a spouse agreeing to the purchase, the names of father and mother, and a power of attorney if the buyer is not signing the transfer documents himself at the Land office; for the seller, the debt free letter from the juristic body (called a "bai plod nee" in Thai) and if the buyer is non-Thai, a letter from the juristic office, stating that the foreign quota for the condo building does not exceed 49% with this new ownership. (I don't know what the Thai term for this declaration letter is.)

4) As stated by pattayaparent.

I don't know about other banks.

[laluji]

My experience with the Foreign Exchange Transaction Form (It's no longer a tor tor 3, but many people still refer to the FETF as a tor tor 3).

1) Bank supplies the form, and the bank stamps the original. You need to save a copy if later you wish to export funds from Thailand. Bangkok Bank states that it will only issue FEFT if amount transferred exceeds the equivalent of US$20,000.

2) Bangkok Bank has never asked to see a Purchase Agreement. What's important is that the TT form sending foreign funds to your Thai bank state that the purpose is for "purchase of condominium"; that is sufficient for Bangkok Bank to convert funds, without withholding, and deposit baht into your account., and issue the FETF.

There is nothing on the FETF stating the expiry of the form. Once the FETF is given to the Land Department, it's used and no longer has any validity, nor can any excess amount on the FETF be used.

3) The actual process at the Land dept office does take only a half day or so, but once your S+P Agreement is signed, it does take a week or more to prepare additional documents needed to do the transfer at the Land Dept office. For a foreign buyer, the most important document is the FETF (s), and while not relevant for me, I have heard of other documents like a letter from a spouse agreeing to the purchase, the names of father and mother, and a power of attorney if the buyer is not signing the transfer documents himself at the Land office; for the seller, the debt free letter from the juristic body (called a "bai plod nee" in Thai) and if the buyer is non-Thai, a letter from the juristic office, stating that the foreign quota for the condo building does not exceed 49% with this new ownership. (I don't know what the Thai term for this declaration letter is.)

4) As stated by pattayaparent.

I don't know about other banks.

Thank you friends .

"bangkok bank states that it will issue FETF only if the amount exceeds US$20000."

I am going to buy condo for only $7000 it mean that the bank will not issue FETF ? and i can not buy It?

I remember my Bank bank of Ayudhya had said that Tor Tor -3 is not required if the amount transfered is less than $20000 They said they will issue a credit note.

Is this credit note enough to make me eligible to buy and get the condo transfered in my name.

I tried to speak to Bank from my home country but they dont understand what i asked them because of their poor english .

Can any one of you please check and tell me if Bank ayudhya will give this FETF if i transfer only $7000 ?

or if they give only credit note ,will this credit note be accepted by Land department.?

I will be very very thank ful to all of you.

[tangoll]

In some other thread, one poster said that his bank issued him a letter stating he imported funds of an amount less than US$20,000 and that he was able to do the transfer of ownership using this bank's letter. So apparently, it is possible to get a bank letter certifying an import of funds less than $20,000.

Good luck on your purchase.

[PattayaParent]

A TT3 is only for amounts exceeding around US$20,000 otherwise the bank can issue a 'bai rap rong' confirming the amounts transferred from overseas and this will be acceptable to the Land Office (at least it is in Pattaya)

[laluji]

A TT3 is only for amounts exceeding around US$20,000 otherwise the bank can issue a 'bai rap rong' confirming the amounts transferred from overseas and this will be acceptable to the Land Office (at least it is in Pattaya)

Thanks very much.

I have a few more questions ,Kindly tell me.

1)What will be the tax or charges that I have to pay the govt.or the land department to buy a condo for US$ 6000-7000.

2) I will hire a attorney or a lawyer what should be their fees ?

3)In which area most of the foreigners or Farangs are living in Bangkok ?

4)I like thai people but is it wise to buy and live in a condo complex where 99% residents are thai ?

Please advise

Thanks again

[BEENTHEREDONETHAT]

For 235,000 Baht I don't think you will have much choice (if any) on where you can buy a condo in BKK. I think you are about a zero short on the price.

Good Luck

[tangoll]

laluji, if in fact your condo price is US$6 - 7,000 somewhere in Bangkok, you better inspect the condo first hand if you haven't done so. The condo may not be what you had been led to believe. Anyway, tell us where the location, which building, age of building, and size and what amenities are included. I think a lot of people here would be interested to learn how you found a condo for that price. To answer your questions:

1. Total tax/fees for a declared value of baht 235,000 should be not more than baht 2,000 which is mostly the responsibility of the seller, but he/she may try to get you as buyer to pay part of the total tax/fees.

2. I once asked Sunbelt Legal what price they would charge me to help me do the transfer of ownership on a sale; check the transfer documents, accompany me to Land Dept office, make sure I get paid with a good cheque, etc. Their quote to me was baht 8,000 plus VAT. This did not include any help on preparing the S+P Agreement or other unusual tasks.

3. I think you will find the farang ghettoes in and around Sukhumvit, Sathorn, Ploenchit, Chidlom, Wireless Road, Chaopraya River developments, ThongLor, Silom, or anywhere where the 5 star hotels might be located. Is your condo's location anywhere within that list?

4. Difficult to answer this question without the answer inviting a spate of abusive comments on this forum. Are you sure there are real people living in other condo units near yours? Are you sure you can get the declaration that your condo purchase will fit you in within the 49% farang limit on condo ownership in your building?

Good luck to you on your purchase.

[laluji]

"Are you sure you can get the declaration that your condo purchase fit in 49 % farang ownership Limit "

may I know who has to give this declaration ?is it the condo management ?

About your questions-

This condo is only about 25 metres in size located on 4th floor have only one room and a bathroom and a small balcony .

There is no furniture or aircon in it ,no swimming pool in the condo complex ,no club but there is a security guard all the time at the entrance.

The location is pakrrat Nonthaburi .

The age of building is 11 years.

The person selling it bought it from some other person ,done a little of whitewashing or painting and now want to sell it .

Location is far from sukumvit or Silom .

Kindly reply to my question -

who will issue declaration regarding farang ownership limit in condo building ? condo management??

Thanks again

[tangoll]

It would be the juristic body that does the management of the building. They also do the free of debt declaration letter (bai plod nee).

[laluji]

It would be the juristic body that does the management of the building. They also do the free of debt declaration letter (bai plod nee).

Thanks

If I buy condo from a bank (forclosed property) do i need to hire a lawyer ?