Do I Need To Transfer 100% In (20% Down Already Paid)

[misterme]

Reserved 2 units. Made all the payments, totaling 20%. Balance due at completion. Despite delays, the project is nearing completion.

In order to transfer title, I need to show transfers in of the purchase price. But the balance due is significantly less. Will a transfer in of what is due be sufficient? With exchange rates unfavorable, it just seems to be a waste to move an extra 800K in.

[lovelomsak]

Why not check with people who sold you the units. They are professionals yes? They have a vested interest in closing the deal.

[Topprofile]

You need to show FULL purchase amount at time of transfer. You can get the Foreign Exchange form for amounts over $20.000.

If you made transferes direct to devevloper they should have these documents. If you transferred to your own bank account in Thailand first, you should have them.

[misterme]

I've bought before and have been through the process of the bank transfer. But, the initial deposit and monthly payments were made from my account while I was here.

I have no unused bank transfers, but the cash for the remaining 80% is in the bank at home. I'm expecting that I have to transfer 100%, despite the fact that I'm only paying the remaining 80. I will check with the sales office when I'm in BKK next month. But was looking for any experience from board members in the meantime.

thanks

[tangoll]

At the time of transfer of ownership from developer to you, the developer will declare the transaction amount at the Land Dept office doing the transfer. You must deliver to Land Dept office originals of Foreign Exchange Transfer Forms which show amounts being transferred into Thailand in foreign currency whose sum total in baht exchanged is equal to or greater than the transaction amount being declared at the LD office. That's it, plain and simple.

If you can agree with the developer to declare some specific amount that could satisfy your ability to deliver FETF's of some figure, that would be workable. For example, if the developer would separate the total sales amount of the purchase into two components, say for the unit itself and an amount for the built-ins, fittings, and equipment, then the developer might declare just the amount for the unit itself.