New Rule For Buying Condo?

[dannishgung]

I bought a condo, paid 10% of it and the rest due when finish. I will try to register in my name. I read from this forum that i need to get a tor tor 3 to prove the money came from overseas.

Now this is what I learned. The house agent told me I don't need the tor tor 3. I only have to get a letter from the bank to say I will spend this money from my account for this condo. He showed a sample letter in Thai from a Malaysian man who bought from him. But the letter do not prove that the money is from overseas. Only says you spend this amount for a condo. Has the rule changed again. Is he correct??

Then I went to my bank to ask about the tor tor 3. Very surprisingly no one in my bank of Asia branch knows about this document. It seemed like no one has ever heard of it. And later the manager called the head office and ask for so long and finally he told me they only have a form called "foriegn exchange transition form". And they can fill out the form for me if the specified transaction amount is over 20000 USD. That means if the specified transfer is over 20000 USD, they can fill out the form for me.

But my mom wired me money at about 10000 USD each time for 4 times, the bank told me they cannot fill out the foriegn transection form for me because its under 20000 USD value. Is this the new rules of the banks?? and also is this foreign transection form the new tor tor 3??

Also the house agent told me convincingly that I do not need the proof of foriegn transfer anymore to buy condo. Only need a letter from the bank to say this foriegn person is using this certain amount from his account to purchase condo. The agent showed me sample letter from many of his foreign clients who bought condo using only this bank letter without proof of money from overseas. Is this the new rule?? Or I should somehow still try to get the" foriegn exchange transection form" filled by the bank??

The more I try to know the more I feel I know nothing. Totally confused about the infos from this forum and also infos from my bank and the house agents. Anyone with new updates on rules of buying condos??

[Sunny Valentine]

From my experience it is true that the Banks raised the minimum amount to qualify for this form from 10000 US to 20000 US, from May 1st, 2004.

I have got one old form as well as a new one for my payments, they look different, but my ability to read Thai is zero, so I can't even say if they have a new name.

Had a similar problem with my Bank (TMB) last Year, as I have transferred 15000 Dollar to my account early May, and heard of the new rules back in June .... Bank Manager offered to contact my Condo developer and they worked out someting qualifying for this transfer. (Funny thing was I had a long meeting with the Bank manager on April 29 last Year where she did not inform me of this new rule! But I did not ask her specifically, too ....)

Best advice would be to have either your Bank contact the developer, or your developer contact your Bank, and have them sort the thing out for you!

Sunny

[Khun Jean]

Best advice would be to have either your Bank contact the developer, or your developer contact your Bank, and have them sort the thing out for you!

Brrrr.. I would not trust it for a bit.

Do it yourself, use a lawyer, get those papers officialy translated. It only cost a few thousand baht and you know exactly what you need and sign. Never think lightly especially in a country where you don't know the rules and are completely unprotected.

Better safe than sorry.

[george]

The TT3 form is not longer needed. The bank will supply you with a transaction report instead. Same same.

[thaigene2]

The TT3 form is not longer needed. The bank will supply you with a transaction report instead. Same same.

<{POST_SNAPBACK}>

George - Are you ONLY saying the name of the form has changed? It's my understanding that the 20,000 rule is correct.

Danishgung:

The salesman wants to sell you a condo - he doesn't give a rats arse about the form. The bank managers don't necessarily know either.. What happens is you pay your money to people who just want your money, borrowed from people who want to lend it to you. It becomes a problem when you want to REGISTER the property in your name. No bank documents indicating the money came in from abroad, and no condo legally registered in your name (at the Registry). Get it? George would you care to disagree with this?

[monty]

Normally you pay the balance of the payment when you do the actual transfer of the land title deed at the land and house department.

Don't give a power of atorney to let them (sales department) handle the transfer, just be there yourself, it takes only an hour or two and a couple of tens of signatures....

No transfer, no money for the salesman / condo projecty.

[spacebass]

The TT3 form is not longer needed. The bank will supply you with a transaction report instead. Same same.

<{POST_SNAPBACK}>

George - Are you ONLY saying the name of the form has changed? It's my understanding that the 20,000 rule is correct.

Danishgung:

The salesman wants to sell you a condo - he doesn't give a rats arse about the form. The bank managers don't necessarily know either.. What happens is you pay your money to people who just want your money, borrowed from people who want to lend it to you. It becomes a problem when you want to REGISTER the property in your name. No bank documents indicating the money came in from abroad, and no condo legally registered in your name (at the Registry). Get it? George would you care to disagree with this?

<{POST_SNAPBACK}>

I believe that the purpose of the US$20,000 (min amount) form is to enable you to repatriate the money should you sell the condo in the future, it is not the same as any form which proves the money came from abroad which as other posters state is easily done by a transaction form.

Edited May 9, 2005 by spacebass

[Teach]

Normally you pay the balance of the payment when you do the actual transfer of the land title deed at the land and house department.

Don't give a power of atorney to let them (sales department) handle the transfer, just be there yourself, it takes only an hour or two and a couple of tens of signatures....

No transfer, no money for the salesman / condo projecty.

<{POST_SNAPBACK}>

Monty's got it. If you are going to go to the trouble of dumping a sizable amount of money into this country get a lawyer who can not only DO all the representation, but translate everything into English a s part of his bullshite service, and yes the land registry will conduct all finacial tranactions between seller and purchaser..

The said document rail is there to protect the buyer in repatriation of his money as suggested.

Of coure these comments in no way suggest buying property here is a sound thing to do.

T.

[thaigene2]

Please note no one here has yet confirmed whether you can LEGALLY REGISTER A CONDO IN YOUR NAME WITHOUT THESE FORMS!! (and even if they do so after this post, I'd reconfirm it with a lawyer if I were you). No Thor Thor 3 or whatever it is called now, and no condo registered in your name is my understanding..do you really think the Thais would initialize a law to protect you 'in case you want to repatriate your money'??

[dannishgung]

I went to my "don't know anything bank of Asia branch" today again. They checked and confirmed to me they only have 2 documents to help me.

1 is the transection document paper that every time the branch get from the head office to state that a transfer has come into my account.

2 is the foriegn transection form that they can fill out for me, but the minimun will be at least 20000 USD or otherwise they will not fill for me as they told me. This may be the new tor tor 3!!??

My mom did not wire to me more than 20000 usd, instead wired to me 10000 USD at 4 times. So I may have to let her wire to me again. At 20000USD at 2 times. That 20000 USD is also her maximum for a foriegn wiring from her country of residence.

So if I get these 2 documents that prove perfectly the money is foreign origin, should there be any problem to registry office to register my own name?? or what else do these bloody registry people want??? Please advise me.

[thaigene2]

Again, check with a lawyer there's one called kitt and something..can't vouch for them, although a british woman lawyer there was somewhat helpful though she didn't seem to know it all either.

I think you will need to rewire the money back to your mother. She needs to transfer it into YOUR Danish account then YOU transfer it to your THAI account with the MESSAGE THAT READS "to purchase a condomnium in Thailand". Make sure it's in foreign currency - not Thai baht as someone else here said before. let the Thai bank do the conversion. THE THAI GOVT WANTS YOUR FOREIGN HARD CURRENCY that's the reason they'll let you buy in a country where foreigners are usually not allowed to own property..., and they want to know that you have the cash to buy outright and are not competing with Thais for local bank loans etc.

Take this issue about registration seriously..that's all from me ..said this a couple of times now..good luck.

[FRM-BKK]

Hi Dannishgung,

I bought a condo in Bangkok last year, just after the new rules were introduced.

The tor tor 3 is no longer used.

They now use a: "Foreign Exchange Transaction Form"

The value of every transaction has to be over the value of 20.000 USD or equivalent and remitted from abroad in a foreign currency and not in Thai baht, in order to qualify for this FETF (foreign exchance transaction form)

As A foreigner, the only way in which you are allowed to legally buy a condo is if the money has been brought in from abroad, the FETF forms are your proof. The land registry department will not transfer title deeds in your name without these forms.

Also make sure that the name in which the money is transfered is the same as in your passport. Infact, transfer the money quoting your correct name, the purpose of the transaction and your passport number. That way it all points at only one receipient and ties everything up. This is what I did to avoid confusion in Thailand.

Item number 4 on the Foreign Exchange Transaction form asks for the purpose of the transaction, the code used in my transactions ( I had 3) was the same on all 3 forms 318069 and specified: FOR PURCHASE CONDOMINIUM

My bank got these forms ready for me whilst I waited, about 30 minutes.

I had to sign the form and so did the bank, I happen to have my Account with Bangkok Bank at the main branch in Silom.

All went without any problems. The next day these papers were taken to the land registry department and I had my "title deeds" the same day.

I did use a legal representative.

If you want more info, please ask

Good luck.

FRM-UK

Edited May 9, 2005 by FRM-UK