Transfer Of Condo Ownership

[xm911e3]

Hi guys, kinda need some advise here. Long story short, I've a very good friend who is a Thai.

Recently he is in deep financial strait and need some help from me.

He wants to sell off his condo and since I'm in the mist of looking for one.

I'm thinking if it is possible for him to transfer 100% condo ownership to me and

I'll continue to pay off the monthly mortgage to the bank without applying for a loan from a Thai bank?

Thanks in advance.

[pkrv]

Probably not

[xm911e3]

Probably not

Why not? That would save everybody alot of time and energy.

[trogers]

Probably not

Why not? That would save everybody alot of time and energy.

For the property title to be transferred to a foreigner's name, you need to show proof on 2 issues to the Land dept - the sales is paid by 100% cash, and the cash is transferred into Thailand from overseas or the cash is earned and saved in a non-resident account and the foreigner has a valid work permit.

[Barack]

Probably not

Why not? That would save everybody alot of time and energy.

For the property title to be transferred to a foreigner's name, you need to show proof on 2 issues to the Land dept - the sales is paid by 100% cash, and the cash is transferred into Thailand from overseas or the cash is earned and saved in a non-resident account and the foreigner has a valid work permit.

and I bet the mortgage is shown on the Chanote (deed) so the bank will have to be paid off.

Edited March 3, 2010 by Maestro

[pkrv]

Probably not

Why not? That would save everybody alot of time and energy.

I'm afraid it actually costs time and effort fielding this stuff. Read the pinned thread and go through the links. What trogers said is absolutely correct you cannot just pick up the mortgage, well you can, but I suspect you would just become another Thai Visa statistic.

[xm911e3]

Gezz... sounds kinda complicated to do things here in Thailand...

Any easier ways to deal with this issue?

[xm911e3]

Probably not

Why not? That would save everybody alot of time and energy.

For the property title to be transferred to a foreigner's name, you need to show proof on 2 issues to the Land dept - the sales is paid by 100% cash, and the cash is transferred into Thailand from overseas or the cash is earned and saved in a non-resident account and the foreigner has a valid work permit.

Ok please correct me if I'm wrong.

1) I've to pay the 100% of the selling price in cash.

2) The cash have to be transferred into Thailand umm... Are the Thai banks that hungry? (Charge me 150B more for using my ATM card)

They wanna do the exchange and give me that kinda shitty rate.

[pkrv]

You appear to be about 28 years old

Yes 100% of funds are required

No Thailand does not need the cash, infact it has a massive surplus of this stuff.

The rate you choose is the rate you choose - Who are you going with to convert, and where is your home country or do you have a work permit in Thailand?

Edit - and no it is not easy but the guys here do help

Edited March 2, 2010 by pkrv

[xm911e3]

You appear to be about 28 years old

Yes 100% of funds are required

No Thailand does not need the cash, infact it has a massive surplus of this stuff.

The rate you choose is the rate you choose - Who are you going with to convert, and where is your home country or do you have a work permit in Thailand?

Edit - and no it is not easy but the guys here do help

Hi thanks a lot for the reply.

I wish to change 100% of the money to Thai Baht in my home country, bring it over to Thailand and pay for the condo in Thai Baht. Is that ok?

OR should I bring the money to Thailand and change it with a money changer in Thailand in order to get the Tor Tor 3 document?

PS: No. I do not have a work permit but I've set up a company in Thailand.

Any help will be greatly appreciated. Thanks in advance.

[pkrv]

You appear to be about 28 years old

Yes 100% of funds are required

No Thailand does not need the cash, infact it has a massive surplus of this stuff.

The rate you choose is the rate you choose - Who are you going with to convert, and where is your home country or do you have a work permit in Thailand?

Edit - and no it is not easy but the guys here do help

Hi thanks a lot for the reply.

I wish to change 100% of the money to Thai Baht in my home country, bring it over to Thailand and pay for the condo in Thai Baht. Is that ok?

OR should I bring the money to Thailand and change it with a money changer in Thailand in order to get the Tor Tor 3 document?

PS: No. I do not have a work permit but I've set up a company in Thailand.

Any help will be greatly appreciated. Thanks in advance.

Changing the money to THB is fine however I assume you have a Thai bank account - make sure you do a SWIFT transfer and mark the 'Reason to Transfer' is for unit xxxx in condominium yyyy. If the transfer is over 20,000 USD you will get a FET/FETF (Foreign Exchange Transfer Form) from your bank otherwise you will get a letter caled a Bai Rap Rong. This will allow you to repatriate the funds at some future date (if necessary).

You mentioned that the condo is currently owned by a Thai this probably means it is in the Thai Quota.

Check with Juristic to see if this can be moved to Farang Quota - this is really, really important, if it can't, then buy something else.

Also check that the property is freehold.

[Phil Conners]

Gezz... sounds kinda complicated to do things here in Thailand...

Any easier ways to deal with this issue?

Welcome to Thailand. Noting is simple here. They might not have invented bureaucracy but they've pretty much perfected it to oblivion.

[xm911e3]

Changing the money to THB is fine however I assume you have a Thai bank account - make sure you do a SWIFT transfer and mark the 'Reason to Transfer' is for unit xxxx in condominium yyyy. If the transfer is over 20,000 USD you will get a FET/FETF (Foreign Exchange Transfer Form) from your bank otherwise you will get a letter caled a Bai Rap Rong. This will allow you to repatriate the funds at some future date (if necessary).

You mentioned that the condo is currently owned by a Thai this probably means it is in the Thai Quota.

Check with Juristic to see if this can be moved to Farang Quota - this is really, really important, if it can't, then buy something else.

Also check that the property is freehold.

Hi pkrv, thanks for your input. Yes I've a personal bank account in my name with Bangkok Bank.

Please pardon me for asking questions that maybe silly as this is the 1st property I'm trying to buy in Thailand and I know it ain't gonna be easy.

Back to the topic, why do I need the SWIFT CODE?

I'll not be doing funds transfer from my home bank to my Thailand bank because I'm going to lose out alot due to the exchange rate.

I intend to change all the money to Thai Baht and then bring all the Thai Baht with me physically to Thailand and buy the property.

Ok I'll also remember to check if the condo is in Thai Quota. 51% Thai and 49% Farang.

Thanks a million for your input. I really appreciate it.

Edited March 3, 2010 by xm911e3

[xm911e3]

Gezz... sounds kinda complicated to do things here in Thailand...

Any easier ways to deal with this issue?

Welcome to Thailand. Noting is simple here. They might not have invented bureaucracy but they've pretty much perfected it to oblivion.

Haaa... couldn't agree more

[pkrv]

[Ok I'll also remember to check if the condo is in Thai Quota. 51% Thai and 49% Farang.

Thanks a million for your input. I really appreciate it.

Ahh so you have been researching! The cash you spend will not be correctly integrated with the global financial community if you just give them cash - they will assume drug money.

If you have taken out a loan in your home country use SWIFT to transfer the funds.

A cart load of cash is a dead give away.

[xm911e3]

[Ok I'll also remember to check if the condo is in Thai Quota. 51% Thai and 49% Farang.

Thanks a million for your input. I really appreciate it.

Ahh so you have been researching! The cash you spend will not be correctly integrated with the global financial community if you just give them cash - they will assume drug money.

If you have taken out a loan in your home country use SWIFT to transfer the funds.

A cart load of cash is a dead give away.

I got your point pkrv. The thais are very scare that the money Farangs bring in are drug money so they want us to do a money transfer from our home country into Thailand and put in the reason for transfer is for the purchase of XXX condo unit XXX. Kinda conservative banking system.

Thanks alot for your input. Will update again regarding the sale of condo.

[pkrv]

Kinda conservative banking system.

That is an understatement of epic proportions.

However you have promised to get back to us - Admirable - BTW I will keep my eye out for your promise - PKRV

[xm911e3]

Kinda conservative banking system.

That is an understatement of epic proportions.

However you have promised to get back to us - Admirable - BTW I will keep my eye out for your promise - PKRV

My plan is actually kinda simple. Buying properties for investment and holding em for cashflow.

I'd prefer the least money out from my own pocket in order to increase the R.O.I but it seems kinda hard here for me to get a loan here in Thailand. Anyone out there having the same situation as me?

Please shed some little light in my direction. Thanks a million.

Edited March 4, 2010 by xm911e3

[pkrv]

Kinda conservative banking system.

That is an understatement of epic proportions.

However you have promised to get back to us - Admirable - BTW I will keep my eye out for your promise - PKRV

My plan is actually kinda simple. Buying properties for investment and holding em for cashflow.

I'd prefer the least money out from my own pocket in order to increase the R.O.I but it seems kinda hard here for me to get a loan here in Thailand. Anyone out there having the same situation as me?

Please shed some little light in my direction. Thanks a million.

No work permit - No permanent residence - just forget it - Funds from offshore that’s it. Well you can waste your time if you wish to.

BTW I am impressed you managed to open a Thai Passbook Savings Account - not easy - The pinned thread has not been there that long. Or do you have a Thai partner?

[xm911e3]

No work permit - No permanent residence - just forget it - Funds from offshore that's it. Well you can waste your time if you wish to.

BTW I am impressed you managed to open a Thai Passbook Savings Account - not easy - The pinned thread has not been there that long. Or do you have a Thai partner?

Yes I agreed that it's definately not easy for me to open a personal Thai savings bank account under my name. I walked into countless banks, faced countless rejections and in the end, I finally found one bank that allows me to open a personal savings account along with internet banking. Well the hard work pays off with a reward that makes my much life easier in Thailand

Now I'm trying to move a little bit further - Bank Loans - to execute my next plan, properties investments. I hope to save some precious time here trying to find out a way or two to get into the game.

Please pardon me as I considered myself a new guy in Thailand compared to you guys. Do guide me along as I've much to learn from you guys.

Thanks in advance.

[pkrv]

No work permit - No permanent residence - just forget it - Funds from offshore that's it. Well you can waste your time if you wish to.

BTW I am impressed you managed to open a Thai Passbook Savings Account - not easy - The pinned thread has not been there that long. Or do you have a Thai partner?

Yes I agreed that it's definately not easy for me to open a personal Thai savings bank account under my name. I walked into countless banks, faced countless rejections and in the end, I finally found one bank that allows me to open a personal savings account along with internet banking. Well the hard work pays off with a reward that makes my much life easier in Thailand

Now I'm trying to move a little bit further - Bank Loans - to execute my next plan, properties investments. I hope to save some precious time here trying to find out a way or two to get into the game.

Please pardon me as I considered myself a new guy in Thailand compared to you guys. Do guide me along as I've much to learn from you guys.

Thanks in advance.

You quite obviously cannot muster the funds for the condominium unit in Thailand, from your home country. What on earth makes you think you can do this in Thailand? You are simply just sowing confusion on the forum.

[12DrinkMore]

I wish to change 100% of the money to Thai Baht in my home country, bring it over to Thailand and pay for the condo in Thai Baht. Is that ok?

OR should I bring the money to Thailand and change it with a money changer in Thailand in order to get the Tor Tor 3 document?

- You will not get the best exchange rate by buying physical Bahts outside of Thailand.

- A money changer will not give you a Tor Tor 3 document.

- The money has to be electronically transferred across to Thailand.

- Generally the best rate of exchange is to allow the Thai bank to convert the money to Baht and not the foreign bank.

[ThaiBob]

I wish to change 100% of the money to Thai Baht in my home country, bring it over to Thailand and pay for the condo in Thai Baht. Is that ok?

OR should I bring the money to Thailand and change it with a money changer in Thailand in order to get the Tor Tor 3 document?

....

- A money changer will not give you a Tor Tor 3 document.

....

I purchased a FET from a money changer for a condo purchase. It was well over 1M baht (over 20,000 USD) and the fee was 6,000 baht. You need your passport and sales contract. This along with the FET from Thai Military Bank satisfied the Land Office and I registered my condo in my name. This was not the preferred route but was recommended by a realtor.

[xm911e3]

You quite obviously cannot muster the funds for the condominium unit in Thailand, from your home country. What on earth makes you think you can do this in Thailand? You are simply just sowing confusion on the forum.

I went back to my home bank for a loan to buy a condo in Thailand. The bank says unless I increase the loan to at least 5 million baht and above or they will not deal at all.

I told them the condo is about 3 million baht and they're laughing their ass off. So that leaves me with no other alternatives but to get a loan in Thailand.

I've a long term Thai gf who is also trying to help me get a loan from a Thai Bank to buy the condo but to no avail.

Edited March 6, 2010 by xm911e3

[bhawani]

Probably not

Why not? That would save everybody alot of time and energy.

For the property title to be transferred to a foreigner's name, you need to show proof on 2 issues to the Land dept - the sales is paid by 100% cash, and the cash is transferred into Thailand from overseas or the cash is earned and saved in a non-resident account and the foreigner has a valid work permit.

You mention "valid work permit". are you saying that a visiting foreigner cannot buy a condo in Thailand ? I am close to buying one in a new development & withing the stipulated 49% permitted foreign ownership limit of the development. This would be cruicial decision factor !! Appreciate all possible views / comments.

[Phil Conners]

^ He said: "or the cash is earned and saved in a non-resident account and the foreigner has a valid work permit." i.e. in case you didn't import the money you need to show that you earned them legally here.

[AddictedToThai]

I wish to change 100% of the money to Thai Baht in my home country, bring it over to Thailand and pay for the condo in Thai Baht. Is that ok?

OR should I bring the money to Thailand and change it with a money changer in Thailand in order to get the Tor Tor 3 document?

In order to buy condominium you can't exchange the money outside of Thailand and transfer them here in baht. In this case you will not receive Foreign Exchange Transaction form (because there is no exchange), which is a requirement. Funds must be transferred to thai bank account in any major currency, not in Thai Baht.

If you don't want to do a transfer you can buy traveller's cheques. AmEx or Thomas Cook would be OK. When you come to the bank the staff will check whether the cheques were bought overseas. If yes they will convert them to thai baht, put to your account and issue a FET.

[frenchfarangjomtien]

Is the "money need to be transfered from abroad" and the "you need a work permit" a farang believe of the same kind as "you need a valid visa and they do not accept tourist visa to get a driving license", or maybe "farang cannot open bank accounts with only a passport" ?

Because I know dozens of people who bought condos and open bank accounts and have a driving license with only a passport and who bought cars + condos with cash they brought from abroad.