Obtaining A Tor Tor 3 Certificate

[rob69]

I have a little headache concerning my impending condo purchase in Chiang Mai. I have transferred funds from UK to Siam City Bank, though when I asked them about a Tor Tor 3 certificate for purchase of condo they looked at me blankly, also got my girlfriend to ask and they said they not issue. I have already paid a deposit. So now I have funds in Siam City bank, though at present are refusing to give me a Tor Tor 3 certificate (we have spoke to the Manager).

Also a real estate agent (Professionals, Chaing Mai) is handling my purchase/transfer of ownership, and they said would do all the paperwork etc, though im beginning to think that I should employ a lawyer to check that all paperpwork etc is all in order - can anyone give me any ideas on how to progress.

Any advice much welcomed.

[taxexile]

the tt3 (or as it is now called , the foriegn exchange transaction form) should be given to you upon request by your bank after they receive funds from abroad destined for your account.

when you purchase a condo , if you want your name on the title deed or if you ever sell the condo and want to get the money out of the country you need to have purchased using the tt3.

you have to show proof that the funds for purchase came from abroad.

when you go to the land department you will have to show them the tt3 form.

go to the foriegn transaction section of the bank and ask there , or failing that ,you may have to make a trip to the head office of your bank in bangkok and get it there. the money will have come to your bank via the head office and they will have the details.

the tt3 form will be filled out by the bank and you sign it.

they will ask you what the funds are for and you specify that its for purchasing a condo.

tt3's are only issued for transfers of amounts larger than $20,000 or the equivalent.

the banking system here is still in the dark ages with poorly trained staff and managers who know little about banking.

[stevehaigh]

the tt3 (or as it is now called , the foriegn exchange transaction form) should be given to you upon request by your bank after they receive funds from abroad destined for your account.

when you purchase a condo , if you want your name on the title deed or if you ever sell the condo and want to get the money out of the country you need to have purchased using the tt3.

you have to show proof that the funds for purchase came from abroad.

when you go to the land department you will have to show them the tt3 form.

go to the foriegn transaction section of the bank and ask there , or failing that ,you may have to make a trip to the head office of your bank in bangkok and get it there. the money will have come to your bank via the head office and they will have the details.

the tt3 form will be filled out by the bank and you sign it.

they will ask you what the funds are for and you specify that its for purchasing a condo.

tt3's are only issued for transfers of amounts larger than $20,000 or the equivalent.

the banking system here is still in the dark ages with poorly trained staff and managers who know little about banking.

<{POST_SNAPBACK}>

i had no problem getting a tt3 from Siam Commercial Bank and they said $US10,000 was the minimum for tt3.

steve

[taxexile]

steve haigh

i had no problem getting a tt3 from Siam Commercial Bank and they said $US10,000 was the minimum for tt3.

on my tt3 ,from the bangkok bank , printed at the top , it says "only for transactions of $20,000 or more."

which only confirms my belief that.......

taxexile

the banking system here is still in the dark ages with poorly trained staff and managers who know little about banking.

t.i.t.

[thaigene2]

My understanding is 20,000 USD minimum transfers. And GET A LAWYER mate..Do not trust anyone here - especially not some poxy estate agent! Cheating farangs is a national sport..There are lawyers who specialise in property purchase. Try Kitt and Murray in BKK maybe they can recommend someone in CM.

[rob69]

Thanks for the advice, I have got a Lawyer on the case. Just found out that the existing owner still owes money on the condo and that this debt must be cleared with her bank to release sequester from the Execution Dept before transfer of ownership can be made into my name. Pretty glad I got a lawyer on the case.

The plus side of the Estate Agents im using is that the deposit I paid can be used to purchase another condo (through them) should anything go tits up with this one, so I wont lose any cash.

Lawyer also gave me an example of the Foreign Transaction form/TT3 that banks use, so maybe when i show the bank this form then they'll issue me with one, Lawyer also said that if the bank wrote a letter confirming the amount i transferred than this would also be ok.

Is it just me, though I thought purchasing a condo would be pretty straight-forward - as im finding out its not, though im sure once everything is finalsied it will be.

Yes the banks over here seem to have their own rules, depending if they like you or not!!