Transferring Money For Multiple Condo Purchases

[Jimmyd]

I'm researching how to transfer money over here to buy a condo. I've read many threads and I still have a couple questions. My current situation is that I intend to buy a condo worth less than a million baht. From what I've read, I believe I need to transfer at least $50,000 to get an FETF form from a bank to use at the land office. For amounts less than this, the bank will just issue me a letter stating that I have transferred and converted enough currency to cover the cost of the condo.

Here are my questions:

I believe that you are allowed to own only one condo, but I know many farangs who have several. Suppose I just go ahead and transfer more than $50,000. Since the property costs less than that, could I use the remaining amount to purchase another (or perhaps several) condos? How would that work? Does the land office actually keep the FETF or do I just give them a copy? They must do something to assure that the funds are not used multiple times to purchase condos--how do they do that?

Is it better just to transfer the amount required for each purchase?

One more question: How do I figure out how much to transfer? Can the seller and I take the chanote down to the land office and ask how much is required?

Thanks in advance for any help.

jimmyd

[Darrel]

"I believe that you are allowed to own only one condo, but I know many farangs who have several."

I know of no limit to the number of condos you can buy here (apart from the 49% per building limit). There are many people who own dozens or hundreds, and this is what distorts prices upwards. If there was a limit of 1 or 2 or 3 units per person, which would be reasonable, then prices would drop to sensible levels.

[PattayaParent]

You have to give the original FETF to the land office when you transfer the condo to your name so you will not have it available for subsequent purchses so best split up teh transfers.

[Jimmyd]

Thanks.