Buying A Condo Under Construction - Payment From Abroad?

[SkyRunner09]

Hello,

I would like to buy a condo in BKK which is yet to be built by "Regent Home" who already have 10+ buildings across the city.

http://www.rgphome.c...tail&id=2010117 (Google Chrome will translate this one just fine)

While I learned from them I do not qualify for a bank loan as a farang (which I don't need), I am still interested in making use of the option to pay the down payment over 20 months (the building will be ready by then and I don't put the whole amount on the line).

Question: The condo will be freehold, farang percentage will be below 49%. However I do know that the money has to be paid from abroad in order to have the land department put me in as an owner. Does that apply to each of the 18 down payments I will be making (7k Baht each)? Do I have to wire them each and every month in order not to run into trouble while registering this thing on my name? Or is it just the last payment (820k)? Or do I even have to wire the whole 1M at once and won't have the chance to stretch the payment process?

Thanks

Sky

[PattayaParent]

Are you intending to transfer the money directly to the developer from abroad? or to your Thai bank account?

The FETF has to cover the whole purchase value (actually land office assesment of the value which may be different) so yes it should include the monthly payments BUT you won't get a FETF as the total value is less than US$50,000 equivalent.

What I suggest you do is open a Thai bank account if you don't already have one, and transfer the whole value required for the registration of the condo in your name at the land office at the time that you need to make the last payment and receive the chanote. Then you can get a 'bai rap rong' from your bank to use as the proof of foreign fund transfer for the land office.

In the meantime transfer the 18 X 7k monthly to the developers account so that you comply with the contract requirements, you pay him 820k at the time of transfer and have 126k left for spending money when you move in.

[SkyRunner09]

Sounds logical. Great stuff, thank you!

Edited July 2, 2011 by SkyRunner09

[pkrv]

I think you are talking about Bai Rap Rong (s),

Small transfers, but still for a condominium - notably for buy off the plan installments. Check out this tread.

http://www.thaivisa....efinition-Cond/

Less than 50k USD FETF is not applicable.

Edited July 2, 2011 by pkrv

[SkyRunner09]

However the Bai Rap Rong basically does the same trick (having my name registered at the land department) as the FETF, the only difference is that have to specify the exact condo I am going to buy by the time I wire the money, correct?

So here's the plan (basically what PattayaParent said):

-Pay all installments (the 7k ones as well as the contract signing fee) from my Thai account without any need to declare where the money came from (it will be getting there though my moneybookers account, so transfer fees from the EU will be like 70B). Developer will be happy, land department is not involed at this stage anyways.

-By the time the 800k are due (after 20 months), I will wire the 1M (total worth of the condo) indicating what exact condo the money will be used for and using my proper bank account. I will wire 800k to the developer and keep the remaining 200k on my account (and eventually waste it at Home Pro).

-I will be issued the Bai Rap Rong over 1M (includes showing the condo contract to the bank?) by my Thai bank, walk to the land department and have me registered.

Did I miss anything big?

Thanks!