Buying A Condo

[mijan24]

Giving serious consideration to purchasing a new condo a friend bought it off the plan but is now considering relocating.

It can be owned solely by a foreigner I would prefer to put it into joint names Mine of course and my Wifes the reason for this is something happens to either one of us then the other would have automatic full ownership if it works the same as Australia.

My question is does the law work the same here? The last thing I am worried about is her running away or selling it out from under me just want to make sure that one of us ends up with ownership.

[pkrv]

mijan24

That is as an excellent question - I think the answer is you have to have your will translated into Thai and 'notarised' by your embassy.

That process protects you and your partner.

But I could be wrong here…

[InterestedObserver]

1. Is your wife a Thai or Australian citizen? 100% foreign ownership is exactly that, not joint Thai/Australian ownership.

2. What is the source of the funds and do you have a Foreign Exchange Transaction Form from your Thai bank?

3. The condo does not necessarily have to be foreign owned. It can be owned by your Thai wife.

4. A Thai will can take care of the inheritance issue for Thai assets.

[ShopBoy]

just buy the condo in your name and leave a will IMOHO

Edited December 20, 2011 by ShopBoy

[ballbreaker]

Just put in your name and leave a will.

[mijan24]

1. Is your wife a Thai or Australian citizen? 100% foreign ownership is exactly that, not joint Thai/Australian ownership.

2. What is the source of the funds and do you have a Foreign Exchange Transaction Form from your Thai bank?

3. The condo does not necessarily have to be foreign owned. It can be owned by your Thai wife.

4. A Thai will can take care of the inheritance issue for Thai assets.

just buy the condo in your name and leave a will IMOHO

Just put in your name and leave a will.

Firstly to answer questions - Thai but with Australian citizenship

Source of funds ex Australia by bank transfers

I understand easy way "in my name" and let them worry about the other later - but that doesn't seem fair. When we bought and then sold a house in Oz it was in both names makes for good trusting relationship.

Thanks to all who responded will probably toss a coin?

[thaiwanderer]

You may wish to put it in the name of an offshore company owned by you and your wife.

[dave111223]

Both my name and my wife's name are on our condo title. We just put both our names when doing the purchase at the land department (no one questioned it)

[PattayaPhom]

Joint names are possible but you normally need tor tor sams from both parties.....a will will cover ownership if anything happens

[london]

If you trust you wife, then why not put it in both names ?

I am sure that the property you sold in Oz was more expensive than the one you are buying in BKK.....and she didn't do the wrong thing by you there.

Definitely get a will PROFESSIONALLY written and consider an Enduring Power of Attorney anyway.

Then...LIVE !

[mijan24]

Once again thanks for the input makes good reading and good sense.

Questions: Why an offshore company? and What is a tor sam?

[mijan24]

A further question for those legal eagles of the forum.

In Oz when a property is owned both by husband and wife "joint names" I understand the said property automatically transfers into the living partners sole name and I do not believe there are any costa such as stamp duty and transfer(sale) fees?

I am not 100% sure on the above hence the question I know for a fact that one of the benefits of "joint bank accounts" is that surviving partner has ongoing access to the account/s and this can be very helpful not having to wait for the reading of the will to continue on with life.

There will be the doubters and I do not knock anyone for that but once bitten twice shy for sure, but at this stage I am more asking (not concerned otherwise would not even entertaing the idea) about the legalities of joint ownerships who knows I might not fall off the perch first "hate to be newly single (turned 66 yesterday) and regretting I did not ask some simple questions of those in the know on TV.

[InterestedObserver]

According to Thai law all property acquired throughout the course of the marriage becomes jointly owned marital property between husband and wife regardless of how the title is held. You make a Thai will to assure distribution of Thai assets upon your passing. If you die intestate, Thai law has a defined order for giving away your assets.

[InterestedObserver]

Once again thanks for the input makes good reading and good sense.

Questions: Why an offshore company? and What is a tor sam?

1. An offshore company is a way to circumvent various Thai laws.

2. "Tor Tor Sam" is a Foreign Exchange Transaction Form required to purchase a foreign owned condominium.

[london]

In Oz when a property is owned both by husband and wife "joint names" I understand the said property automatically transfers into the living partners sole name and I do not believe there are any costa such as stamp duty and transfer(sale) fees?

Correct. Under Australian law, the owners must be named as joint owners/owners in common and then, in the event of the death of either one of the owners, the deceased party's ownership transfers to the surviving proprietor (owner) free of any duty or tax.

[InterestedObserver]

In Oz when a property is owned both by husband and wife "joint names" I understand the said property automatically transfers into the living partners sole name and I do not believe there are any costa such as stamp duty and transfer(sale) fees?

Correct. Under Australian law, the owners must be named as joint owners/owners in common and then, in the event of the death of either one of the owners, the deceased party's ownership transfers to the surviving proprietor (owner) free of any duty or tax.

As I understand the OP he wants to purchase a condominium in Thailand. How is Australian law going to help him with the purchase.

[mijan24]

In Oz when a property is owned both by husband and wife "joint names" I understand the said property automatically transfers into the living partners sole name and I do not believe there are any costa such as stamp duty and transfer(sale) fees?

Correct. Under Australian law, the owners must be named as joint owners/owners in common and then, in the event of the death of either one of the owners, the deceased party's ownership transfers to the surviving proprietor (owner) free of any duty or tax.

As I understand the OP he wants to purchase a condominium in Thailand. How is Australian law going to help him with the purchase.

In Oz when a property is owned both by husband and wife "joint names" I understand the said property automatically transfers into the living partners sole name and I do not believe there are any costa such as stamp duty and transfer(sale) fees?

Correct. Under Australian law, the owners must be named as joint owners/owners in common and then, in the event of the death of either one of the owners, the deceased party's ownership transfers to the surviving proprietor (owner) free of any duty or tax.

As I understand the OP he wants to purchase a condominium in Thailand. How is Australian law going to help him with the purchase.

Thats fine it was being used as a comparison but I think the poster forgot the next half about how it applies in Thailand

[mijan24]

Once again thanks for the input makes good reading and good sense.

Questions: Why an offshore company? and What is a tor sam?

1. An offshore company is a way to circumvent various Thai laws.

2. "Tor Tor Sam" is a Foreign Exchange Transaction Form required to purchase a foreign owned condominium.

Just asking further about Tor Tor Sam Is this form a declaration of where the has money came from?

If thats all it is it would be supported by the deposits in my Thai bank account (funds transferred from overseas) showing they (the funds) have been transferred from overseas.

I honestly have not heard of this Tor Tor Sam before mainly because I have not purchased a Condo (that can have foreign ownership) before.

[mijan24]

Once again thanks for the input makes good reading and good sense.

Questions: Why an offshore company? and What is a tor sam?

1. An offshore company is a way to circumvent various Thai laws.

2. "Tor Tor Sam" is a Foreign Exchange Transaction Form required to purchase a foreign owned condominium.

Just asking further about Tor Tor Sam Is this form a declaration of where the has money came from?

If thats all it is it would be supported by the deposits in my Thai bank account (funds transferred from overseas) showing they (the funds) have been transferred from overseas.

I honestly have not heard of this Tor Tor Sam before mainly because I have not purchased a Condo (that can have foreign ownership) before.

Doing more research I found this for information for those like myself who were not aware of this Tor Tor Sam:

Yes, you can. Under Thai Law, 49% of the internal area of a condo building, excluding the common areas, can be assigned to be owned by foreigners.

Buying a condominium, is the simplest option available to foreigners. The only restrictions on purchasing a condominium, are that the funds used for purchase were remitted from abroad and correctly recorded as such by the receiving Thai Bank on a Tor Tor Sam. Purchases of condominiums by foreign individuals come under the jurisdiction of the Condominium Act B.E. 2535 (1992).

The owner of each condominium is issued with a certificate of unit ownership. The certificate also has a statement saying exactly what percentage of rights over the common areas of the building each owner has.

This is from 2007 and seems to sum it up:

I have only just got back from my bank with just such an enquiry. For sums greater than 20,000 US dollar you can get a FET which you need at registration when buying a condo. For sums less than this you can get what is called a 'Foreign Currency Purchase form' for each separate currency transfer, which stipulates that you are purchasing a condo with the transferred funds. I queried this form as it seems it is an application form to buy foreign currency with Thai baht, but my bank (Citibank) were quite adamant that this is the form they provide when u have transferred less than 20000 US dollar from abroad. Anyway, several authoritative independent sources I have consulted, and including a thread on ThaiVisa, state that you can use this completed form from your bank along with any further FET forms to the sum total of the cost of your condo at the registry office when u transfer the condo as long as they state that the sums were transferred for the purchase of a condominium (and you must state that when you ask your overseas bank to make the transfer). Hope this help

My only problem with all of this is over that over the years I have transferred amounts of 50000, 20000 10000 etc to SCB & Kasikorn but have never ever been asked to clarify why I was transferring money, Certainly when the money leaves Oz you are asked - I have always used Other explanation living expenses, house refurbishment, house purchase - So it just goes to show you learn something new everyday.

I am sure my bank man will issue the FET and Currency Purchase Form no problems.

It is interesting as I am purchasing the condo from a farang friend (as I said in my OP) who bought off the plan and has paid it off but final transfer has not occurred so the plan is to pay transfer costs which are 2% of value Seller/Buyer (read here Condiminum Builder/Farang friend. Plus there is a clause where it can be assigned to a 3rd party which in this case will be Me for about 10000bahts .

Guys sorry to have taken up so much space but I thought it was worth passing my steep learning curve on a special thanks to "Interested Observer" who made me aware of the Tor Tor 3.

A Happy New Year to ALL.

Edited December 30, 2011 by mijan24

[london]

In Oz when a property is owned both by husband and wife "joint names" I understand the said property automatically transfers into the living partners sole name and I do not believe there are any costa such as stamp duty and transfer(sale) fees?

Correct. Under Australian law, the owners must be named as joint owners/owners in common and then, in the event of the death of either one of the owners, the deceased party's ownership transfers to the surviving proprietor (owner) free of any duty or tax.

As I understand the OP he wants to purchase a condominium in Thailand. How is Australian law going to help him with the purchase.

apologies.

I only saw the first part of the question.

Re Thailand, its a different system altogether. The only way to cover you and your spouse/partner is by having a will drawn up.

Also, Happy New Year to you all !

[mijan24]

Once again thanks for the input and don't worry I am having the situation confirmed by a lawyer but this gives me food for thought and discussion with the leagle beagle.

I saId in my opening post "it can be owned solely by a foreigner" so one more for the leagle eagles - by having a Thai as joint owner (my wife) does this or can this affect "on sale" to a foreigner in the future?