Quick Question About Sending $$ For Condo And Transfer Costs

[GAS]

Hey all, sorry I tried searching around but may not be looking for the right thing.

This is my first purchase of any RE in LOS. I want to buy a small condo my GF rents from a friend of hers (ours). The lady who manages the place says I can buy in Farang Quota so as I understand it I need to show the money come from overseas.

Our friend is selling us the place for only about 50k more than she paid for it about 7 years ago, we have agreed to split the transfer fee's and she wants to try to declare a lower value to hopefully reduce the costs for both of us...

....my question is, if she declares a lower value can I just send that amount of money over from a bank and pay the rest from cash I have on hand here (easier for me).

All in all it is not much money all around (1 mil).

Is there any other due dilligence I should really do on this...these are long time friends, not worried about getting scammed or anything just very new to this!

Thanks!

[PattayaParent]

"my question is, if she declares a lower value can I just send that amount of money over from a bank and pay the rest from cash I have on hand here (easier for me)."

Yes if the lower value is not less than the Land Office valuation.

[Barack]

I would get 2 sales contracts; one for the bank to issue you the FET and one for the Land Office in the lower amount (if requested by LO).

[GuestHouse]

I recently bought a condo, the land office valuation was 65% of the price I bought it for - They had all the paperwork declaring the price I paid but were only interested in the valuation they themselves made.

So I see no point in two contracts and I take the view that messing around with false declarations to a government official during a property purchase is simply asking for problems - and opening the door for the vendor to mess you around on purchase day.

Also note, that sending the full amount over (including taxes) and obtaining a foreign transfer certificate for the larger amount might come in useful if at some time in the future you want to take money out of Thailand.

[PattayaParent]

Actually it sounds like the OP won't even get a FETF which is for transfers of over $50,000 now.

He'll need a Bai Rap Rong.

[GAS]

Thanks all, much appreciated!

[GAS]

Hey all getting ready to send over the funds for this condo, ($30,000usd).

Do I get the Bai Rap Rong *after* I wire the money over?

If sending from US bank, do i just ensure that it gets sent as dollar then converted to Baht at K-Bank to get the onshore (better) exchange rate?

Finally, does it matter whose acct. it originates from as long as it is coming from outside Thailand...i.e. it will originate from a family member of mine, but same last names...

Thanks!