Buying A Condo

[ThaiPauly]

I am in the process of buying a Condominium.

The initial deposit is 200,000 baht which I have in my SCB account, then 39,000 a month for 12 months and the balance (another 2m ) upon completion.

Is it the last transaction that I will have to show that the money came from overseas? I am aware that the minumum transfer they are looking for is 20,000USD, well thats not a problem as the Condo obviously costs more than that, but how do I prove to the authorites where the deposit came from? I last transferred 500,000 Baht here on 14th December. I obviously do not want to transfer 20,000 dollars over now as I will not be paying the final figure for another 15 months.

Any advice will be greatly appreciated

Cheers

TP

[ThaiPauly]

ANY advice would be VERY WELCOME

Thank You

TP

[Firefan]

Tricky one..... one "normally" will have to transfer the full amount over (or at least in $20k lots) in order to obtain the FETF(TT3) needed for ownership by foreigner(land office).

I would discus with a lawyer and my real estate agent/developer.

Cheers!

[ThaiPauly]

Thanks Firefan.

I suppose one thing I can do is get the actual payment /paperworkwritten up in one lump when the Condo is actually built and ready for occupation.

Anyone have any thoughts on this scenario?

Thanks

TP

[rishi]

Am I understanding this right - you pay 200,000 + 12 x 39,000 = 668,000 in advance for some construction work that isn't but promised ready for usage about 15 months out in the future ? Risky, risky, risky.

Remember those words you yourself have written in many a post... Don't invest more in Thailand than you can afford to walk away from.

This was just a thought.

[ThaiPauly]

Am I understanding this right - you pay 200,000 + 12 x 39,000 = 668,000 in advance for some construction work that isn't but promised ready for usage about 15 months out in the future ? Risky, risky, risky.

Remember those words you yourself have written in many a post... Don't invest more in Thailand than you can afford to walk away from.

This was just a thought.

I see your point, but the Condo is being built as two towers.

The first is fully sold out and the second one is 40% sold. The Company building them is very well known and I have seen work by them going on in may prime Sukhumvit locations.

They are also a Japanese Company, which gives me a lot more confidence so I think the risk is worth it.

And I do advocate your penultimate paragraph regularly you are right and it applys to me in this instance otherwise I would not be doing it

Cheers

TP

[naka]

You need to be real careful here ThaiPauly. It would be a disaster to find

out you could not register it in your own name as this would affect

among other things, it's resale value and even your ability to sell it on to

another farang.

Personally, I would ensure that I had a Tor Tor 3 that pre-dated the initial deposit

and subsequent 12 monthly payments, even if it meant having the money

sitting idly in a local bank for a year or more.

The interest you would forego on the $US 20k is not such a high price to pay

for the peace of mind that you will eventually get the condo registered

in your name.

Remember that to get a TT3 :-

Transfer must be at least $US 20,000.

And you must instruct the sending bank :-

Transfer must arrive in Thailand in foreign currency, US$, GBP etc.

Transfer documentation must state " For the purchase of a Condominium in Thailand "

p.s. do transfer bank to bank electronically.

Naka

Edited February 1, 2006 by naka

[donx]

I remember reading someone's post regarding the Tor Tor 3 (or whatever the new name for it is which I can't remember off the top of my head) that not only does the amount have to be at least $20,000 USD but that the condo needs to be purchased within 6 months of the money transfer. I don't know if this is correct but if it is then ThaiPauly may not be able to have all of the amount he pays for the condo covered by the Tor Tor 3. Perhaps its only the date of the down payment that needs to be within the 6 month period. That seems reasonable to me. Any one know the ruling?

[Scottbiker1976]

hmmm... never heard this stories before

What if you want to buy land or a house off less then 20.000.USD ??? This would mean you dont get the Tor Tor 3 or what ? So you r stuck with it afterwards then.....i dont believe so.

Just bring the money in LOS and put in a bankaccount and when the owner wants the money just transfer it to him or pay it in cash as he likes.

I know many people who bought houses in Los by just bringing the money cash in the country and besides there is no limits by customs to bring it in...so i dont see the point off it for the tor tor 3....

Same as for selling a property.....if you like to sell to a farang or thai later then its up to you how you like your money and just transfer it between hands at your lawyers office....i dont see the problem.