Can I Change The Condo Name/number On Fetf Form If Seller Backs Out Of Sale?

[JomtienEats]

Wondering what happens if I bring money into Thailand to purchase a specific condo, but I get gazumped while the money is on the way, or after I specify the condo name and number on the FETF form. Can I change the condo name/number on the FETF form or do I need to transfer the funds out of the country and back into the country to get a new FETF with the correct condo detail? I reckon the exchange fees could rack up if transferring the funds 3 times.

[Langsuan Man]

The Foreign Exchange form will only have your name on it, not the seller

Once you are ready to "close" on the property you will then make the arrangements to transfer the money to the seller from your Thai bank

The Foreign Exchange form is only used so that you can repatriate the money later on if you re-sell the property. The Foreign Exchange form (original) is kept at the Land Office and becomes part of the properties file

[BlackPuddingBertha]

Yes, there doesn't have to be any specific mention of anything at all on the form.

International money transfer regulations require you to mention the purpose of the transfer at the sending end (I'm always so tempted to put "money-laundering", just to see what they do ) but I dont think that anyone here cares at all what it says, just as long as it shows it was from abroad.

[JomtienEats]

Hmm, I keep seeing advice that the FETF form needs to have the specific condo and unit mentioned on it. I know the sending bank doesn't need this info, but I'm worried that after I supply this info to the receiving Thai bank, the FETF form is created and then can't be changed if the seller won't complete the sale for any reason.

I'd like to be in the position that I can switch those funds to buy a different condo if things fall through.

[BlackPuddingBertha]

I'd like to be in the position that I can switch those funds to buy a different condo if things fall through.

It's down to your local Land Office in the end as they have the final say on what they want. From your screen-name I suppose you are in Pattaya and that office is not renowned for being difficult. You could go down there and ask them.

Lots of people send their money before even choosing a place to buy, so there's no way they could ever have the name and unit number included in the transfer order.

Another possibility might be to delay collecting the form until you actually know which place you want, then getting your Thai bank to add the information to the transfer advice when they give it to you, but I think it would be a waste of time and effort.

[Langsuan Man]

Hmm, I keep seeing advice that the FETF form needs to have the specific condo and unit mentioned on it. I know the sending bank doesn't need this info, but I'm worried that after I supply this info to the receiving Thai bank, the FETF form is created and then can't be changed if the seller won't complete the sale for any reason.

I'd like to be in the position that I can switch those funds to buy a different condo if things fall through.

Have you ever seen a Forgeign Exchange Form? If not, then you don't know what is on it. I have, and I know that the seller information is not on the form. It never goes on the form, the form is for YOU to prove that you legally brought money into Thailand and for the Land Office to have a paper trail of where the funds came from

By the way exactly where exactly do you : keep seeing advice that the FETF form needs to have the specific condo and unit mentioned on it

[bigwilly]

Jomtien Eats.

The FETF does not have provision for the name of the Unit number or Project name that you intend to buy in, and it never has had, just remember to send more than the equivelent of $50,000.00USD or more in a foreign currency, stipulate "These funds are for the purchase of a Condominium in Thailand", you will have no problem with using the FETF to buy here in Pattaya, also you can combine 2 or more of the FCTF's to any purchase price, ensure the issuing Bank stamp and sign the document issued to you, or it will not be accepted by the Land Office. Langsuan Man is right in what he says. If you go the the tmb bank at www.tmbbank.com foreign exchange then you will be able to see, print or download a copy of the FETF.

BW.

Edited February 13, 2013 by bigwilly

[JomtienEats]

By the way exactly where exactly do you : keep seeing advice that the FETF form needs to have the specific condo and unit mentioned on it

Hmm, I must have seen this on half-a-dozen thaivisa forum posts, but now that I'm pressed to cite a specific example I can't seem to find any. I can't say for sure from where I absorbed this information and so now I doubt it.

[JomtienEats]

Lots of people send their money before even choosing a place to buy, so there's no way they could ever have the name and unit number included in the transfer order.

Another possibility might be to delay collecting the form until you actually know which place you want, then getting your Thai bank to add the information to the transfer advice when they give it to you, but I think it would be a waste of time and effort.

Thanks - looks like this isn't the problem I imagined it could have been. I've seen other posts where people say they've had their FETFs re-issued, and my bank manager certainly thinks this can be done without too much fuss.

[BlackPuddingBertha]

Have you ever seen a Forgeign Exchange Form? If not, then you don't know what is on it. I have, and I know that the seller information is not on the form. It never goes on the form, the form is for YOU to prove that you legally brought money into Thailand and for the Land Office to have a paper trail of where the funds came from

I have various forms (which I keep, just in case I decide to buy some property one day, or want to export my money again) and they all include the comment that I put on the original transfer order, word for word. In my case they all say just "condo purchase" but I imagine that had I written "to purchase condo unit xx in building yy" that is what they would say. Of course I never intended using all this money for condo purchase at all: some is my retirement extension deposit, some was used for a new car and some is just for general living expenses over the next few years.

None of which implies that anyone here would give two hoots what the form says as long as it shows that the money was imported.