Buying A Condo With Funds In Thai Bank....

[jack1964]

Hi Guys,

Sorry, this question was posted recently by another member, but no definative answers were given. I recently sold a Condo, purchased in foreign name, with the correct Tor Tor Sam originally, and deposited the funds into my Thai bank account. I then purchased another off plan, with a sizable deposit from the same developer. I have spoken to a couple of Thai Solicitors, and agents, who said I should have first transferred my money back into Australia, and then transferred it back into Thailand, so as to buy under foreign quto again.

Here is the reply from a large and trusted law firm in Thailand.....

Dear Mr. John,

In general, you will have to transfer the fund back to Australia and send back to Thailand in order to obtain the FET form for the bank. However, if previous original FET form is with you and the amount in such letter covers the present purchase price, you may try to use it. However, we cannot guarantee that this will be useful.

Kind regards,

So it appears that there is no definitive answer available, and no legal statute provided for this circumstance. I am sure that many of you have purchased, sold, and re-purchased in foreign name in Thailand, and does anyone truly know if the first Tor Tor Sam is able to be used instead of

having to re transfer funds to get a new FET, for transfer at the land office. Who has done it, and are there any legal implications that could prevent the transfer?

Sorry for an almost repeat of the prior post, but I am needing an experienced hand who has done it to reply with more than a "YES"

Thanks in advance guys.

[PattayaPhom]

Original TTS plus sale documentation of condo is sufficient to purchase again.

[Delight]

Suggest that you are not speaking to valid authorities.

First approach would be to speak with your bank.

If you are still not certain then the absolute authority is the Land office.I have never been there -you may require a translator .

I figure they must know.

Edited March 13, 2013 by Delight

[bigwilly]

Jack.

Which Land Office will you be dealing with?

I can tell you for sure in Pattaya once the Foreign Currency Transaction Form is used you wont see it again as it is kept on file in the Land Office, you may have a photo copy but it is for your records only. They require a new FCTF showing new funds or a letter from your bank stating that you brought in money to buy the condo in question. I have done this several times, I even wanted to repurchase a condo recently that I sold about 6 years ago, my original documentation was still in the file including FCTF, but the land office would not budge and I had to provide a "New" FCTF showing the importation of new funds. Further to note i have found that once a FCTF is issued the Banks in my case Kasikorn and SCB would not re issue new FCTF relating to the same transaction.There are not many areas where the Land Office will "bend" or flex a bit and it has been my experience through buying and selling condos over 14 years now, no transaction is the same and even a different officer in the same office will give you a different set of requirements.

Listen to your Lawyer they would probably have a contact in the relevant Land Office, dont ask a lawyer from a big law firm in BKK about doing business in Pattaya or Phuket as they probably would get it wrong! In my opinion and in my experience, the paperwork you used on your first Condo purchase several years ago would be of no use.

Regards BW.

[PattayaPhom]

As TTS includes the address of property to be purchased this is why it needs to be accompinied by sales documentation showing the paper trail of funds. Jomtien has transfrred many properties with this info.

[bigwilly]

PattayaPhom.

Hi, you mention TTS do you mean Tor Tor Sahm? if so the TT3 hasnt been used nationwide for many years it is a Foreign Currency Transaction Report Form that is used now. This document FCTF has no provision for the address of the Condo to be bought, you can use this document to buy any condo you like as long as the value of the FCTF is sufficient. As was my experience on many occasions once the form is used it can not be used again and it goes into the masterfile at the District Land office.

If you can show or indeed post what specific documents Jomtien used from a previous buy to support a second purchase in Pattaya, I would be happy to run it by the Land office for confirmation on Monday of next week.

Regards BW.

Edited March 14, 2013 by bigwilly