A Quick Question On Tor Tor 3

[Luke06]

Hi all,

I am in the process of purchasing a condo. I have transferred the money to my bank account and have been issued with a tor tor 3. My question is that the amount of money I transferred and therefore the tor tor3 is issued for, is more than the asking price as I need to have work done on the condo and need additional funds for this. Does anyone know if I this will cause problems when I come to register the sale at the land office?

Thanks for any help or advise, Luke.

Also I am not doing this through a lawyer.

[Dragonman]

Hi all,

I am in the process of purchasing a condo. I have transferred the money to my bank account and have been issued with a tor tor 3. My question is that the amount of money I transferred and therefore the tor tor3 is issued for, is more than the asking price as I need to have work done on the condo and need additional funds for this. Does anyone know if I this will cause problems when I come to register the sale at the land office?

Thanks for any help or advise, Luke.

Also I am not doing this through a lawyer.

Section 19(3)-5. of the Condominium Act states "not less than cost of unit". More than OK.

[Luke06]

Great, thanks Dragonman for your help.

Luke

[steveromagnino]

Great, thanks Dragonman for your help.

Luke

BTW it is fairly common practise to try to reduce the cost price of the condo, perhaps you can (let's say the real selling price is 3m baht) charge in two parts:

condo 2.2m baht

built in furniture 0.8m baht

Thus the value you pay tax on 2.5% if I recall correctly is 2.2m baht not 3m baht; a small saving but useful nevertheless. This is commonplace BTW, and probably partly explains why land /property valuations are often so low.