Selling a Condo & buying another

[CM4Me]

8 year ago I bought a condo solely in my name, here in Thailand. The money for this purchase was transferred via the international banking network, and therefore my bank was able to produce a letter to this effect.

I have now sold this condo and am in the process of purchasing another. In discussions with my lawyer was advised that I would again need to prove the source of the finance.

Fortunately, or so I thought, I was able to located the letter, from the bank, that I used some 8 years ago. I showed this to my lawyer, who rang the Land Office. Was advised as this letter was specific (i.e. it identified the unit being purchased) it couldn’t be used again. My lawyer was dumfounded (& by the way so was I). He was also, at this time, unable to offer any real solution.

So, fellow members, I’m asking your advice. What are my options????

[Crossy]

The easy way:- transfer the money out and back, hopefully in Baht so no issues with exchange rate.

The hard way:- not sure about the hard way

[Delight]

I believe that a 'Bill of Sale' issued by the land office(relating to the earlier your condo sale) will support your bank in Issuing a new F.E T (i.e Foreign Exchange transaction Certificate).

Suggest that you speak to your bank.The record of the original inward transfer should still exist

[beachproperty]

Not trying to upset you but IMHO

Suggest you get a new lawyer.....yours sounds useless

QUOTE " My lawyer was dumfounded (& by the way so was I). He was also, at this time, unable to offer any real solution."

Edited October 28, 2013 by beachproperty

[12DrinkMore]

Apparently some of the money exchangers in Pattaya are able to give you a suitable document for a fee. I read it somewhere in Thai Visa but I know nothing more than this, but maybe a search might pull up something?

[falang07]

 

The easy way:- transfer the money out and back, hopefully in Baht so no issues with exchange rate.

The hard way:- not sure about the hard way

 

If you wire it back in Baht, no foreign exchange certificate will be issued either so this will not solve anything.

[falang07]

The hard way is to wire it back, convert to another currency and wire back for conversion in a Thai bank. Should the exchange rate move in the right direction, this can be even profitable, but most probably you will loose some money on the exchange rate differences.

[Langsuan Man]

Something is wrong here. When you transferred the condo from the previous purchaser the Land Office should have taken the Foreign Exchange Certificate and attached it to the Chanote that they keep on file and given you back a copy. You use this copy to get the bank to allow you to "repatriate" the money

You then will have to return the money to Thailand and obtain another Foreign Exchange Certificate for this new purchase

And as others have said, you need a new lawyer, this one obviously doesn't have a clue. Not to slight this unknown lawyer but not all lawyers in Thailand are versed in Land Transactions.

My lawyer is a wiz when it comes to land and company matters but is a disaster when it comes to Immigration law

[xylophone]

Maybe I've missed something here, but if you have the correct documentation to show that you purchased your original condo, and you've now sold it, all you need to prove is where the funds came from to purchase the new one ...........so you produce the sale agreement and associated docs and that should be fine??

[Langsuan Man]

Maybe I've missed something here, but if you have the correct documentation to show that you purchased your original condo, and you've now sold it, all you need to prove is where the funds came from to purchase the new one ...........so you produce the sale agreement and associated docs and that should be fine??

The associated doc(s) is the Foreign Exchange Certificate that was required to get the condo in a farang name in the first place (even 8 years ago)