tangoll Posted July 11, 2006 Share Posted July 11, 2006 I have several questions on how the Tor Thor 3 is used to show that foreign funds had been imported into Thailand for purchase of a condo by a foreigner. Let's say for this example, condo price is baht 2 million, and that baht 3 million was imported and bank has issued the TT3 for baht 3 million. 1. When time comes to go to Land Dept for title transfer, what happens to the TT3 after LD has verified that foreign funds have been used for this purchase? Does the LD keep the TT3, or do they mark the TT3 as having been used, in full or in part? And is the excess of baht 1 million noted on the TT3 that it is still available for use on another purchase? Do I get to keep the TT3 for future use? 2. If after a few years, the condo unit is sold for let's say baht 3.5 million, does that TT3 permit me to repatriate the original baht 3 million out of Thailand? Or is there some other procedure that has to be followed, assuming all fees and taxes have been paid? 3. If after the sale of the first condo unit, a second condo unit is now purchased for let's say baht 4 million, what happens then? Can one apply the proceeds of the first sale, 3.5 million (assuming not repatriated), and have to show a new TT3 of 0.5 million, for the new purchase of 4 mil? Or must a new TT3 of 1 million import funds be used together with the original TT3 of 3 million? Or does a totally new TT3 of 4 million newly imported funds be arranged? I imagine some of the posters and readers have gone through this process, so I thought I would ask for actual experience before posing similar questions to a lawyer. My condo unit is now still under construction and I expect that completion/transfer will take place at end of this year or early next year. Thanks in advance. tangoll Link to comment Share on other sites More sharing options...
SunbeltAsia Posted July 12, 2006 Share Posted July 12, 2006 1. When time comes to go to Land Dept for title transfer, what happens to the TT3 after LD has verified that foreign funds have been used for this purchase? Does the LD keep the TT3, or do they mark the TT3 as having been used, in full or in part? And is the excess of baht 1 million noted on the TT3 that it is still available for use on another purchase? Do I get to keep the TT3 for future use? You give them a copy and still have the orginal copy. On the Foreign Exchange Cert it states it is used for this condo only. You cannot use the other million unless you state that condo location as well when you send the transfer. 2. If after a few years, the condo unit is sold for let's say baht 3.5 million, does that TT3 permit me to repatriate the original baht 3 million out of Thailand? yes 3. If after the sale of the first condo unit, a second condo unit is now purchased for let's say baht 4 million, what happens then? Can one apply the proceeds of the first sale, 3.5 million (assuming not repatriated), and have to show a new TT3 of 0.5 million, for the new purchase of 4 mil? Or must a new TT3 of 1 million import funds be used together with the original TT3 of 3 million? Or does a totally new TT3 of 4 million newly imported funds be arranged? New money has to be sent with that condo location on the wire transfer. www.lawyer.th.com Link to comment Share on other sites More sharing options...
eddy-ham Posted July 13, 2006 Share Posted July 13, 2006 I have sent 2m Baht for a house purchase to a Thai Bank, this with the current climate in Pattaya I have cancelled loosing a small deposit.If I know want to use this money for a condo are there any problems regarding the change of use/address of the property? Link to comment Share on other sites More sharing options...
tangoll Posted July 14, 2006 Author Share Posted July 14, 2006 Sunbelt Asia: Thanks for reply. I may contact you/firm in near future. tangoll Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted July 15, 2006 Share Posted July 15, 2006 I have sent 2m Baht for a house purchase to a Thai Bank, this with the current climate in Pattaya I have cancelled loosing a small deposit.If I know want to use this money for a condo are there any problems regarding the change of use/address of the property? If on the wire transfer, it had this other condo address, yes for sure, its a problem. If it had no address on the transfer, depends on the "Man" at the Land Dept. The law states it must have a address on the transfer but maybe the "Man" is happy that day. Black and white becomes gray here. Sunbelt Asia: Thanks for reply. I may contact you/firm in near future. Tangoll, We look forward to hearing from you. Regards Greg Lange Managing Director Sunbelt Asia Co., Ltd http://www.sunbeltasiagroup.com Link to comment Share on other sites More sharing options...
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