Buy A Condo

[Alex_03]

Hello all,

I'm living and working in Thailand since 2002. I've a B Visa and work permit, my income is paid every month in my Thai account.

I've found a nice condo to buy and I would like to know if it is true that all the amount has to come from abroad. I don't have all the amount in my home country, so i would like to use some of my savings here in Thailand. Anyone know if it is possible?

I've also read that I need to provide copies of the passports of both my father and my mother to the Land Registry Department. It is necessary or is enough to provide their information?

Thanks

Alex

[trajan]

if you dont hold a small dark-blue booklet entitled "Certificate of Residence", you will need to show evidence that you remitted into Thailand the condo purchase funds....that evidence comes in the form of a "Foreign Exchange Transaction Form" (FETF) issued by the receiving bank in Thailand....on that form, the purpose of the remittance in Box 4 should state "purchase of a condo at ..." or something to that effect....I understand the minimum remittance amount needed to obtain such FETF form is US$20,000 or equivalent....

I guess in your circumstances, you could always remit the funds out of Thailand and then back into Thailand (but that's a bit expensive because of the loss on the foriegn exchange transactions and also the bank transaction fees)....

also, when I had a condo title deed transferred into my own name, I needed to provide my parents names...not sure why....

[backflip]

" I had a condo title deed transferred into my own name, I needed to provide my parents names...not sure why...."

For your protection. There have been many stories of female Thais taking over homes of farang men. They go to their home country for a vacation, only to find that their home was sold. Now, in order to transfer a deed, you need both your mother's maiden name (a common request), and your father's middle name (no one has every asks for that). So, if you tell your GF that you're going home for a week, and she insists that you leave behind a dozen copies of your passport data page signed and, oh by the way, a piece of paper with your mom's maiden name and father's middel name written on it...be suspicious.

[billaaa777]

Yes it is possible. Just depends on how cooperative your Thai bank is. Go to the bank and explain the situation. They can arrange some kind of international wire of your funds out of the country and back in minutes so you can get your letter. You must have a letter from a Thai bank to purchase a condo in your own name when you go to transfer the condo at the land office. However, the fees for this can be in excess of 12,000 BHT. But what are your alternatives. Go home and open an account. Come back to Thailand and wire the funds out and then wire them back. If you do that you will be hit by the banks with four wire fees anyway. Which will be in excess of 5,000 BHT at the minimum. Not to mention the potential for foreign currency loss.

[Nuff Said]

Yes it is possible. Just depends on how cooperative your Thai bank is. Go to the bank and explain the situation. They can arrange some kind of international wire of your funds out of the country and back in minutes so you can get your letter. You must have a letter from a Thai bank to purchase a condo in your own name when you go to transfer the condo at the land office. However, the fees for this can be in excess of 12,000 BHT. But what are your alternatives. Go home and open an account. Come back to Thailand and wire the funds out and then wire them back. If you do that you will be hit by the banks with four wire fees anyway. Which will be in excess of 5,000 BHT at the minimum. Not to mention the potential for foreign currency loss.

About 5 years ago the regulation requiring foreigners to produce a Tor Tor Sam in order to purchase a condominium in their own name was relaxed. Prior to this I was unable to purchase in my own name because my UK solicitors bank converted my money into Baht before transferring it, resulting in me not qualifying for a Tor Tor Sam. As an alternative, buyers can ask their bank for a letter stating that the funds for the transaction have been withdrawn from the their account. I've done this twice, I had to produce the sales contract and a copy of my passport. The letter cost just B300 and was ready in an hour. On both ocasions the letters were acepted without question (or bribe) at the Land Office. I also assisted a friend to purchase a condominium in his own name with just a letter from his bank, which just happens to be the same branch as mine. I would still advise anyone wishing to purchase a condo in their own name to obtain a Tor Tor Sam if possible as only these entitle the holder to transfer the money back out of Thailand with the minimum of hassle.

[tuky]

Sorry to hijack the thread, but it is along the same lines.

Monthly salary goes into a Thai bank in Pounds transfered from the UK, all the money in our account has come from overseas on a monthly basis. Does this still qualify me for buying a condo in my own name?

[FRM-BKK]

Sorry to hijack the thread, but it is along the same lines.

Monthly salary goes into a Thai bank in Pounds transfered from the UK, all the money in our account has come from overseas on a monthly basis. Does this still qualify me for buying a condo in my own name?

Hi Tuky,

Tor Tor 3 has been abolished since May 2004 and has been replaced by what the authorities now use: FETF's (foreign exchange transaction form)

I have copied and pasted the text below from an article I posted last year in this forum.

The amount you remit in one transaction has to be for at least USD 20,000 or equivalent. If you send less, the amount does not qualify for a FETF form, so make sure you remit enough to get you over 20,000 USD equivalent. ( over 12,000 pound sterling?)

If your condo is not yet ready, and you are required to make regular payments, which are smaller than 20,000 USD send several payments at once, so to get you over the 20,000 USD amount.

Also I would only pay monies into my own Thai bank account, not the account of the developer or solicitor....only your own!! This is just for safety and security. Also keep in mind the vality period of FETF's I have no experience with this as my transaction was completed in 8 weeks.

It is quite clear that amounts have to be over US 20K or equivalent in order to qualify.

In your case as an employee receiving salary in the manner you describe may qualify for FETF's

I would take this up with your bank in Thailand.

I hope this will clarify part of your question.

Good luck

FRM-UK

[tuky]

FRM-UK, thank you. It sounds as though it is still quite open to individual banks and perhaps their relationship with you.

I have a good relationship with our local bank and always get served by the manager himself rather than a teller, so it seems it may be no problem. Every now and then one of my monthly pay checks is above the required amount anyway.

The wife and I are looking into buying a condo so we can "get away from it all" for a week here or there, we discussed putting it in my name so I have some security or atleast a sense of security.

I appreciate you comment mate, thanks.