chingmai331 Posted September 5, 2015 Share Posted September 5, 2015 If i were a tourist from USA on 30 entry stamp and 'fell in luv' with CM, could i buy a condo here for my eventual retirement, or as investment? This assuming i could easily transfer money into T'land and had no need for a bank loan. If all financial circumstances were arranged would Thai authorities have any say in Immig status of buyer? Link to comment Share on other sites More sharing options...
Mousehound Posted September 5, 2015 Share Posted September 5, 2015 Condo is no problem provided the majority of the block is owned by Thai people. You need to check that this is the situation. I have a friend who did just that. In his case he put a deposit down and had to arrange a bank account in Thailand for monies to be sent to that account. The monies have to be specifically notified by the purchaser's banks as being for the purchase of a property. This is important. He then returned on a 60 day visa (I don't know if that was essential or not - others here will know) to finalise the deal. Paper work was very simple as I understand it. Basically went to an office where the legal documents were processed on the spot. Very low government fees. All done very quickly and without fuss. He has now had the property for three or four years with no regrets. He went through a well known real estate agency, who did a good job - helped him set up an bank account and walked him through the whole process: but he did not feel the need for legal support - you may feel that it is worth talking to a legal firm in Thailand. I am more of a cautious type so would most likely seek legal advice locally, especially as it would be a major blow if things did go wrong. Link to comment Share on other sites More sharing options...
THAIJAMES Posted September 5, 2015 Share Posted September 5, 2015 You can easily do this yourself if you like to avoid paying lawyers or real estate agents (which might jack up the price considerably) 1. Find a Condo that you like, no need for an agent or lawyer, make a small deposit if necessary. The condo will need to provide you with a letter stating that occupancy of foreigners is less than 50% 2. Open a local bank account 3. Have money wired into the bank account with instructions or note that it is for the purchase of condo. If possible put the full and accurate name and address of the condo in the wire instructions. 4. After the money has arrived have the bank issue you a letter that shows transfer of funds from overseas for purchase of a condo, the letter MUST show the full address of the condo somewhere. (They might have a form for this already) 5. On the day of the transfer take cash out of the bank account and keep securely. Only give money to seller after your name has been put on the condo ownership (Chanote) and everything is finished. Keep in mind that the transfer fee which could be around 5% is up to negotiation and could be paid by either party or split between both. Link to comment Share on other sites More sharing options...
mesquite Posted September 5, 2015 Share Posted September 5, 2015 "To buy condo in CM, must i have long term visa?" Good question. So far, no answer. Link to comment Share on other sites More sharing options...
bangmai Posted September 5, 2015 Share Posted September 5, 2015 Transfer fee varies, and is a lot less if the condo has been owned more than 5 years. I would say you do need a long stay visa to go to the land office, just like opening a bank account on a tourist visa is iffy, but it could be done. Link to comment Share on other sites More sharing options...
fertilizer Posted September 5, 2015 Share Posted September 5, 2015 (edited) You don´t need any kind of visa for the transfer at Land Office. But a Certificate of Residence is requested (guess it should be issued in Thailand but I am not sure). Edited September 5, 2015 by fertilizer Link to comment Share on other sites More sharing options...
arunsakda Posted September 5, 2015 Share Posted September 5, 2015 No Link to comment Share on other sites More sharing options...
Beng Posted September 5, 2015 Share Posted September 5, 2015 (edited) You will not take the money in cash, but have your bank issue a 'cashiers cheque' in the name of the seller. At the land office, once you have received the chanote land title deed plus the blue book check it for your correct name and adress (which is all in Thai, so take someone with you who can read it) and only then hand the cheque to the seller. You need to show your passport, the visa type doesn't matter. Edited September 5, 2015 by Beng Link to comment Share on other sites More sharing options...
sappersrest Posted September 5, 2015 Share Posted September 5, 2015 I " bought" a house having a 30 day tourist visa no problems at all. (no thai wife or gf ) Link to comment Share on other sites More sharing options...
arunsakda Posted September 5, 2015 Share Posted September 5, 2015 (edited) Most say it is not needed but one will not be able to procure a yellow tabien baan in CM without a non-immigrant visa. I enquired and they will not issue even with the Thailand Elite (PE) Visa. Edited September 5, 2015 by arunsakda Link to comment Share on other sites More sharing options...
sappersrest Posted September 5, 2015 Share Posted September 5, 2015 Most say it is not needed but one will not be able to procure a yellow tabien baan in CM without a non-immigrant visa. I enquired and they will not issue even with the Thailand Elite (PE) Visa. Absolutely correct. Link to comment Share on other sites More sharing options...
bangmai Posted September 5, 2015 Share Posted September 5, 2015 I " bought" a house having a 30 day tourist visa no problems at all. (no thai wife or gf ) but technically, you are just a renter, if you used a nominee structure. I did the same thing 9 years ago. Link to comment Share on other sites More sharing options...
anfh Posted September 5, 2015 Share Posted September 5, 2015 I bought a condo six months ago. Firstly, yes a bank account in your name is needed to transfer the money from outside Thailand, make sure you only transfer enough for the initial purchase of the condo. I transferred a lot more and the Land office were very strange about this. I just had a thirty day entry permit at the time of the visit to the Land Office, and they didnt question it at all. Also, i did not have a Residence Certificate either. As far as Yellow Book is concerned, i have been told that this is perfectly possible now that i own the condo etc, but will more than likely need O type visa. Link to comment Share on other sites More sharing options...
Jeffkp Posted September 5, 2015 Share Posted September 5, 2015 I purchased my condo in CM last December with just a 30 day tourist visa. I purchased a unit in a new building from the developer and their business office handled all the paperwork. Ironically, I'm in the process of selling my house in the US and lawyers all involved and it's a pain in the... Link to comment Share on other sites More sharing options...
sappersrest Posted September 5, 2015 Share Posted September 5, 2015 I " bought" a house having a 30 day tourist visa no problems at all. (no thai wife or gf ) but technically, you are just a renter, if you used a nominee structure. I did the same thing 9 years ago. Who gives a crap about technicalities. Link to comment Share on other sites More sharing options...
true blue Posted September 5, 2015 Share Posted September 5, 2015 bought my condo 8 years ago,agreed price with vendor owner, went to bank for bankers draft gave to solictor had office in same building given chanote and blue book by solictor,took all of 20 minutes to concluded deal,no mention of visa required any were,only reason bank want record of funds,is if you wish to transfer same amount out of los. Link to comment Share on other sites More sharing options...
WorkingTourist Posted September 5, 2015 Share Posted September 5, 2015 Who gives a crap about technicalities. In this thread, where OP asked about what VISA status is required for buying a condo, I think OP cares about technicalities and might not know what it means when a foreigner “buys” a house. It does not mean, that you can actually buy a house in Thailand, regardless of VISA status. You can however buy a condo, given that it’s in the foreigner quota. Link to comment Share on other sites More sharing options...
WorkingTourist Posted September 5, 2015 Share Posted September 5, 2015 Most say it is not needed but one will not be able to procure a yellow tabien baan in CM without a non-immigrant visa. Why would it be needed (you’re implying that not all agree, that it is not needed)? Link to comment Share on other sites More sharing options...
WorkingTourist Posted September 5, 2015 Share Posted September 5, 2015 You don´t need any kind of visa for the transfer at Land Office. But a Certificate of Residence is requested (guess it should be issued in Thailand but I am not sure). Who requests a certificate of residence? For the records, such certificate just formally recognizes your current address, even if you are staying in a guest house. Can’t see why any authority would request this during a condo purchase, since the condo you are purchasing is (presumably) meant as your future address. Link to comment Share on other sites More sharing options...
arunsakda Posted September 5, 2015 Share Posted September 5, 2015 (edited) I find the time required to secure the "Certificates of Residence" to satisfy various authorities to be burdensome and onerous. What are they really but bits of paper that actually prove nothing, attract a large fee from the US Consul general, contribute to official corruption at Prom, or involve waiting for weeks? One can write any address one wants of the form, pay your money and off you go. Forging PEA statements, 3BB receipts and bank statements in my name would be quite difficult, and say a lot more about the applicant in question. I would like to have a Yellow Book as I understand Residence Certificates are not necessary if one holds a Yellow Book, but I gave up trying until I turn 50. Edited September 5, 2015 by arunsakda Link to comment Share on other sites More sharing options...
melvinmelvin Posted September 5, 2015 Share Posted September 5, 2015 I think the OP ought to be aware of that diferent Land Offices have their own ideas about the rules. I can just say that I bought a condo in LoS on a 30 day - no visa. later I also established a Thai company with me as director on a 30 day - no visa. Nobody ever asked for a certificate of residence/address. Link to comment Share on other sites More sharing options...
mjakob007 Posted September 5, 2015 Share Posted September 5, 2015 You can be on a tourist visa and still buy condo. Once you arrange finances, you dont need to be present if you have a reliable proxy. its good time to buy, due to low demand for condos and favorable $/THB rates. I have in the past done via proxy, who charged 30k for all the legal work and utility transfers etc. Condo is no problem provided the majority of the block is owned by Thai people. You need to check that this is the situation. I have a friend who did just that. In his case he put a deposit down and had to arrange a bank account in Thailand for monies to be sent to that account. The monies have to be specifically notified by the purchaser's banks as being for the purchase of a property. This is important. He then returned on a 60 day visa (I don't know if that was essential or not - others here will know) to finalise the deal. Paper work was very simple as I understand it. Basically went to an office where the legal documents were processed on the spot. Very low government fees. All done very quickly and without fuss. He has now had the property for three or four years with no regrets. He went through a well known real estate agency, who did a good job - helped him set up an bank account and walked him through the whole process: but he did not feel the need for legal support - you may feel that it is worth talking to a legal firm in Thailand. I am more of a cautious type so would most likely seek legal advice locally, especially as it would be a major blow if things did go wrong. Link to comment Share on other sites More sharing options...
arunsakda Posted September 5, 2015 Share Posted September 5, 2015 I bought in CM on a 30 day visa waiver also. I recall having to get an affidavit validating my passport from the Consulate, but that may have been to open an account at Bangkok Bank. Can't remember. Another useless and costly bit of paper, but if bureaucrats demand what choice does one have? Link to comment Share on other sites More sharing options...
stigvinck Posted September 5, 2015 Share Posted September 5, 2015 To answer the op's question. Very easy : The visa you have is of no importance. Can be non immigrant or even 30 day visa exemption. Link to comment Share on other sites More sharing options...
sikishrory Posted July 4, 2016 Share Posted July 4, 2016 You can easily do this yourself if you like to avoid paying lawyers or real estate agents (which might jack up the price considerably) 1. Find a Condo that you like, no need for an agent or lawyer, make a small deposit if necessary. The condo will need to provide you with a letter stating that occupancy of foreigners is less than 50% 2. Open a local bank account 3. Have money wired into the bank account with instructions or note that it is for the purchase of condo. If possible put the full and accurate name and address of the condo in the wire instructions. 4. After the money has arrived have the bank issue you a letter that shows transfer of funds from overseas for purchase of a condo, the letter MUST show the full address of the condo somewhere. (They might have a form for this already) 5. On the day of the transfer take cash out of the bank account and keep securely. Only give money to seller after your name has been put on the condo ownership (Chanote) and everything is finished. Keep in mind that the transfer fee which could be around 5% is up to negotiation and could be paid by either party or split between both. Regarding 3 and 4. I keep reading this over and over but not really seeing the logic in it. What if you already have the money in the thai account? Does this then not apply? Or would you need to wire over more money just for this. Not seeing this mentioned anywhere Link to comment Share on other sites More sharing options...
jobin Posted July 5, 2016 Share Posted July 5, 2016 'not seeing the logic'? 555 Your'e in Thailand, matey. Time to get over the idea that any sort of logic rules the landscape or is even considered. Superstition and corruption rule the roost here. Link to comment Share on other sites More sharing options...
CMKiwi Posted July 6, 2016 Share Posted July 6, 2016 My other half sold her condo recently (To a foreigner) and had a rather large hiccup at the land office. They demanded that the monies MUST come from overseas ie proof from bank showing the transfer. It is a weird one and I'm not sure why they insisted on this. But it took another 3 weeks to get it sorted and the buyer was not impressed. Link to comment Share on other sites More sharing options...
hml367 Posted July 6, 2016 Share Posted July 6, 2016 My other half sold her condo recently (To a foreigner) and had a rather large hiccup at the land office. They demanded that the monies MUST come from overseas ie proof from bank showing the transfer. It is a weird one and I'm not sure why they insisted on this. But it took another 3 weeks to get it sorted and the buyer was not impressed. You can read about money coming in to Thailand here https://www.samuiforsale.com/condominium/foreign-exchange-transaction-form.html Link to comment Share on other sites More sharing options...
CMKiwi Posted July 7, 2016 Share Posted July 7, 2016 Cheers for that hml367, very well explanation of what is required. Link to comment Share on other sites More sharing options...
KhonKaenKowboy Posted July 7, 2016 Share Posted July 7, 2016 what about selling a condo in LOS, and using the funds to buy another? Can you avoid doing a costly round trip with the funds? Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now