Condo sold. Now want to buy another one. How to re-use money ?

[chiang mai]

My Friend did buy a condo near Pattaya 2 years ago with money he had in Thailand----he exchange a certain amount into foreign money $us GPD he then deposited it with a bank their coding in his book showed foreign exchange deposit on that bases the bank issued the Form (letter)---he lost a little on exchange, not as much as I thought he would. Have to stress his account was in a small bank in Mataput (near Rayong) maybe its all above board---maybe the manager was naive, but you can inquire at a main branch say you have foreign funds in cash-----it just basicly states that the condo must be purchased with foreign currency---so it was. Nothing in there about has to be a transfer from another country.

I think that's not correct:

"To qualify for foreign ownership under the Thailand Condominium Act a foreign purchaser of a condo unit is required to remit the full purchase price for the condo in foreign currency into Thailand, unless he is a resident in Thailand or eligible for foreign ownership under one of the other less common grounds of section 19 of the Condominium Act".

http://www.thailandlawonline.com/article-older-archive/condo-purchase-currency-fet-form-remittance

[natway09]

Make absolutely sure that you maintain all records of previous purchase & documents relating to incoming monies for that purpose.

Ensure all sale documents of old condo including bank accounts & offers & acceptance etc & preferably with the same bank & branch,

Now after checking that the condo juristic people where you want to buy are able register you (ie under the 49% foreign ownership rule)

best get a lawyer you trust to check that out,

Now go & buy your new condo & enjoy it

[MadMac]

I don't get that point with the lawyer that comes up all the time again. These useless bloodsuckers are good for only one thing, suck your blood.

[natway09]

One of the reasons for a lawyer Mad Mac is that they do a title search to ensure that what you are buying

does in fact belong to the seller. Not much fun finding out later

[abab]

On 7/27/2016 at 8:41 PM, LannaGuy said:

but.. but... but...

you posted:

You must go to the head office branch of Bangkok Bank. Take $20USD .Please in US currency.

Go to "Customer Service "New Accounts". Tell them that you want to set up an "International Account" to deposit the proceeds of your condo sale.

Tell them that you will be buying another condo with the funds.

You will go to the counter to deposit the $20USD. The account will be open.

YOU WILL NEED

1. Passport

2. Letter of certification from your embassy for your passport. Takes 10-30 minutes to get..

3. Bring your Chanote (Title Deed) from the property you are selling. If you have your original FET Letter you can bring it but it's not critical.

 

so what's the problem? you and poster chiang mai have indicated you are experts and have rejected my advice built on 10 years in Chiang Mai buying and selling condos in most of the buildings here

 

go take your $20 US and open an account!!! it's EASY right ???

 

 

Thank you for your explanation.

 

 

[abab]

On 7/29/2016 at 8:16 PM, MadMac said:

I don't get that point with the lawyer that comes up all the time again. These useless bloodsuckers are good for only one thing, suck your blood.

 

 

Exactly !! haha ! As some people cannot live without a wife/maid, some cannot live without a lawyer !

 

[CMBob]

On ‎8‎/‎2‎/‎2016 at 3:58 PM, natway09 said:

One of the reasons for a lawyer Mad Mac is that they do a title search to ensure that what you are buying

does in fact belong to the seller. Not much fun finding out later

Exactly.  Now, admittedly, while the vast majority of real estate and condo sales proceed without any problem, it's the unlucky buyer that sometimes find out that there is an underlying mortgage or another owner or whatever (all of which are superior to the interest the buyer is purchasing).  If somebody wants to risk 1-5+ million baht that they won't be the unlucky one, that's their gamble while some others don't like to gamble with that amount of money. 

 

Calling all lawyers bloodsuckers is a childish inaccuracy even though MadMac, I'm guessing, is basing his opinion on his extensive personal experience with lawyers.  

[Chicog]

On 7/26/2016 at 2:14 PM, chiang mai said:

Too much bar stool nonsense here:

Condo's do not have channotte's.

Sending 5 mill. baht overseas is easily done if the rules are followed and the paperwork proving inbound funds is available.

Trying to buy property in Thailand using ATM withdrawals as proof of inbound foreign currency transactions is impossible since ATM's in Thailand do not dispense foreign currency and trying to provide the Land Office with ATM receipts as proof of is ludicrous.

 

I bring in Thai baht from the sandpit all the time to deposit in my savings account, and my bank knows it.

 

 

 

[MadMac]

Well mate, I own 2 houses and 2 condos in BKK and CNX. Barely had to touch a lawyer before it came to the transfer of the CNX property which had to go through the family court as the underaged daughter was in the land papers (good thing!). Bloodsuckers knew each other and price went up with the next one we asked. In the end we DELETED waited until she was 20. Done.

Edited November 12, 2016 by seedy
Language

[abab]

So, did you buy a new condo with the previous condo money ?

 

 

[invex]

On 11/12/2016 at 6:34 AM, CMBob said:

Exactly.  Now, admittedly, while the vast majority of real estate and condo sales proceed without any problem, it's the unlucky buyer that sometimes find out that there is an underlying mortgage or another owner or whatever (all of which are superior to the interest the buyer is purchasing).  If somebody wants to risk 1-5+ million baht that they won't be the unlucky one, that's their gamble while some others don't like to gamble with that amount of money. 

 

Calling all lawyers bloodsuckers is a childish inaccuracy even though MadMac, I'm guessing, is basing his opinion on his extensive personal experience with lawyers.  

Come on CMbob....... no money to buy a condo, so just post some nonsense?

 

First: One doesn't need a lawyer at all for real estate transactions in Thailand. It is a waist of time, energy and money.

 

Second: The Thai Land Office acts as an Escrow Agent and as a Title Insurance Company. If any mortgages or other liens /claims on the property one CANNOT sell / buy. Simple. The property is 100 % clean when transferred by the Thai Land Office to your name and when one holds the Title Deed (Chanote and within minutes). 

 

Do I now forward you the bill a lawyer would invite you to pay?