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

[LannaGuy]

I successfully sold my most recent condo., five years ago!

Congratulations! by the way... the farang ownership book is YELLOW only Thai Citizens can obtain a BLUE book - but you know best eh?

[chiang mai]

No I have a chanotte....on one side is the names of the previous owners, the only difference is the drawing is of the condo (size etc) not the land as my house (wife's name) has---other than that it is exactly the same......I got a book about a year after went and applied myself. I also know other people with Condo's all have chanottes.................something seems certainly amiss with your purchases, I know a Thai in the same block who took his chanotte along to the bank as security for a car loan.

I have no explanation for this and can't even begin to guess at one. I lived in two of the units, collected rent on the third, (all over time) and wrote about various aspects of it all on TVF from time to time. various TVF members will be able to atest to those things. Confusing but interesting.

[chiang mai]

I successfully sold my most recent condo., five years ago!

Congratulations! by the way... the farang ownership book is YELLOW only Thai Citizens can obtain a BLUE book - but you know best eh?

I have never had a yellow Tabien Bahn, not even at the house I live and effectively own via an usufruct currently. I've only ever had a blue book for the condo's I have owned and no, I am not Thai.

[LannaGuy]

I successfully sold my most recent condo., five years ago!

Congratulations! by the way... the farang ownership book is YELLOW only Thai Citizens can obtain a BLUE book - but you know best eh?

I have never had a yellow Tabien Bahn, not even at the house I live and effectively own via an usufruct currently. I've only ever had a blue book for the condo's I have owned and no, I am not Thai.

very strange indeed... I have a yellow book for one of my condo's (you can only have one) and my Thais friends have the equivalent blue versions. To get it took 3 visits to the office and two Thai 'witnesses' who signed that I lived in the condo.

For all my 30 condos I have had Chanotes so I have no explanation.

[chiang mai]

I have never had a yellow Tabien Bahn, not even at the house I live and effectively own via an usufruct currently. I've only ever had a blue book for the condo's I have owned and no, I am not Thai.

very strange indeed... I have a yellow book for one of my condo's (you can only have one) and my Thais friends have the equivalent blue versions. To get it took 3 visits to the office and two Thai 'witnesses' who signed that I lived in the condo.

For all my 30 condos I have had Chanotes so I have no explanation.

Yes, the yellow tabien bahn denotes foreign residency in a property and is the equivalent of the blue tabien bahn for a Thai, except that the blue tabien bahn may separately also indicate ownership, on a different page. Again, I have never held either.

I'm intrigued by this now hence I'll send an email to my long standing Thai Solicitor and ask her for her inputs, given that she handled all the sales and purchases for me.

[LannaGuy]

I have never had a yellow Tabien Bahn, not even at the house I live and effectively own via an usufruct currently. I've only ever had a blue book for the condo's I have owned and no, I am not Thai.

very strange indeed... I have a yellow book for one of my condo's (you can only have one) and my Thais friends have the equivalent blue versions. To get it took 3 visits to the office and two Thai 'witnesses' who signed that I lived in the condo.

For all my 30 condos I have had Chanotes so I have no explanation.

Yes, the yellow tabien bahn denotes foreign residency in a property and is the equivalent of the blue tabien bahn for a Thai, except that the blue tabien bahn may separately also indicate ownership, on a different page. Again, I have never held either.

I'm intrigued by this now hence I'll send an email to my long standing Thai Solicitor and ask her for her inputs, given that she handled all the sales and purchases for me.

will benefit us all thanks

[Dante99]

I was told that the Blue Book Thais have is a House Registration document recording who lives at the property and the ownership document is the Chanote. I do not think I would buy a condo without a Chanote issued with my name on it.

Yellow Book ia also a house registration document, isn't it?

[evenstevens]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

^^^^^B/S

post # 14 is on the money

its A Neil Young early evening to all my readers

Not true... that blue form is for taking the funds out of Thailand you need to send out and back again so WHO is the BS now???????

hang on to your horses

if your first condo foreign ownership is legally in order, he/she, can use the funds of their first condo sale , to buy another, so on so on

and hence the word Legally

[oxo1947]

Yellow Book ia also a house registration document, isn't it?-----Dante99

I don't think so Dante99....I think that it proves that you reside in that house---you can get internet / True visions etc put on in your name...does not prove that you own it...in fact some services still want a letter from the owner before they install.

Edited July 26, 2016 by oxo1947

[namatjira]

I would be concerned if I bought a condo and did not have the Chanote in my name.

When I bought mine the lawyer explained very carefully about the importance of it.

My name in Thai is registered as the new owner as are previous owners.

Of course you get a chanote, if you do not have one it's time to find out who's name is on it.

[dcnx]

And the answer is:

If you bring money into Thailand from overseas to buy a condo. and then you sell that same unit, the the Land Office will issue you a (blue) receipt showing the amount of tax paid on its sale. The blue receipt, plus the letter from your bank showing the original funds came from outside Thailand are all you require to legally purchase a second property. In other words you need an audit trail that traces your original funds from overseas, through purchase and sale and importantly, through the tax paying process. You DO NOT need to send the sale proceeds out and then back again.

Please note that if for example you bring one million baht into Thailand, buy a condo for the same amount and then sell the unit for one million baht, BUT you only declare the sales value of the unit as being 800k and you pay tax on that amount, available funds for your next purchase is limited to 800K and not one million.

Thank you.

Any idea what the blue receipt is called in Thai?

[LannaGuy]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

^^^^^B/S

post # 14 is on the money

its A Neil Young early evening to all my readers

Not true... that blue form is for taking the funds out of Thailand you need to send out and back again so WHO is the BS now???????

hang on to your horses

if your first condo foreign ownership is legally in order, he/she, can use the funds of their first condo sale , to buy another, so on so on

and hence the word Legally

Oh I guess my Thai lawyer is wrong? yes in the 'past' some banks would issue a 'new' letter saying funds were from 'outside' Thailand and if you can find a branch who will still do so 'choc dii'

the horse has bolted old chap

[HampiK]

My 5 condo chanotes must be fakes then?

You have an ownership book, you do not have a chanotte.

nope... I have a large A3 Chanote (5 actually) with a nice red Garuda at the top! still on that bar stool?

All I can say then is this an an anomaly, in owning two different units at Floral and one at Rim Ping I've never been issued with anything other than a blue ownership book. And the fund I used to buy at Rimping were the sales proceeds from one unit at Floral. Anyone?

The blue book is of no meaning. This is for thai people to register that they live inside the condo. The ownership document is a bigger than A4 document see below

[KhonKaenKowboy]

I would be concerned if I bought a condo and did not have the Chanote in my name.

When I bought mine the lawyer explained very carefully about the importance of it.

My name in Thai is registered as the new owner as are previous owners.

Of course you get a chanote, if you do not have one it's time to find out who's name is on it.

I bought my condo in February 2014, as a foreigner. I got the Chinote with my name translated to Thai on the back. I believe there is also a record of mtty parent's names (US Citizens). About a year later, I decided to get a Yellow Book. First, took Chinote to Immigration and got LOR. Took 1 Thai with me to Tambon office...Su Thep actually has two it is so big. After a few weeks, they gave me a Blue Book, then a week later, gave me a Yellow Book. I now have all three....Blue will be handy if I sell to a Thai, Yellow is great for proof of residence, but the Chinote is what shows ownership. When me and the attorney bought a house, there was an existing loan, and that was all part of the Chinot...we were given a Blue, and two years later, the new buyer had a loan, and again, Blue didn't mean a thing to KTB, who issued a loan, and I just casually gave her the Blue, after all was done.

But back to the condo, if I sell to a farang, I think he/she will get my Blue, and use that to get their own Yellow, and I will have to cancel my yellow and show as proof to get another one....but I have not done that, so not sure....but If you bought a condo and don't have Chinote, something is clearly wrong. I've had several farang tell me I was lying about Blue on my condo, and they wouldn't recant until I showed them, and will be happy to post photos for this clown contest, as well.

[chiang mai]

And the answer is:

If you bring money into Thailand from overseas to buy a condo. and then you sell that same unit, the the Land Office will issue you a (blue) receipt showing the amount of tax paid on its sale. The blue receipt, plus the letter from your bank showing the original funds came from outside Thailand are all you require to legally purchase a second property. In other words you need an audit trail that traces your original funds from overseas, through purchase and sale and importantly, through the tax paying process. You DO NOT need to send the sale proceeds out and then back again.

Please note that if for example you bring one million baht into Thailand, buy a condo for the same amount and then sell the unit for one million baht, BUT you only declare the sales value of the unit as being 800k and you pay tax on that amount, available funds for your next purchase is limited to 800K and not one million.

Thank you.

Any idea what the blue receipt is called in Thai?

Sorry I do not know.

[chiang mai]

Yellow Book ia also a house registration document, isn't it?-----Dante99

I don't think so Dante99....I think that it proves that you reside in that house---you can get internet / True visions etc put on in your name...does not prove that you own it...in fact some services still want a letter from the owner before they install.

Again, yellow and blue house books (tabien bahns) denote residency not ownership, BUT, there is ALSO a page in the blue house book, for Thai people only, that is used to denote ownership.

[chiang mai]

^^^^^B/S

post # 14 is on the money

its A Neil Young early evening to all my readers

Not true... that blue form is for taking the funds out of Thailand you need to send out and back again so WHO is the BS now???????

hang on to your horses

if your first condo foreign ownership is legally in order, he/she, can use the funds of their first condo sale , to buy another, so on so on

and hence the word Legally

Oh I guess my Thai lawyer is wrong? yes in the 'past' some banks would issue a 'new' letter saying funds were from 'outside' Thailand and if you can find a branch who will still do so 'choc dii'

the horse has bolted old chap

It wouldn't be the first time in the history of Thailand that two lawyers here gave conflicting advice on the same subject.

Edited July 26, 2016 by chiang mai

[chiang mai]

I successfully sold my most recent condo., five years ago!

Congratulations! by the way... the farang ownership book is YELLOW only Thai Citizens can obtain a BLUE book - but you know best eh?

Post 43 would seem to confirm my version that I received a blue book with each purchase, albeit it is of no meaning since it denotes residency for Thai's, too bad they don't issue a yellow boo to foreigners for the same reason. Surely, if you have bought and sold over 30 units you must have received a blue book also, at least once?

[evenstevens]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

Not true... that blue form is for taking the funds out of Thailand you need to send out and back again so WHO is the BS now???????

hang on to your horses

if your first condo foreign ownership is legally in order, he/she, can use the funds of their first condo sale , to buy another, so on so on

and hence the word Legally

Oh I guess my Thai lawyer is wrong? yes in the 'past' some banks would issue a 'new' letter saying funds were from 'outside' Thailand and if you can find a branch who will still do so 'choc dii'

the horse has bolted old chap

i have not mentioned a lawyer being involved !!!!!!,OR your lawyer being wrong!!!!!, u appear to like changing the goal posts!!!! around, to suit your condo business arrangements etc etc

get real,!!!! and stop implying my last post is incorrect, sadly you have been misinformed that funds from the sale of the first condo to buy another (providing it is executed legally and above board) is not water tight

keep doing it your way , no skin off E/S nose

a bonza good morning to all

[LannaGuy]

I successfully sold my most recent condo., five years ago!

Congratulations! by the way... the farang ownership book is YELLOW only Thai Citizens can obtain a BLUE book - but you know best eh?

Post 43 would seem to confirm my version that I received a blue book with each purchase, albeit it is of no meaning since it denotes residency for Thai's, too bad they don't issue a yellow boo to foreigners for the same reason. Surely, if you have bought and sold over 30 units you must have received a blue book also, at least once?

I had two seller's give me a blue book but it is irrelevant as it's for Thai's only and belongs to the Thai who once owned the condo. The CHANOTE is the ownership document so please stop talking about the 'blue book' as I threw those in the bin as they were meaningless. I got ONE yellow book for residency purposes but this is NOT related to ownership.

You never had a Chanote which is the thing which you should be very concerned about or maybe your lawyers had it and kept it on your behalf but you came on this thread 'advising' and saying no one has a Chanote and you were very clearly wrong.

Edited July 27, 2016 by LannaGuy

[LannaGuy]

you are NOT allowed to use the proceeds of a sale as funds must come from outside Thailand

Not true... that blue form is for taking the funds out of Thailand you need to send out and back again so WHO is the BS now???????

hang on to your horses

if your first condo foreign ownership is legally in order, he/she, can use the funds of their first condo sale , to buy another, so on so on

and hence the word Legally

Oh I guess my Thai lawyer is wrong? yes in the 'past' some banks would issue a 'new' letter saying funds were from 'outside' Thailand and if you can find a branch who will still do so 'choc dii'

the horse has bolted old chap

i have not mentioned a lawyer being involved !!!!!!,OR your lawyer being wrong!!!!!, u appear to like changing the goal posts!!!! around, to suit your condo business arrangements etc etc

get real,!!!! and stop implying my last post is incorrect, sadly you have been misinformed that funds from the sale of the first condo to buy another (providing it is executed legally and above board) is not water tight

keep doing it your way , no skin off E/S nose

a bonza good morning to all

It's pointless discussing it with you as you are so rude and clueless and, yes, you are incorrect. It is possible your bank made out a second letter and you got away with it. Things were very much easier even 3 years back and if someone can con their bank into issuing a letter good luck to them but you, sir, are insulting as I am giving my best advice built over a decade of buying and selling condos.

My best advice based on my experiences:

Chanote in your name

Get one yellow book to avoid residence certificates

Technically you need bring money from outside but you might get lucky and bank issue a letter

Edited July 27, 2016 by LannaGuy

[evenstevens]

Technically you need bring money from outside but you might get lucky and bank issue a letter

Going For Breaks Now!!!!!

have a nice day

[chiang mai]

I successfully sold my most recent condo., five years ago!

Congratulations! by the way... the farang ownership book is YELLOW only Thai Citizens can obtain a BLUE book - but you know best eh?

Post 43 would seem to confirm my version that I received a blue book with each purchase, albeit it is of no meaning since it denotes residency for Thai's, too bad they don't issue a yellow boo to foreigners for the same reason. Surely, if you have bought and sold over 30 units you must have received a blue book also, at least once?

I had two seller's give me a blue book but it is irrelevant as it's for Thai's only and belongs to the Thai who once owned the condo. The CHANOTE is the ownership document so please stop talking about the 'blue book' as I threw those in the bin as they were meaningless. I got ONE yellow book for residency purposes but this is NOT related to ownership.

You never had a Chanote which is the thing which you should be very concerned about or maybe your lawyers had it and kept it on your behalf but you came on this thread 'advising' and saying no one has a Chanote and you were very clearly wrong.

Yes, I accept(ed) that I was/am incorrect in respect of the channotte and I will post the answer to that issue when my lawyer responds. It is, as you suggest, likely that she has kept them in the past since she operates a safe custody arrangement for me in respect of important documents and other things, she alone has managed the purchase and sale of all my previous properties but let's not second guess.

I fully understand the purpose of yellow and blue books, 100% so please, enough of the reinforcement of the subject

My question however is, since all Thai's have to be registered somewhere, does the Thai wife of a foreigner living in a foreign owned condo., not have to/should register using the residency section of the blue book issued to the condo owner, the one you throw away? Certainly many Thai remain registered in the house books of their family homes for long periods but there comes a time when this needs to change, it did with my wife.

[KhonKaenKowboy]

In my case, the Blue Book was a step in getting the Yellow, even as a foreign condo owner. I think if the seller had given me the blue, when I bought, it would have eliminated 2 of the 11 trips I made in the process of obtaining yellow. Also, it will be handy if I sell to a Thai, or even a foreigner, because it will be necessary for them to get a yellow. I just looked at my Blue...it has a description of the unit with address, but does not mention my name, but does show the date I aquired it...so likely just says FARANG....it does have a distinctive property number; not found on the Chinot, that is carried over to Yellow, and my Thai ID number is a variation of that number with a 6 added to the front, and five of the digits are the same, which may indicate Tambon. So now I have a PIN and a TIN, but it looks like I can use either for the Revenue Department.

[baywatch82]

CHANOT
You need to have chanot document for your condo. It is the most important and the only proof you are the owner. You don't need to keep an other documents (but should) other than this one. Your name is written in it. Without it, you will not be able to sell your condo. If you don't have it, or you don't know where it is, make your way as soon as possible to the Land Office, and confirm that you really own your condo. They have second copy of the chanot document.

BLUE BOOK.
Yes I have received blue book with 3 out of 7 condos that I own. However, your name can not be in that book, unless you are Thai Citizen. So yes, I have it for some condos, but it is totally useless for me. When I am buying a condo, I don't care the seller will give me blue book or not. Not important.

YELLOW BOOK.

It is exactly the same document as a Blue Book, but for foreigners. Your name will be written in it. You can apply for it in your local Amphur. Very usuful thing in many cases, as it is document certifying you residence. You will never need Residence Certificate from Immigration anymore if you have a yellow book.

Edited July 27, 2016 by baywatch82

[chiang mai]

I guess nobody can answer the question I asked earlier whether the wife of a foreigner, living in a foreign owned condo, needs to use the blue book issued to that condo to register her residence. I'll ask my solicitor and post the answer.

[LannaGuy]

Yes, I accept(ed) that I was/am incorrect in respect of the channotte and I will post the answer to that issue when my lawyer responds. It is, as you suggest, likely that she has kept them in the past since she operates a safe custody arrangement for me in respect of important documents and other things, she alone has managed the purchase and sale of all my previous properties but let's not second guess.

I fully understand the purpose of yellow and blue books, 100% so please, enough of the reinforcement of the subject

My question however is, since all Thai's have to be registered somewhere, does the Thai wife of a foreigner living in a foreign owned condo., not have to/should register using the residency section of the blue book issued to the condo owner, the one you throw away? Certainly many Thai remain registered in the house books of their family homes for long periods but there comes a time when this needs to change, it did with my wife.

and don't forget the green book is for your motorbike

(just a little humour)

No idea about the 'Thai Wife' as I never had one (as I like to rent rather than buy) but interested to hear the outcome

Edited July 27, 2016 by LannaGuy

[iancnx]

My neighbor was able to get the Chinot on his condo after paying with a series of ATM withdrawals. It was several years ago, and only abpit 500K, but he did it, with a few knowledgeable Thais. There is generally more tea money at the land offices than a Lipton factory...nut, as a farang, ypu will need a knowledgeable co-conspirator. Same goes for large outbound wires....somewhere around a 20K fee to send out 5 million, at once.

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.

My 5 condo chanotes must be fakes then?

I too own two condo's in CM. Both have a genuine A3 Chanot given to me by my Lawyer together with two blue books on date of transfer. My name is on the Chanots in Thai. No name in the blue books

I too own two condo's in CM. Both have a genuine A3 Chanot given to me by my Lawyer together with two blue books on date of transfer. My name is on the Chanots in Thai. No name in the blue books. I have a yellow book for my Residence - a house in the country

Edited July 27, 2016 by iancnx

[iancnx]

Lanna Guy. Thanks for your posts. A little off topic. I am about to sell one Condo as I want to repatriate funds back to UK. I would be grateful if you or anyone could summarise the process. The original funds were bought in as a Foreign Currency Deposit in GBP at Kasikorn Bank @8 years ago. My Lawyer dealt with the bank and the land office on my behalf. Unfortunately my ex Lawyer at Sunbelt has moved on to pastures new. I'm not being lazy - I know I need to contact them. I live 5 hrs drive away in the middle of nowhere, so preliminary advice here would be appreciated.

[chiang mai]

IAN - FWIW:

Sell condo, pay tax at Land Office, obtain blue receipt showing tax paid on what sale amount.

Bank funds, preferably in the same account as when you bought the condo, at least the same bank.

Tell bank you want to transfer and how much, produce blue receipt from LO.

Also produce confirmation that funds to but condo originated overseas, produce either a foreign currency transaction form, a coded entry in your passbook showing receipt of foreign currency, or similar.

Send funds to UK.