condo purchase

[john falconer]

hi everybody,when ever i have purchased condos i have transfered the funds from the uk and obtained tt3 certificates to prove the funds were legal,and told to keep the tt3 papers if the money needed to be sent back at any time..i recently sold a unit and banked the funds in a thai bank only to be told that to use this money again to purchase needs a turnaround in the bank or to be sent to uk and back again.(land office rules) i have heard that a BAI LAP LONG is a letter obtainable from the bank which will enable me to use the funds ok..does anybody out there know what is required.(i asked jw and he didnt know)..thank you.

[Jim]

Good question, will be very interested if anyone has the answer. The TT3 metamorphosed into the TT40. When I was last transferring over BKK Bank told me that they no longer issued these and all that was needed was their records that the money was tansferred from outside for property investment. I have copies of all their receipts!

Can anyone update on this?

[bambergasgoigne]

Jim

I was told the same when making recent purchase. I'm not even sure where I have the receipts of money coming in from foreign bank, but I must have it somewhere.

Assuming that you started with a 'legal' foreign transfer. (no hot money), my understanding (well it was really only an assumption of the bleedin obvious) was that you could sell your property, lodge money to bank, and rebuy with that money. No need to transfer money out and back in to Thailand, which would incur huge loss in Exchange rate Sell/Buy rates. Surely there are some Estate agents who use this forum who could put us right on this. A bit strange that there has been no reply since June 28.

Bamber

[john falconer]

hi,i have spoken to many agents recently in hua hin and pattaya and all look lost when i put the question to them..they obviously dont know what i am on about ,but go to your bank and tell them you want to use your savings to purchase a condo and they will refuse to carry out the transaction!.........they just say that the land office ruling has changed and the tt3 is now obsolete!!

[Norseman]

I'm a little confused here.
Has the law changed or been replaced by something else called Bai Lap Long?


Is the below history now?

In order to transfer any monies used to purchase a condominium back out of the country at a later date
you will need proof from the bank that the monies were used for this purpose so you will need to get either a Tor Tor 3 form
or a payment slip from the bank as supporting proof.

Tor Tor 3 (TT3) and payment slips explained.

A Tor Tor 3 (TT3) is actually now called a Foreign currency transfer form.
This form is only necessary if you transfer over 20,000 USD into Thailand in any foreign currency to buy a property
and at a later date you wish to sell the property and transfer the money back out of the country.
For any other payment method you will need to collect a payment slip if you want to transfer money back out of the country.
The following lists the scenarios for obtaining a TT3 form or payment slip:

If you transfer a foreign currency amount greater than 20,000 USD to Thailand straight into the developer's bank account,
then the developer can get the TT3 form from the bank for you.
If you transfer a foreign currency amount less than 20,000 USD to Thailand straight into the developer's bank account
then the developer can get a payment slip from the bank for you as support documentation (instead of a TT3 form).
If you transfer a foreign currency amount greater than 20,000 USD into a bank account you hold in Thailand
and subsequently transfer that money to the developer's bank account in Thailand then you are responsible for getting the TT3 form from your bank.
For all other methods of payment, you will need to get a payment slip from the bank for support documentation (instead of a TT3 form).
Please note that if you have transferred money into Thailand over 10 years ago and did not get a TT3 or payment slip
then unfortunately as the banks don't hold records that long, then there is no way the bank can provide you with a TT3 or payment slip.

[john falconer]

as i previously mentioned,i sold a condo and put the funds into a thai bank.the condo was purchased about18 months ago with tt3 supplied,sold after approx 15 months and have held the money in the account,this bank have done all my previous transactions and they now insist.....send the funds back to the uk or we can turn around in the bank for a fee..a real estate agent told me that his bank will provide a bai lap long letter if i purchase a unit through his company using his bank account.so what is the answer,because looking around in hua hin as i have done for the last few months,i am at a lost cause and nobody down there knows what i am on about?......unless??

[ozuncle]

John
It all seems very strange to me that you cant use YOUR money as you wish.

I think you should be talking to a good lawyer, not a real estate agent.

If/when you get a ruling, would appreciate if you could advise the outcome.

[john falconer]

hi ozuncle,well i took my sales docs down to a development and they have assured me i can go ahead with a purchase using, the property deeds of the unit sold,proof of payment from purchaser of your old unit ,proof of q being paid into bank account and proof of the purchase of the old unit by me showing money coming in from o/s thailand..seen anything you like then?

[ozuncle]

Hi John,
I gather that by providing all the documents quoted above, that you can now in fact purchase a Condo using the funds from your previous Condo sale.

If so I am glad that you have cleared the matter up.

I am however confused by your last words "...seen anything you like then?"

[john falconer]

hi ozuncle,i was referring to bricks and mortar not totty..