What
is a Tor Tor Sam (3) ?
A
Tor Tor Sam (3) is an official bank document issued by the receiving
bank upon the receipt of foreign currency into your bank account
in Thailand.
You must request a Tor Tor Sam from your bank when
you are remitting funds to Thailand for the purpose of purchasing
a condominium, and the Tor Tor Sam must specify that the remittance
is solely for the purpose of purchasing a property - Code 5.22.
Title
Deeds in Thailand
A Title Deed is the purest form of evidence that an individual
owns a piece of land. Title Deeds are given only for areas of Thailand
which are surveyed. For areas which are not surveyed, there are
other documents for land possession such as evidence of the possession
of the right to utilise the land or other interests in the land.
These documents are called "Nor Sor Sam (3) and Nor Sor Sam
(3) Kor". Unlike the Title Deeds, these Nor Sor documents
are issued to show the possessors' exploitation of the land.
Though these documents do not provide ownership rights, as do
Title deeds, they can still be registered for transfer of the
lands for which they are issued.
Mortgages
Foreigners generally cannot mortgage properties in Thailand, however,
most of the financial institutions in Thailand provide loans for
real estate purchasing to Thais and Thai companies.
It is common
for a real estate developer to arrange for his customers to have
a financing package from a financial institution. In most real estate
development projects, a down payment can be made in installments
from 10 to 24 months.
After the down payment has been paid, the
sale contract will be made and the balance amount is paid through
the loan which is financed from a financial institution. The financial
institution requires you to mortgage the property with it as collateral
against the loan.
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