Bank account

I believe you will need to open account in Thailand before you can send funds due to current world situation.

If Canada banking regulations are similar to US you should not need to make two trips.  Go into your Canadian bank before you leave and fill out any necessary paperwork that will enable you to transfer funds to a foreign bank using internet banking or phone call/fax to bank.  You would then fly to Thailand and open your account in one of the three major banks (Bangkok Bank, Kasikorn Bank or Siam Commercial Bank).  Then using method your Canadian bank allows, internet banking or phone call/fax, transfer funds to your Thailand account.

Make sure you transfer Canadian dollars so exchange to Thai baht will be done in Thailand before it goes into your account.  You get a better exchange rate.

Also make sure the transfer order from sending bank states funds are for condo purchase.  Your Thai bank will include this info on the FET letter that will be needed when condo ownership transfer takes place at land office.

I would suggest you open account at main Pattaya office at one of three banks mentioned above.  Some of the smaller offices might be clueless about FET letter.  The FET letter is usually issued at foreign exchange desk in bank.

You did not say if you were buying off-plan(not build yet)condo or resale condo.

Thanks a lot. I really appreciate your sagacity and your suggestions. In fact I am open to both types of deals, used one or new project but I am not sure yet what is the better option. I emailed couple of realtors but have not heard anything except acknowledgement. It was January 2012 that I visited Pattaya and I liked it. Though I had been to Bangkok numerous times but never been to Pattaya. I would appreciate your feedback as you guys are the best source of information.
The banking regulations in Canada are same and I would follow your advise while dealing with transfer issue. I was surfing on the net that many projects are coming up and due for completion in 2014-2015. Are the realtors properly regulated as in Canada or USA. I was looking one property (Acqua Condominium Pattaya) and  others as well houses by Baan Dusit Pattaya park. I do not weant to make an irrational move that's why I would like to listen to your valuable inputs.

I think the main problem with realtors in Pattaya is lack of MLS (multiple listing service). You are forced to use multiple realtors to view all properties you might be interested.

I very recently purchased a resale condo in Pattaya and highly recommend Big Mango Properties because they seem to provide good service. The agent I used is no longer with company but Terry ([email protected]) will provide excellent service. I tried a couple other realtors but found Big Mango more to my liking.

You can give this site a try because they have attempted to compile a complete listing of condo's for sale or rent in Pattaya area.  (www.pattayacondoguide.com)  Its a good way to locate properties you might wish to view.

I for one would not buy a new construction that is due completion at some future date.  Sure you might get a good price for off-plan purchase but it may very well go past contract completion date.  I met one owner who waited over a year past promised completion to take possession.

I prefer resales for a couple reasons.  It allows you to see how well the building is being maintained and what the build quality is like.

I do not know your plans for condo or how much you plan to spend but you might give preference to Naklua/Wongamat or Pratumnak Hill areas.  I suggest because its more relaxed and all the night life is not in your face but you are just minutes away.

You mentioned houses but if you do not know a foreigner cannot own land in Thailand but can own the house so many foreigners have gone the Thai company route for ownership of the land.  Many may disagree but using a Thai company you set up to own land is circumventing Thai law and some day it may come back to bite you. This issue raises it head every couple years and at some point the Thai's will crack down on Thai companies acting as proxy for foreigner to buy land because it is against Thai law.

I have many other comments but am burned out typing so that its for now.

I would advice to be very careful with buying real-estate in Pattaya. I would never buy off-plan (not build yet) as you never know if they are really going to build them. There is a long list of buildings that have never been build or just started and never finished. Investors have lost most of their money.

Then there is the problem of maintenance ... is the building-owner really going to do maintenance? Are the co-owners willing to pay for it? How will the condo look after 5 years? There is also a long list of buildings that are not maintained properly and owners are losing investment as the value of the building goes down.

Condo's can be owned by non-Thai as long as the all building is maximum 49% owned by non-Thai (as you actually buy a part of a company that owns the land).

If money is no issue just do what you like otherwise do not just jump in the wagon of Pattaya overrated real-estate. There is so much for rent, stay there for a while and have a look.

Chang Noi