FET procedure and transfer day timeline
A reference card for the closing team: the 9-step FET procedure, purpose codes, common problems, the transfer day timeline and the T-90 to T+30 timeline
Extracted from Real Estate Project Ownership Transfer Operations Handbook · Part 4: Ownership transfer day and documents
Summarised from the Quick Reference Cards in Appendix I of the Ownership Transfer Operations Handbook. The example uses a provincial land office; adjust the timings to the actual location.
FET procedure for foreign buyers
| Steps | Responsible party | Time | |
|---|---|---|---|
| 1 | Send the fund remittance guide to the buyer | Closing Specialist | T-30 days |
| 2 | The buyer instructs the remitting bank | Buyer | T-21 days |
| 3 | Foreign currency remittance | Remitting bank | 1–3 days |
| 4 | Funds arrive in the company account and are converted into Thai baht | Receiving bank | T-18 to T-14 |
| 5 | Request the FET certificate from the bank | Closing Specialist | Within 3 days |
| 6 | Check the name, amount and purpose on the FET | Closing Specialist | Same day |
| 7 | Record it in the FET reconciliation table | Closing Specialist | Same day |
| 8 | Compliance signs off | Compliance Officer | Within the week |
| 9 | Keep the original and scan it into the system | Document Admin | Within the week |
| Code | Applies to |
|---|---|
| 318020 | Purchase of a freehold condominium unit |
| 318030 | Payment of long-term lease rent |
| Problem | Solution (per the handbook) |
|---|---|
| Remitter's name does not match | Request a correction letter from the bank. A fee applies and it takes 5–10 days |
| Wrong purpose code | Ask the bank to correct it, or prepare a declaration in the form the bank requires |
| Shortfall due to the exchange rate | The buyer remits the additional amount and requests a new FET |
| FET lost | Ask the bank to issue a replacement |
Ownership transfer day timeline
| Time | Activity | Responsible party |
|---|---|---|
| 06:30 | Final check of the document set, including the backup set | Closing Specialist |
| 07:00 | Team meeting on roles and the contingency plan (15 minutes) | Head of Closing |
| 08:00 | Travel to the land office (allow 30–60 minutes) | Team |
| 08:30 | Set up the desk and check the documents | Closing Specialist |
| 09:00 | Welcome the buyer | Sales + Closing |
| 09:15 | Final review of the contract with the buyer | Lawyer |
| 09:30 | Submit the documents at the counter | Closing Specialist |
| 10:00–11:00 | Check the documents, then assess and calculate the taxes | Land office |
| 13:00 | Pay the taxes and fees | Closing Specialist |
| 14:00 | Registration (60–90 minutes) | Land office |
| 15:00 | Hand the ownership document to the buyer | Closing Specialist |
| 16:00 | Return to the office and count the documents | Closing Specialist |
| 16:30 | Lessons-learned review (30 minutes) | Team |
T-90 to T+30 timeline
- T-90 Start the power of attorney process for foreign buyers (takes 4–8 weeks)
- T-30 Send the transfer appointment notice and check that the document checklist is complete
- T-14 Receive the final instalment and the transfer day costs; check that all FETs are in
- T-7 Request the quota certificate, prepare the cashier's cheque and confirm the appointment with the land office
- T Register the transfer and hand over the ownership document
- T+1 to T+30 Recognise revenue, close the contract liability, update the quota register and file the documents