Paying for a condo & sending paymet to sellers British account

[chocolatesound1]

1 minute ago, Fairynuff said:

Maybe I’ve been lucky but no agent/vendor/purchaser has ever tried to con me. Transfer fee can vary but not much either side of 2%

and is that split 2 ways?

[Fairynuff]

32 minutes ago, KittenKong said:

You have already paid far more as a deposit than I ever would in Thailand. Pay no more until the transfer happens.

Bear in mind that you have little protection in law regarding this deposit money, and probably dont have a decent and specific contract to back it up either. If the sale falls through for whatever reason you may find that the deposit is not returned to you.

The only exception to this would be for some wonderful property that has dozens of people clamouring to buy it. I dont believe that any such property exists in Thailand, and indeed most properties here sit for months or years without any interest being shown in them at all.

100k thb is a normal deposit to expect to pay on a lower priced condo. Higher price would demand a higher deposit. Unless you’re buying off plan, which I have also,done, then no further deposits until day of transfer. 

[newnative]

1 hour ago, chocolatesound1 said:

Thanks.

I gave a 100,000 deposit to take it off of the market while the DD was done. Are you saying there's usually another deposit put down at the time of the contract signing and then the final payment is made the day of the transfer? That actually would be better for me since I'm going to be there in 6 weeks and could make the final payment when I arrive if that's the case. 

 

 

Usually just 1 deposit, before or at the contract signing, with the deposit usually written into the contract. 

[Fairynuff]

36 minutes ago, chocolatesound1 said:

and is that split 2 ways?

Yes. 

[Sprigger]

Don’t buy a condo, will be the biggest mistake of your life. It’s that cheap to rent and getting cheaper due to the glut of unsellable units. Get out whilst you can.

Edited June 29, 2018 by Sprigger

[dddave]

13 minutes ago, Sprigger said:

Don’t buy a condo, will be the biggest mistake of your life. It’s that cheap to rent and getting cheaper due to the glut of unsellable units. Get out whilst you can.

I've been in Thailand for 15 years and nay sayers have been saying the same for 15 years.

[KittenKong]

100k thb is a normal deposit to expect to pay on a lower priced condo. Higher price would demand a higher deposit.

Again with the "normal".

Personally I see little reason for paying any sort of deposit in Thailand.

Why not? Because a sale can be decided and done within a day to two at the most. And because there is nothing even approaching an escrow system, and agents are not regulated or controlled in any way here and could have a long history of fraud.

[Fairynuff]

3 hours ago, Sprigger said:

Don’t buy a condo, will be the biggest mistake of your life. It’s that cheap to rent and getting cheaper due to the glut of unsellable units. Get out whilst you can.

Not everyone wants to pay rent. I’ve made a decent profit on every condo I’ve sold except for one where in THB I broke even but made a profit on exchange rate. Not exactly the biggest mistake of my life

[Fairynuff]

2 hours ago, KittenKong said:

Again with the "normal".

Personally I see little reason for paying any sort of deposit in Thailand.

Why not? Because a sale can be decided and done within a day to two at the most. And because there is nothing even approaching an escrow system, and agents are not regulated or controlled in any way here and could have a long history of fraud.

Personally I see no reason to take a blind bit of notice of anything you have to say given that it’s largely inaccurate 

[KittenKong]

Personally I see no reason to take a blind bit of notice of anything you have to say given that it’s largely inaccurate

Strange then that what I've been saying seems to exactly match what the OP has experienced, and also the experiences of many other people.

Still, you are more than welcome to believe what you wish.

[newnative]

3 hours ago, Fairynuff said:

Not everyone wants to pay rent. I’ve made a decent profit on every condo I’ve sold except for one where in THB I broke even but made a profit on exchange rate. Not exactly the biggest mistake of my life

     I agree.   My partner and I have made a profit on all our condo sales.  We like owning, having our own things, and being able to do what we want with the condo.  

[inThailand]

Its never been better to be a buyer here. You hold all the cards, unless this is a very special and unique condo. 

[david555]

16 hours ago, KittenKong said:

Again with the "normal".

Personally I see little reason for paying any sort of deposit in Thailand.

Why not? Because a sale can be decided and done within a day to two at the most. And because there is nothing even approaching an escrow system, and agents are not regulated or controlled in any way here and could have a long history of fraud.

And agents are aware that going to court to get your deposit back go cost you even more than the deposit is worth ?……, example if the condo can not registered on foreign name as he is /was  part of a temporary relaxing from  the foreign quota to a higher part in the past , which is now not accepted anymore , present owner can keep condo on his/her name but not transferring it to foreign name …., and there your deposit goes in the pocket from ….. yes ! 

Best is always making an clause in any contract that sale is void if not possible to transfer in foreign name to avoid this and other problem of breach of contract 

As Kittenkong said , if your money is ready it is easy to take seller with you to bank for confirmation money ready , as even by my latest transaction , my F.E.T . form could only be delivered if showing the credentials from the condo , not before anymore (Kassikorn Pattaya Klang main branch 2th floor international transfer handling lady …)

So trust is easy to show …..loosing your deposit even more easy 

Edited June 30, 2018 by david555

[Fairynuff]

19 hours ago, dddave said:

I've been in Thailand for 15 years and nay sayers have been saying the same for 15 years.

Yep, they have, and while they’ve been paying rent, we’ve been making money....let them say nay all they like