6 ways to avoid being defrauded in a property investment

By Desmond Hughes

 

 

As today’s local Phuket property news is soured by the story of a development ‘scheme’ resulting in losses for investors and third parties, the perception of real estate may be besmirched with negativity, all the while honest families who have elected to take their own risk on the market by developing their land banks, working with architects, designers and contractors to try and provide good solid homes or investment properties, suffer the commercial shockwaves as the inevitable output of publicised property development failure.

 

I personally know very bright, educated successful businesspeople who have suffered fraud in property markets and I have as much respect for them as I do for people who have never lost on investments.

 

I have no feelings of ‘this could never happen to me’. Some frauds are seriously difficult to detect, cause embarrassment to the victims which perpetuates or extends the fraud, and unfortunately frauds are a natural result of the freedom available to those that conduct business in any market, regardless of the amount of regulation that exists.

 

Where there are rules, rules are broken. As a humble student of balance, subjective and objective criteria, theoretical analysis of legal systems and regulation, I believe in pre-emptive investment protection or to use a more common description ‘being cautious’.

 

Full story: https://thethaiger.com/thai-life/6-ways-to-avoid-being-defrauded-in-a-property-investment

 

 

-- © Copyright The Thaiger 2018-09-23

A 15y.o economics student can tell you read contracts, research with diligence etc etc.

 

nothing specific about defrauded in Thailand or the many issues to consider, just some cรap someones lifted off designed as a western text.

 

And no.1 here, many lawers CANT be trusted and when contracts are written in Thai??

 

this so-called advice is <deleted> and actually dangerous IMO

 

 

1 hour ago, tingtongtourist said:

 

1 hour ago, tingtongtourist said:

 

this so-called advice is <deleted> and actually dangerous IMO

 

 

thats why you should always put things in your girlfriends name....you know she wants you to.

39 minutes ago, wombat said:

 

thats why you should always put things in your girlfriends name....you know she wants you to.

What do you mean by "honest families"

Farang families? 

 

You know the law: Thai land to Thai people only. So, who are you going to invest your money for?

Joe bloggs can never own land in Thailand,  unless it's a condo in your own name it's a mugs game.  Usufructs, companies,  kids name, leases,  it's never yours and can be taken and lost  at a whim. Only yesterday two people I know lost their properties to dishonest  wives.  Lawyers are liars and thieves. Rent or buy condo.... Never house or land.

It seems to be a thinly veiled ad from someone working in a legal practice. No bias there.............?

This law firm advertising. Is that legal in Thailand? On ThaiVisa Forum?

This is OP’s law firm - https://www.hugheskrupica.com/team/desmond-hughes/


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This law firm advertising. Is that legal in Thailand? On ThaiVisa Forum?

This is OP’s law firm - https://www.hugheskrupica.com/team/desmond-hughes/


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Apologies - the link is for the author’s law firm. I cannot say if the OP and the author are the same person.


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At the risk of getting off-topic, the OP has 26,000 posts in three years, or 25 posts a day, every day, for three years. Before I come to any conclusions, would love to hear thoughts on how that happens.


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Quote: "After you Have Chosen Lawyers, Listen to Them"

Ah yes, just like many other folk have done and who have been put into schemes of "ownership" like "a Thai nominee company" or who have invested in 30 + 30 + 30 leases etc.

Even a short while ago some lawyers' websites were still advocating such schemes!!!

And I wonder how the lawyers of failed investments such as "The ACE Condominiums" and "The Park" have helped their clients get their money back...…...NOT??

Then of course there are the crooked lawyers who seem respectable but are not...…...the list is endless and this being Thailand any chance of a redress as regards funds is nigh on impossible.

41 minutes ago, xylophone said:

And I wonder how the lawyers of failed investments such as "The ACE Condominiums" and "The Park" have helped their clients get their money back...…...NOT??

I get your point and as already pointed out - lawyers here are not the same as in the west, they will con you pretty much as everyone else does, and remember, if a lawyer does get your money back (or some of it) there is no guarantee they will pass it on to you, oh, and good luck getting it back from them -

 

Never let a lawyer in Thailand manage a money transaction on your behalf ……….NEVER

The answer for farangs is simple.. don't buy anything just rent, that way you can just walk away & everything is in someone else name & you are responsible for nothing !!

As for Thais invest at you own peril of the professional scammers !

9 minutes ago, hotchilli said:

The answer for farangs is simple.. don't buy anything just rent, that way you can just walk away & everything is in someone else name & you are responsible for nothing !!

As for Thais invest at you own peril of the professional scammers !

Agree.

I backed away from property "investment" on Phuket some 15 years ago. It was one of these 30 year leases with another 30+30 years "guaranteed."  Well the best I could glean was that the second and third 30 year periods had never actually been tested in Thai courts so how could they be guaranteed?

Then there was the Company purchase option - enough has been said about that for me not to need to comment further.

 

My underlying thought was the massive amount of uncertainty that was involved. My property in UK is mine, enshrined in law and that's that. Plus, I know and understand UK law and my rights and obligations.

In Thailand....ask 6 people and get 12 differing opinions - not something I want on my mind as I age and either want to relax in "my" home or manage a major investment.

At the risk of getting off-topic, the OP has 26,000 posts in three years, or 25 posts a day, every day, for three years. Before I come to any conclusions, would love to hear thoughts on how that happens.


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You are such a cynic, the article is a good one. Would you be happier if a thaivisa bm bozo with no legal experience wrote the article?

I will say it for the 100th time. You cannot legally own property in Thailand.  I don't care if a lawyer tells you different- the land office approves the sale or anything else-  It is not legal.  Don't believe me- spend your money and  roll the dice.

I will say it for the 100th time. You cannot legally own property in Thailand.  I don't care if a lawyer tells you different- the land office approves the sale or anything else-  It is not legal.  Don't believe me- spend your money and  roll the dice.

Condo?

7 hours ago, SuperTed said:

At the risk of getting off-topic, the OP has 26,000 posts in three years, or 25 posts a day, every day, for three years. Before I come to any conclusions, would love to hear thoughts on how that happens.


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It's a gestalt. You know, what Theodore Sturgeon wrote about in "More than Human".

14 hours ago, Lacessit said:

It's a gestalt. You know, what Theodore Sturgeon wrote about in "More than Human".

Hmmmm……...had to look that one up!!!!

On ‎9‎/‎23‎/‎2018 at 9:38 AM, rooster59 said:

As today’s local Phuket property news is soured by the story of a development ‘scheme’ resulting in losses for investors and third parties

The OP states this (above) and it was posted a couple of days ago, so to which Phuket property development is he referring?

On 9/23/2018 at 1:05 PM, SuperTed said:

At the risk of getting off-topic, the OP has 26,000 posts in three years, or 25 posts a day, every day, for three years. Before I come to any conclusions, would love to hear thoughts on how that happens.


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I am going to assume that is a genuine question ........?

The OP's name (Rooster59) is only on many of these posts because it is a repost of mainly online news stories from different sources. Note it says News Team under his name.......

This article is attributed to The Thaiger and the actual writer of the article (almost advertorial) is given at the top of the post.........