Property purchase- last minute panic attack

[ReadySteady]

Hello there.

 

 I have found ThaiVisa forum while searching for advice on purchasing a new house in korat with my thai wife.  Am hoping someone here can settle me down.

We are married for 10 years now and moved over here from Europe in November.

We found a house we like on a new development by a major developer here after being shown several on different estate by the company selling lady who works in the sales office on one of the newest projects.

have paid bookings fee by bank transfer in to bank which had the developer name.  Then handed in a cashier cheque for half the price at the sales office.

All seems fine.  Everything proper receipts on company paper.

We visited house again last week and agreed minor defects to attend to and stopped by yesterday to see the work being done.

Next step will be final payment on Tuesday.  Then sales lady will meet us in the land office on Wednesday to do the chanote and hand over blue book and keys.

My last minutes panic started when wife was asked if we could make the last payment in cash rather than by cashiers check.  We are asked if possible to pay the cash in to one of three different bank accounts given to us when we made the deposit.  

I thought we should only make the last payment at the land office as part of the chanote transfer.  

Wife unbothered and says different for brand new house on a big development.  I’m panicked that we may be in a big scam have already lost over 1m baht and about to lose 1m more!

what to do to calm me down please?

 

[worgeordie]

21 minutes ago, ReadySteady said:

I thought we should only make the last payment at the land office as part of the chanote transfer.

That's what you should do,never pay cash,Bank Cashiers check,* in companies name.

so you have proof you paid the money.

The property you are buying is all finished ,ready to move in ?

regards Worgeordie

[steve187]

do a bank transfer at the land office as you get the chanote in wife's name, my wife bought 2 new houses on a new development and only paid for the house on receiving chanote at the land registry, other than a small 3000 baht deposit

[baansgr]

By all means pay cash....but only at the land office when transfer is being done. Sellers sometimes prefer part cash at least so they can cover transfer fees. No logical reason to pay anymore befor the transfer takes place...what was their reasoning behind this?

[PatOngo]

No chanote, no payment! Be very careful!

[ReadySteady]

Thank you 

 

yes house use is ready to use.  We paid 50% by cashier check last week as we wanted to move furniture in before full purchase.  Have been waiting for Europe money to arrive next week so can make final payment.

cash wanted because cashier check will take 3 days to clear- that sounds right as true for money wife got for last house sold.

ok will tell them check only in company name like the last one and do it at land office.

[Puchaiyank]

Relax and enjoy your adventure...????

[1FinickyOne]

chanote comes at time of payment... 

[fittobethaied]

I would think that if you are buying the home through a reputable developer then you would have executed a purchase contract with terms of sale specifically spelled out. Follow the terms of that contract and don't be swayed otherwise. I smell a rat in the woodpile! I purchased my home through a private individual in a large housing development and brought a Cashier's Check to the land office closing. The exchange was made at the same time I received the Chanote back then and there. 

[KKr]

When I bought first apartment made bank transfer to company, signed a PoA and received the Chanote in my name after about a week.

That was a Thailand wide developer though with good references.

 

if you are buying from a local developer, can pay cash only at land office, after dox have been paid for.

 

what will be the “official” transfer sum?  Anything over they might want in cash ????

[RocketDog]

Silly question perhaps, but.... 

Have you engaged a lawyer for all this? 

[seajae]

pay at the land office only, all our dealings with sellers for units and land were paid in cash at the land office where we got the chanote straight away, never pay any cash without getting the chanote at the same time. While I was a bit apprehensive of us carrying so much money there were others there that had a lot more cash on them than we did, land office is the right way to do it, you dont pay without a chanote changing hands

[justin case]

hope you don't come back in a few months / years telling ... you lost everything

 

TO YOUR EX-WIFE

 

the only THAI person I trust is my child, others are just STRANGERS you met at a certain point in time of your life, probably when you were horny and not thinking with your big brain, but the little one

[CharlieH]

Brings to mind a very recent topic here on the forum where a person paid cash to the sales lady, she did a runner and the company denied responsibility ! 

 

LAND OFFICE WITH CHANOTE ! 

[newnative]

Don't pay cash, don't hand over the cashier's check until you receive the chanote and all the paperwork is complete and correct.  I suggest having a lawyer with you at the Land Office and I would have had one overseeing things from the get go.

[4MyEgo]

19 minutes ago, justin case said:

hope you don't come back in a few months / years telling ... you lost everything

 

TO YOUR EX-WIFE

 

the only THAI person I trust is my child, others are just STRANGERS you met at a certain point in time of your life, probably when you were horny and not thinking with your big brain, but the little one

Alternatively he is going in with eyes wide open as I did.

 

I knew at the time of building our (her) house that if the relationship went south it would be here, as would the kids, the car, the bike, furniture and everything else, as for me, my remaining 90% currently 50% thanks to the stock market jitters.....lol, would be waiting for me back in my home country.

 

Which brings me to the old saying;, only invest as much as your prepared to lose, and to be honest, if our 13 years of marriage did go south, she would deserve what I have invested for her here in Thailand, no bitterness, because when investing in anything, the decision you make at the time has to be the right decision and you have to stand by that !

[natway09]

No cash. Cashiers cheque only given at time all settled

[crazykopite]

By all means pay cash but only at the Land Office when the deeds are handed to you fully completed and make sure you get the full receipt for all monies paid by you for the property.

 

[sawadee1947]

On 3/15/2020 at 2:30 AM, steve187 said:

do a bank transfer at the land office as you get the chanote in wife's name, my wife bought 2 new houses on a new development and only paid for the house on receiving chanote at the land registry, other than a small 3000 baht deposit

Exactly!! 

We did the same at the desk in Land Office. 

Exchange of cashier's cheque against charnote. 

In front we gave only a proof of funds. 

That worked perfect. ????

[sawadee1947]

On 3/15/2020 at 3:10 AM, ReadySteady said:

Thank you 

 

yes house use is ready to use.  We paid 50% by cashier check last week as we wanted to move furniture in before full purchase.  Have been waiting for Europe money to arrive next week so can make final payment.

cash wanted because cashier check will take 3 days to clear- that sounds right as true for money wife got for last house sold.

ok will tell them check only in company name like the last one and do it at land office.

Good luck, hopefully not tricked ????

[chilly07]

Can confirm that cash or preferably bank draft should only be handed over at land Office in exchange for title deed. 2 houses we bought were by way of bank loans and bank ensured proper procedure at land office with developer/owner which is a big safeguard. Paid off the loans shortly after which bank didn't like but after discussion only charged small cancellation fee

[khunPer]

On 3/15/2020 at 1:42 AM, ReadySteady said:

I thought we should only make the last payment at the land office as part of the chanote transfer.  

Wife unbothered and says different for brand new house on a big development.  I’m panicked that we may be in a big scam have already lost over 1m baht and about to lose 1m more!

what to do to calm me down please?

To my knowledge and experience – I've done a few property deals in Thailand – you would only pay a deposit of 10 percent and perhaps up to 20 percent upon signing agreement, and the balance in the land office upon transfer of title deed.

 

I've always had sales agreement made and signed at the office of head-of-village, so I was feeling Okay with the deposits, one time it was 20 percent of the agreed sales price. However, deposits might be different when a contractor is building a new house for you.

 

The payment in the land office could be cash – a private Thai seller would prefer that – or a cashier's cheque from a bank.

 

In one case I was seller, and the buyer should have the land mortgaged by a bank, so I only got a minor deposit of 100k baht. Representatives from buyer's bank also came to the land office at the agreed title-deed transfer date, and they received the original title deed, wrote a receipt, and about an hour later returned with a cashier's cheque to me. I must admit that at first I was a bit skeptical, but the officials at the land office said it was Okay, and I furthermore knew the buyer, my neighbor, and also future neighbor.

 

I would never pay the full amount for a property in advance before transfer of deed.

 

If me, I would insist on paying in the land office upon transfer of title deed, either cashier's cheque or cash against a receipt and hand over of title deed; then seller can deposit in whatever bank account seller wish the money to go into.

[ReadySteady]

Thank you all again.

 

 We went to the land office today with the cash and all went smooth and ok.  Chanote is now with the wife.

 

And yes am fully prepared to lose house of things go wrong- have told her to treat it as a early divorce present

 

we now just need to get ready for the final moving.  That should be fine as we still have 2 weeks in our rented place we are living in and all our big things have already been done. We 

 

this was a great place for the helpful information from you all.

 

thank you 

[baansgr]

Enjoy your home and lives together, pleased it all went well for you.

[Just Weird]

9 hours ago, CharlieH said:

Brings to mind a very recent topic here on the forum where a person paid cash to the sales lady, she did a runner and the company denied responsibility ! 

 

LAND OFFICE WITH CHANOTE ! 

It's academic now as the purchase has been completed but they weren't being asked to pay cash to any individual, they were being asked to deposit cash into one of three developer bank accounts that they had already paid the deposit to...

 

"We are asked if possible to pay the cash in to one of three different bank accounts given to us when we made the deposit".  

[Lacrimas]

First you do everything at the land office and only after you pay them. 

[grs90]

Have just had a very similar, almost identical, experience in Korat.

 

Does the developer's name start with a U and end with an I?

 

In my case I was asked to pay cash at the land office or pay it in to the developer's bank account ahead of the visit to the land office.  I was only prepared to hand over the money, just under 2 million baht, at the land office.  This was yesterday and the woman from the developer's office who we gave the money to had a big bag with, I guess, about 10 million cash already in it so others must be paying out a lot of cash as well.  I wanted to mug her.

 

If it is the same one then it seems strange that such a big company is quite so desperate for cash?

 

Cheers

 

 

 

 

[lkn]

On 3/19/2020 at 8:37 PM, grs90 said:

If it is the same one then it seems strange that such a big company is quite so desperate for cash?

They probably pay all their subcontractors in cash as well, so they think it’s easier to bypass the bank, even though it makes the accounting less transparent, but maybe that is an advantage ????

[rumak]

On 3/19/2020 at 7:21 PM, ReadySteady said:

Thank you all again.

 

 We went to the land office today with the cash and all went smooth and ok.  Chanote is now with the wife.

 

And yes am fully prepared to lose house of things go wrong- have told her to treat it as a early divorce present

 

we now just need to get ready for the final moving.  That should be fine as we still have 2 weeks in our rented place we are living in and all our big things have already been done. We 

 

this was a great place for the helpful information from you all.

 

thank you 

you're welcome.   oh,  how about a pic or two of the house.   maybe one of the wife ?  lol