Cashier cheque BBL question

[MJCM]

Hi,

 

We are buying the land next door to us.

 

We talked to the seller and they want on the day of the transfer a small amount in cash and the rest as a Cashier Cheque.

 

Now my question is, what info do I need from the seller to go to my Bank and have them issue the cashier Cheque?

 

Is it only their full name? or something else as well?

 

TiA

[tomazbodner]

Full name, but it needs to be typed 100% correctly, else they would not be able to cash it.

 

You would likely get a copy of their ID - while doing the contract, so presenting that to bank staff and reconfirm that it's correctly entered, should be enough. Make sure to stamp it Account Payee Only. In case it's lost or stolen, noone other than person with name on cheque can cash it.

 

If they have any loan, agents, etc. they might not need one cheque but one for bank, another for seller, another for agent... Ask for exact quantities for each, and issue them accordingly.

 

Other than that, I don't think there's anything much to be concerned about. Maybe someone else can chip in more.

[MJCM]

7 minutes ago, tomazbodner said:

If they have any loan, agents, etc. they might not need one cheque but one for bank, another for seller, another for agent... Ask for exact quantities for each, and issue them accordingl

thx for the advice, I don't think I need multiple cheque only one.

 

Reason being, the land was owned by the mother who died a couple months back we where already in agreement with her to buy the land about a year ago because she wanted to move back to Bangkok to be closer with her children.  Now the chanote just very recently changed name from the mother to the daughter.

 

But just in case I will get the wife to have the seller to send a copy of her id for the Cheque and also on the day of the transfer I will have my Lawyer present just in case.!

 

Thx again, appreciated.!

 

[MJCM]

Another question,

 

what happens if the Cheque is set to Account Payee Only and the check is lost/stolen??

[tomazbodner]

6 hours ago, MJCM said:

Another question,

 

what happens if the Cheque is set to Account Payee Only and the check is lost/stolen??

I was told that you need to immediately inform bank and file a police report. But whether you would be getting anything back, I don't know. In another country you would get refund to account within 90 days after police investigation completes, but there could be significant fees. For Thailand I've no idea.

 

Make sure not to lose it during your possession. And make sure a copy is signed off by seller when receiving it, so it is no longer your responsibility from that moment on. Difference from standard cheque is that it depends on balance in your bank account. Cashier's cheque does not, as it is itself having a value, so it is cleared immediately.

 

As such... make sure not to lose it.

[MJCM]

10 minutes ago, tomazbodner said:

As such... make sure not to lose it.

Thx!!!!!!!!

 

My question was not clear, I meant whatif the Seller (after when we have handed them the Cheque at the land office)  loses the Cheque?

 

Sorry if that wasn't clear. But I guess your answer handles both circumstances!!

 

Thx

 

 

Edit: We are going tmrw to the Bank, copy of ID card we already have (thx). Wednesday is the transfer at Land Office,

[Yellowtail]

6 minutes ago, MJCM said:

Thx!!!!!!!!

 

My question was not clear, I meant whatif the Seller (after when we have handed them the Cheque at the land office)  loses the Cheque?

 

Sorry if that wasn't clear. But I guess your answer handles both circumstances!!

 

Thx

 

 

Edit: We are going tmrw to the Bank, copy of ID card we already have (thx). Wednesday is the transfer at Land Office,

That would not be the buyers concern. 

[MJCM]

2 minutes ago, Yellowtail said:

That would not be the buyers concern. 

I agree, but just asking!!

[Liverpool Lou]

6 hours ago, MJCM said:

what happens if the Cheque is set to Account Payee Only and the check is lost/stolen??

You call the bank to get it cancelled first, then ask the bank what to do.

[Liverpool Lou]

27 minutes ago, MJCM said:

My question was not clear, I meant whatif the Seller (after when we have handed them the Cheque at the land office)  loses the Cheque?

Don't worry about it, it would be his problem, just the same as if he was paid in cash and lost that...not your problem.  But, tell the bank, anyway, and leave it to them.

[Liverpool Lou]

Oops, misread Yellowtail's post.

[MJCM]

16 minutes ago, Liverpool Lou said:

Don't worry about it, it would be his problem, just the same as if he was paid in cash and lost that...not your problem.  But, tell the bank, anyway, and leave it to them.

I am going tmrw to my Bank and will ask them.

 

Will report back.

 

Ps: Bank is Bangkok Bank!

[Liverpool Lou]

5 minutes ago, MJCM said:

23 minutes ago, Liverpool Lou said:

Don't worry about it, it would be his problem, just the same as if he was paid in cash and lost that...not your problem.  But, tell the bank, anyway, and leave it to them.

I am going tmrw to my Bank and will ask them.

Would you go to the bank to ask them what happens if the seller loses the cash you give him?   Same thing.  He loses it, his problem.

[MJCM]

17 minutes ago, Liverpool Lou said:

Would you go to the bank to ask them what happens if the seller loses the cash you give him?   Same thing.  He loses it, his problem.

Aha you said tell the bank in your previous reply, ah misunderstood. Sorry

 

thx. 
 

edit: only bought things cash, only dealt with cashier cheque approx 15 years ago when I bought my condo but the condo manager dealt with it then

[Onerak]

When I bought a condo, the developer won't accept cash. Only cashiers check. He gave details of accounts etc. and I went to the bank and gave the the details the bank made the check. 

[MJCM]

Got the Cheque!!

 

Went to the bank (BBL) and it was very easy. Total costs were 20 THB and the Bank clerk filled everything in for us!!

 

Thx for the all replies!!

 

Edit: The clerk and my wife checked the name over and over again, so it's accurate ????

 

 

 

[MJCM]

Update:

 

Land Office transfer done. Seller checked the cashier cheque and we had him sign a document that he received the cheque in good order.

 

I had to sign the usual disclaimer at the Land Office and now the process starts of combining 2 properties into 1. (Total combined area just shy of 8 rai)