Selling Condo - Power of Attorney

[MichaelJohn]

I'm in the process of selling my condo in BKK.

The process is taking longer than expected whilst the buyer gets the funds together and I'm due to leave the country next week (can't be delayed).

So, should I give POA to my agent?

Who should hold the Chanord and other relevant documents?

Surely, if the agent has POA and the legal tile document they could do whatever they wanted, e,g, sell it of B1?

My thought process is that I give the agent POA and the Chanord to someone else who I trust so on the transfer day they need to get together and the liklihood of anything dishonest happening is reduced?

Or, should I give POA and the Chanord to a family member; despite still being concerend that family could also do something dishonest?

Would appreciate some advice on what's the best way to handle this.

Many thanks.

 

[Pmbkk]

35 minutes ago, MichaelJohn said:

The process is taking longer than expected whilst the buyer gets the funds together

 

I'd view this as they don't have the cash - maybe just dreamers - many people say they'll buy when they don't really have the resources. I hope you haven't taken the property off the market.

 

We just sold one of ours in BKK and even though we knew the agent ( lived in same building & had let it for us), my wife got back on a plane once we had a deposit of two million in the form of a bankers cheque and a contract had been signed, detailing apt, price, division of taxes, completion dates etc and any penalty fees for both parties on failure to complete within the date time-frame.

 

Your agent in BKK probably has a contact at the land dept, so you should know the costs of tax etc. You can write a contract set it up etc. You should know a detailed cost breakdown before you agree to sell anything.

 

I certainly wouldn't give an  agent ( anybody can claim to be an agent ) to have authority over my property when I wasn't in the country.

 

 

[MichaelJohn]

Thanks PMBKK.

We've already had one set of dreamers that wasted our time.

This one seems serious and is just waiting for the funds from overseas.

My question is really, acknowledging that anyone can pretend to be an agent, if they don't have the chanord am I correct that they can't sell even if they have POA?

 

[In Full Agreement]

58 minutes ago, Pmbkk said:

I'd view this as they don't have the cash - maybe just dreamers - many people say they'll buy when they don't really have the resources. I hope you haven't taken the property off the market.

 

 

I know a fellow who when selling his car the prospective buyer wanted him to accompany to the bank to pick up the cash.

 

Turns out the buyer was going to the bank to merely apply for an auto loan.

 

The sale never took place.        

 

 

 

 

 

 

 

[Sharp]

I've sold various Condos whilst abroad using my legal council. 

All paperwork, transfers were completed after I signed a posted POAs for him to legally perform my duties with zero problems. 

So that's the key a trustworthy lawyer. 

Good luck 

[arithai12]

I just did the same. In my case, I gave the title deed and POA to the agent, whom I trusted. If you have a trusted friend or relative, who is available to be present at transfer, even better.

 

At any rate, the POA form (Chor 21) states clearly what the POA is for, they can't sell it to another person or for another price. And obviously, keep to yourself copies of everything.

[Delight]

 There are 2 stages when selling an apartment .

Stage1 money is given to the official at the land office this is the input of this stage. Output of this stage will be that the buyers  name  will be on the Condominium Title Deed. .-note a Chanote is the title deed for land only

Stage 2 the buyer hands over a certified cheque.

Others documents from both buyer and sell are required.

Who pays what in stage 1 has to be agreed earlier.

 

You will need to give POA to a lawyer . A lawyer that you can trust.

Do not trust local lawyers.

 

Where to find a trustworthy lawyer -Bangkok. Bangkok lawyers have a reputation to protect. Local lawyers do not.

Bangkok lawyers are not cheap.

[KhunLA]

On 3/16/2023 at 10:26 PM, Pmbkk said:

I'd view this as they don't have the cash - maybe just dreamers - many people say they'll buy when they don't really have the resources. I hope you haven't taken the property off the market.

@MichaelJohn

Agree with the above.   Why we asked for large deposit (non refundable after 90days) when selling our house, or it stays on the market.

 

So many with no money came, saw, want, failed to get financing ... bye bye.  

[Dante99]

On 3/16/2023 at 9:30 PM, MichaelJohn said:

My thought process is that I give the agent POA and the Chanord to someone else who I trust so on the transfer day they need to get together and the liklihood of anything dishonest happening is reduced?

why not give the poa and chanot to that someone you trust, then agent risk is eliminated