Another Legal Question

[yankee99]

I am purchasing a condo from abroad. It is a private sale. I am nervous about the funds transaction. I have two options that i know about. One wire the funds direct to the seller or use my lawyers escrow account. I have used this attorney before and feel comfortable with him. I also know the seller because i have purchased other units from him.The difference being i was in thailand for the previous deals. I know sending direct to the seller is in my mind out of the question as i have no recourse. Do i have any protection using my thai lawyers escrow account???

[samILO]

I am purchasing a condo from abroad. It is a private sale. I am nervous about the funds transaction. I have two options that i know about. One wire the funds direct to the seller or use my lawyers escrow account. I have used this attorney before and feel comfortable with him. I also know the seller because i have purchased other units from him.The difference being i was in thailand for the previous deals. I know sending direct to the seller is in my mind out of the question as i have no recourse. Do i have any protection using my thai lawyers escrow account???

Dear Yankee99,

Your lawyers client account is normally protected under the law, as any misuse will lead to misappropriation charges, which are criminal charges. Thailand has since last year a Trustee law, but unfortuantly a license given to conduct this business sis only for financial institutes, and we don't know of any license issued yet, such would then be protected under the respective law and the big advantage is that in such case the Pre-Purchase agreement could be registered with the land department to give additional security.

Using a Lawyer or law firm is highly suggested as payment should be made at the land department against transfer of ownership of the unit ONLY.

Sam