Uncrossed Vs Crossed Cashiers Check

[JomtienEats]

Just finalizing the details on a condo purchase . . . Seller is flying in to conclude the deal. No contract or deposits or anything changed hands yet. Title deed and funds to be exchanged at the land office.

His 'agent'(friend) is asking me to bring a portion of the final price in cash to cover the tax, and the remainder as an uncrossed cashier's check made out to the seller. Lawyer seems to think an uncrossed check is fine, bank manager advises strongly against. Is this an unusual request? What are the protections if the crossed vs uncrossed check are lost or stolen?

[BlackPuddingBertha]

Are uncrossed cheques still legal here? No wonder Thailand is still on the money laundering watchlist.

A crossed cheque can only be paid into a bank account. An uncrossed cheque can be exchanged for cash at a bank branch. So if you lose it you've really lost it.

The proper way to write a cheque is to cross it and write "A/C payee only" on it. This means that is can only be paid into a bank account bearing the same name as the payee of the cheque. A crossed cheque that doesnt say "A/C payee only" on it can be paid into any bank account once endorsed on the back.

Moral: listen to your bank manager. Why? Because he is the only one who has nothing to gain from the transaction and so has no reason to give you bad advice.

[Delight]

Given that your only interest is obtaining the Chanote in your name –I cannot understand your concerns.

It is possible that the seller will endorse the cheque in favour of his friend. The friend in turn deposits money in the seller’s account in his local currency.

This way the seller can fly out the next day .

If you show up with a crossed cheque –you could screw up the entire plan.

I would enquire with the friend to establish motives.

Edited March 12, 2013 by Delight

[HullyGully]

I would have thought it prident to have a crossed cheque...at least you know where the money was / should be deposited

Makes me wonder why the guy would want an uncossed cheque

In the UK all cheques are now crossed and must be paid into the payee's account

[BlackPuddingBertha]

Given that your only interest is obtaining the Chanote in your name –I cannot understand your concerns.

The concern, presumably, is losing the cheque on the way to the Land Office or getting scammed out of the transfer.

Even Thais get taken in this way on a fairly regular basis.

There is no way on earth here that I would ever offer anything other than a crossed cheque with A/C payee on it, and if the vendor doesnt like that he knows where he can go. There's always another better/cheaper house/condo to be had.

[JomtienEats]

Given that your only interest is obtaining the Chanote in your name –I cannot understand your concerns.

The concern, presumably, is losing the cheque on the way to the Land Office or getting scammed out of the transfer.

Indeed! That's the concern. Even with a crossed cashiers cheque, it remains a concern.