Buying property.....Price change UP before in contract.

[bocceball1]

Just Curious.....Is this a Thai thing..... Changing the price after agreeing or setting a sale price?

Wife and I, on a number of occasions have found a great piece of property (land) and after negotiating on an agreed upon price, have asked for the chanote to have our attorney check out the property and draw a contract....Everything OK so far. Problem has been, a few times, the Thai's have changed their minds and asked for more money before signing the contract (by more money, I mean 50% to 100% more....although sometimes they have said its not for sale anymore only to turn around and sell it to someone else). I'm guessing there is no such thing a "my handshake is my bond" because we have always shook hands and agreed "for sure".

Another time I was looking at a used condo where realtor represented the seller so had an advertised fixed price....I thought!....Well, when the seller found out I was a "farang" price went up 50% and I walked away.

When it comes to money it seems some Thai's have no "honor"

Anybody else encounter the same type of thing?

[bocceball1]

Just to clarify ....this is not a post about farang pricing.....(as have mostly agreed on a price only to have them change it later)....I guess its more a general question about "honor" as I was raised to believe in "your handshake is your bond"

[KittenKong]

When it comes to money it seems some Thai's have no "honor"

Do you think that the average farang in Thailand is any better? I dont. I sometimes wonder if there is something in the water here that turns people into money-grabbing liars, or whether they have always been like that and just end up here because they fit in better.

[xen]

We have had that happen to us. Agreed to buy then told the "sister" wanted half the land ( the more useful part of course) but the price would remain the same and then it couldn't be transferred for 3 years etc.Blah blah blah!! Walked away from them and they were puzzled as to why we walked away.

[johnnyk]

Walk away. They need to know falangs are not dumb ATMs.

[54321]

I am British and have agreed to sell my condo to a Thai.

Honour is one thing, but until the sale takes place or a legally binding contract is signed, we both have the right to walk away. If I was offered 50,000 more by another buyer, I would stay with my original buyer, but if someone offered say 100,000 more, I would have to reconsider. In my opinion If the buyer was 100% confident he would not walk away he should insist on signing a legally binding contract and agree to pay a deposit of at least 10% until final payment

The same as in the uk, until contracts are signed either party can walk away with no legal comeback.

With property transactions honour is a luxury not everyone can afford

[bocceball1]

KittenKong.......I agree, Thai's are not the only one's unable to uphold a handshake agreement for a few days until the contract is signed. It just seems that Thai's, knowing there's a farang on the other side of the deal, use the agreement as a stepping stone to asking for more money .....and when they do ....I walk away and many of the properties I was interested in are STILL for sale....Seller's loss.

54321....Yes, I also agree....but I'm not talking about weeks or months....I'm just talking a few days for the attorney to confirm they actually own the property, that the chanote is FOR THAT PROPERTY, and draw up the contract.

[JeremyBowskill]

Don't care what country it is, 2 words would come out my mouth and the second would be off! even if it was still a really good price I would not stand for it.

[bocceball1]

...........

No matter how "old fashioned" it may be, I am determined, always, that if I give my word - my "bond" - on something, anything, I will do it or die trying. And many is the time when I have done so, just as my grandfather and my father before me did, even though it cost me dearly due to a change in circumstances between the date of the promise and the date on which I was called upon to fulfill that promise. But the satisfaction of having kept my word was, and is, more valuable to me than gold. It is a value and a way of life that I learned not just by instruction but by the example of my forebears. I do not take undue pride in this; I just know that it is the way in which I am to conduct myself. ......

A Man's Word Was His Bond!

by Tom Woodard

[rgs2001uk]

KittenKong.......I agree, Thai's are not the only one's unable to uphold a handshake agreement for a few days until the contract is signed. It just seems that Thai's, knowing there's a farang on the other side of the deal, use the agreement as a stepping stone to asking for more money .....and when they do ....I walk away and many of the properties I was interested in are STILL for sale....Seller's loss.

54321....Yes, I also agree....but I'm not talking about weeks or months....I'm just talking a few days for the attorney to confirm they actually own the property, that the chanote is FOR THAT PROPERTY, and draw up the contract.

I'm just talking a few days for the attorney to confirm they actually own the property, that the chanote is FOR THAT PROPERTY, and draw up the contract.

To confirm they own the property will be done at your local land office, they will check the name(s) on the chanote and check ID cards.

The chanote will be checked at the land office before a new one is issued in a new name.

Draw up a contract for what?

Agree a price and go to the land office, if I looked at a property this morning I could go to the local land office and have everything done and dusted this afternoon.

The only issue I would have is buying land upcountry on anything less than a chanote where you will be unsure of the actual land area you are purchasing, its not unusal for the paperwork to be incorrect, or for the paperwork to be correct but your neighbours have somehow acquired land that isnt theirs.

I believe it costs about 3,000 baht for surveyors to pay a visit from the local land office, if you choose to expedite the service it may cost more.

[bocceball1]

rgs2001uk......

.Yes it can be that easy....and often is. Not all properties have the survey boundaries in place for me to see, so I can compare the numbers on the property boundary markers with the chanote. And yes your right ...its fairly cheap to get the land office people out to survey the property and put in the boundary markers (concrete cylinders with the numbers on top that correlate with the chanote).

For me though ....I like to be sure, so I use a local attorney to write up a conditional contract (conditions being that they are the owners and the chanote actually represents the property I'm looking at)....Takes a few days for the contract to be drawn during which I have had the Thai's change the terms.

I have encountered people telling me they own the property and they really don't .....

AND have found chanotes that were being offered as for the property I wanted but was really for another property.........Go figure.

[rgs2001uk]

^^^^^,

All true and very common, it happens to Thais as well.

A favourite trick they have is to pull out a photocopy of the land deed to try and pass it off as chanote, a quick look in the top RH corner will show what type of deed it is.

I have encountered people telling me they own the property and they really don't

Happens all the time, mostly chancers or locals trying to flog someone elses property and turn a quick profit.

Lady neighbour of mine had been trying to sell her house for a while and couldnt understand why it wasnt selling.

The locals had added another 1 million onto the price she wanted, hence potential buyers went elsewhere.

Once the above problem had been sorted house sold.

Problem solved by putting the price on the board outside the house.

How many properties do you look at where there is no price on display

[bocceball1]

I look at properties all the time ....always looking for a deal!.....take a drive to somewhere new (usually within 20 kilometers of where I live)....when there's a sign we call....if a particularly nice property ask the neighbors or local shop owner if its for sale ....Once the locals know your looking, they go out of their way to show you all the properties they know of for sale (most have no signs on them)..as they are hoping to make a commission (3%).

[tingtong]

Some thai just get greedy.

Happened to us as well.

There was piece of land, 50 rai...was advertised via an agency, in Khon Kaen, about 80 km from the location ( around 10km from our place).

Agency representative come, show, we said interested. calls owner, he says now the price of rai isnt 65k, but 80k....agency girl says there is written retainer to them, cant do just like this...ok, then 70k.

said still interested, go to owner.

wait wait, they show up late, no much acknowledging even, then blurt out that they dont want to sell anymore.

i was a little pissed, wasting our time, the agency girl was a lot more pissed as this voids the contract...as turned out the guy wasnt walking back his words the first time.

but happened a month ago the very same with piglets too...they said 1200 each, then 1300...i said ok, then no sell, change mind...we walked but i hate these time wasting idiots.

wife said some thai like this. even thai regard such ppl badly.

[Pib]

...........

No matter how "old fashioned" it may be, I am determined, always, that if I give my word - my "bond" - on something, anything, I will do it or die trying. And many is the time when I have done so, just as my grandfather and my father before me did, even though it cost me dearly due to a change in circumstances between the date of the promise and the date on which I was called upon to fulfill that promise. But the satisfaction of having kept my word was, and is, more valuable to me than gold. It is a value and a way of life that I learned not just by instruction but by the example of my forebears. I do not take undue pride in this; I just know that it is the way in which I am to conduct myself. ......

A Man's Word Was His Bond!

by Tom Woodard

Unfortunately, a lot of people don't think this way. Usually the same kind of able-bodied people who park in handicap parking places. Yeap, unfortunate.

[givenall]

Just think they are doing you favors. I advice against buying property in Thailand, it is easy to buy and impossible to sell