House deposit from buyer

[murni]

We are in the process of selling our house, the completion date will not be until next April.

The agent says that the buyer is willing to pay us directly a 5% deposit or 10% if the agent holds it until completion.

Is this normal?

Thanks in advance.

[WinnieTheKhwai]

Trust agents as far as you can throw them.

That said, paying a deposit is common, and that involves drawing up a legally binding contract.

A contract you will want to pay very close attention to. (Though it's easy to go with a standardized form (by the land department).

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[worgeordie]

Don't let the agent get their hands on ANY money,the money

is yours,bank it ,and draw up an agreement that if the buyer

does not complete the contract ,the deposit will be forfeited.

regards Worgeordie

ps if the buyer is willing to pay the agent 10% deposit ,you

to want the 10% deposit,seems like the agent is trying to

pull a fast one on you.10% deposit is OK if holding a house

for someone that long.

[BB1955]

I would walk away fast .. If the buyer will not put the money in your hands forget it send them packing . Sounds to me like the agent wants there cut before the deal closes. If the deal fails your chances of getting money from the agent is pretty slim . If they want your house they will do what it takes to make the deal . On the flip side when I was looking for a house to purchase we found one we liked that was rented for 11 months and the owner would not sell before the renter was out . We agreed on a price and agreed to wait 8 months for the renter to vacate . I offered a deposit until then . The seller said no its ok we will do everything a few months before they move out . We stop looking for a house . Two months before the renters move out she calls us to bring over the chanote so we can begin the process . She also tells us the price has gone up 200,000 baht if we want it . I told her in the same breath keep it .... The house was well worht the extra 200,000 baht. But I was not going to be hi jacked .... Two years later house is still one the market ........ I ended up having one built got tired of dealing with people .

[jaideeguy]

10%+ is the normal deposit here for almost all property sales. Never heard of anything less and as stated above, don't trust an agency to hold any of your money.

Maybe someone knows if the banks have 'escrow accounts' here in LOS?? That's the way it is done in the west, protecting both the buyer and the seller.

Edited November 5, 2013 by jaideeguy

[junglechef]

I was asked to give a deposit on a house I wanted to buy. As it was on the market for 2 yrs I told them I'd take my chances and told them to sell to whomever came up with the cash first, because of course there was so many ppl. making offers all of the sudden according to them. Well you'd never guess that it was still on the market a few months later when I was ready. I wouldn't give a deposit here under most circumstances but funnily they let me move in before I paid for the place, who knows in this crazy land but buyer beware!

[BB1955]

Its a buyers market here but then there are also subborn sellers as well . Seems like the longer it stays on the market the more run down it gets and the price just increases . Bank repos are the worst !!!