real estate agent + lawyer = redundant?

[ExpatForever]

The second part of the losing 500k on a Thai Condominium came out yesterday. If it has been linked to earlier just delete it but I didn't see it before today.

I've used three agents in the past five years. One in Chiang Mai and two in Pattaya. The Pattaya agents were very professional and really came through for me. When I eventually buy, I will go with Alan Bolton.

My question is, do I need a private lawyer as well? Or will a reputable agency suffice? The guy in the article says he didn't use one and all went well.

What, if anything, can go wrong if I use a reputable agency without my own lawyer?

[AyG]

Estate agents act for the seller - not you. They aren't there to protect your interests. In my opinion, an independent (i.e. not recommended by the agent) lawyer is essential in any transaction of this sort.

[KittenKong]

Estate agents act for the seller - not you.

No, above all they act for themselves.

Never met an honest one yet in Thailand, and surely never will.

[blackcab]

If you understand the system you don't need agents at all. Thai people don't use agents. Solicitors are normally only used by Thai people for complex commercial transactions.

In the normal course of events both parties conduct the transaction at the land office. One party has the land deed, the other party the payment. The land office fees are paid, then at the appropriate moment the official gives the nod and the payment for the property is handed over. If the payment is accepted the land deed is transferred.

With condos you need a couple of other documents from the condo management and the foreign exchange transfer form from your bank.

I can understand people being nervous though if they are unfamiliar with property transfer.

Edited May 29, 2015 by blackcab

[billphillips]

Please don't rely too heavily on local lawyers. Some (not many) are excellent and totally trustworthy. The remainder .... Enough said.

[ExpatForever]

If you understand the system you don't need agents at all. Thai people don't use agents. Solicitors are normally only used by Thai people for complex commercial transactions.

In the normal course of events both parties conduct the transaction at the land office. One party has the land deed, the other party the payment. The land office fees are paid, then at the appropriate moment the official gives the nod and the payment for the property is handed over. If the payment is accepted the land deed is transferred.

With condos you need a couple of other documents from the condo management and the foreign exchange transfer form from your bank.

I can understand people being nervous though if they are unfamiliar with property transfer.

That's what I'm leaning towards. Just wanted to sniff out some horror stories from people who got burnt not using a lawyer. Maybe they don't exist.

[blackcab]

The horror stories I know about are either because the lawyer stole the money or because the buyer bought something really bad for a high price (the buyer didn't do their due diligence).

Buying property is a fairly simple process. If you get as far as the land office in reality the deal has already been decided. You'll have the money and the land office will sort out the deeds.

Just make sure that when you get to the land office, what you are buying is what you agreed to buy (bait and switch). If it's not then get up and walk away.