Check payment while selling a property

[max72]

Hallo all.

I am selling a condo to a Thai people and the selling agency told me they will pay me with a bank cash while transferring the property at the land department.

I am not feeling comfortable with that: what happen if the check has no or not enough funds ?

I would have transferred the property already and paid the taxes and commissions.

How would it work usually ?

[mcfish]

That's normal. A bank check is the same here as anywhere else.

[max72]

I add the following: when i told to the agent I would like to deposit the cheque before transferring the name, the buyer had no guarantees I would than go to change the name. It's true. But what guarantees i have the cheque has enough funds ?

Usually how does this work ?

[max72]

That's normal. A bank check is the same here as anywhere else.

I have lost tons of money in the past coz i got cheques without funds.

And able to recover the money only once in dozens cases ( i was a jewelry wholesaler).

So if I transfer the name of my condo and than the cheque has no funds, I would have giveb it as a present and that's it ?

Edited March 17, 2016 by max72

[mcfish]

There are 2 types of cheque

A personal one from your own book

A cheque written by the bank. If they don't have the funds the bank won't write it. What if you cash their cheque and then run for the border?

Edited March 17, 2016 by mcfish

[max72]

There are 2 types of cheque

A personal one from your own book

A cheque written by the bank. If they don't have the funds the bank won't write it. What if you cash their cheque and then run for the border?

Yeah I understand.

It's more their risk than my risk.

So I need to be sure it would be a special cheque written by the bank.

In Thailand i am not really familiar with this stuff ,albeit there is always the risk they report it as lost and than give it to me, but this would be a clear fraud even a Thai vs. farang .

I will ask my bank to show me both types of cheques so i will be able to distinguish both of them.

[mcfish]

There are 2 types of cheque

A personal one from your own book

A cheque written by the bank. If they don't have the funds the bank won't write it. What if you cash their cheque and then run for the border?

Yeah I understand.

It's more their risk than my risk.

So I need to be sure it would be a special cheque written by the bank.

In Thailand i am not really familiar with this stuff ,albeit there is always the risk they report it as lost and than give it to me, but this would be a clear fraud even a Thai vs. farang .

I will ask my bank to show me both types of cheques so i will be able to distinguish both of them.

I remember when I bought my condo the owner requested I meet them at my bank presumably to witness the funds 1st hand and we did the transfer there

[KittenKong]

Just because you are given a cashier's cheque does not mean that the cheque will be honoured. It could be stolen or falsified in some way.

Ask for a photocopy of the cheque the day before the sale and take it to a branch of the issuing bank and get them to verify it (if they will).

Or you can insist on cash at the Land Office.

No shortage of ways to scam and cheat here.

[trogers]

Just because you are given a cashier's cheque does not mean that the cheque will be honoured. It could be stolen or falsified in some way.

Ask for a photocopy of the cheque the day before the sale and take it to a branch of the issuing bank and get them to verify it (if they will).

Or you can insist on cash at the Land Office.

No shortage of ways to scam and cheat here.

I would avoid handling cash. Sitting at the Land office might be spotters of robbery gangs marking their victims.

Cashier's cheques issued by reputable banks with your name on it as account payee is the safer way.