Sell condo, safer way ?

[arisa2015]

Hello,

I'll probably sell my condo in Phuket (1.5M), the buyer is a foreigner, so we will go together to the land office, he'll pay me and we'll transfert the title deed. What is the safer way for me to be paid ? A cashier checc ? Is there any fake one ? Could you advice me the best way to get my money please ?

Thanks in advance

[trogers]

A cashier's cheque from the Thai bank which you have an account, made to your name, is the safest way. If lost, you can get it cancelled and replaced by the buyer.

Cash can be lost or stolen.

[blackcab]

You can get a fake cashiers cheque, but it would be very, very stupid to use one to purchase a condo.

The buyer has to give the land office all his details. If he gave a fake cheque to you, exactly what is he going to do with your stolen condo before you realise the cheque is bad?

[noopin2014]

A cashier's cheque from the Thai bank which you have an account, made to your name, is the safest way. If lost, you can get it cancelled and replaced by the buyer.

Cash can be lost or stolen.

thanks trogers

[noopin2014]

You can get a fake cashiers cheque, but it would be very, very stupid to use one to purchase a condo.

The buyer has to give the land office all his details. If he gave a fake cheque to you, exactly what is he going to do with your stolen condo before you realise the cheque is bad?

yes andi think in this case the buyer will be prosecuted and the property transfer cancelled, thanks blackcab

[ezzra]

Make sure buyer bring all his credentials and they must be in order, also make sure the buyer

has brought the funds to buy your condo from abroad thru a Thai bank and declare it to be for the purpose

of buying property, make sure you have the right amount of money for the transfers and other fees

in cash, usually, the buyer take a deposit when signing the contracts and the balance in cashier check,

make sure to bring a letter from your condo juristic person called " bi prod nee " to say you don't owe

them any back fees and you're up to date with all your payments, otherwise no transfer without it....

[stgrhe]

A bank draft is much better than a cashier's check. Check with your bank.

[trogers]

A bank draft is much better than a cashier's check. Check with your bank.

This is good as depositing money to the seller's account before making the title transfer, which the buyer would not accept.

[12DrinkMore]

How prevalent is the practice of submitting a lower price to the Land Ofice in order to avoid taxes?

If I was the buyer I would refuse to do this.

Might save a few thousand Baht on purchasing the condo, but the risk of paying evn more tax comes when selling again.

[KittenKong]

You can get a fake cashiers cheque, but it would be very, very stupid to use one to purchase a condo.

The buyer has to give the land office all his details. If he gave a fake cheque to you, exactly what is he going to do with your stolen condo before you realise the cheque is bad?

This has happened in Pattaya to my personal knowledge. You dont seem to understand the depths to which some people will sink here.

[KittenKong]

A cashier's cheque from the Thai bank which you have an account, made to your name, is the safest way. If lost, you can get it cancelled and replaced by the buyer.

It is always advisable to contact the issuing bank yourself to confirm that the cheque is valid. They are accustomed to being asked this.

[oxo1947]

How prevalent is the practice of submitting a lower price to the Land Ofice in order to avoid taxes?

If I was the buyer I would refuse to do this.

Might save a few thousand Baht on purchasing the condo, but the risk of paying evn more tax comes when selling again.

Nearly everyone does this-----It's got to the point that the land office is saying this amount is to low for that building, we wont accept anything lower than xx amount for a 2 bed in that condo.....etc

Don't see the down side that you have mention 12Drinkmore---you will save more than a few thousand, especially if it is changing hands after only a short ownership. 5% I think...(Tax decreases with the years that the property is owned---it was supposed to stop property speculation))

How can you pay even more money--? if you sell again at the proper price you will just pay that amount----tax isn't calculated on the profit you made from the sale. Just what you say you have sold it for.

**The OP will be taking a Thai speaker along (I hope)

Edited July 23, 2016 by oxo1947

[BlindMagician]

Hire a lawyer.

[Jeffkp]

If you have a good Juristic team at the condo, I suspect they have someone very familiar with the process who might assist you (for a small fee!). But only if it's a good team.

[blackcab]

A bank draft is much better than a cashier's check. Check with your bank.

It's the same thing. Bank draft is a UK term, Cashier's cheque is used in other parts of the world.

If you get one of these from SCB bank the front of their chequebook has Managers Cheque printed on it.

Essentially all of these are cheques drawn on the banks own funds.

[blackcab]

You can get a fake cashiers cheque, but it would be very, very stupid to use one to purchase a condo.

The buyer has to give the land office all his details. If he gave a fake cheque to you, exactly what is he going to do with your stolen condo before you realise the cheque is bad?

This has happened in Pattaya to my personal knowledge. You dont seem to understand the depths to which some people will sink here.

What was the outcome?

[KittenKong]

You can get a fake cashiers cheque, but it would be very, very stupid to use one to purchase a condo.

The buyer has to give the land office all his details. If he gave a fake cheque to you, exactly what is he going to do with your stolen condo before you realise the cheque is bad?

This has happened in Pattaya to my personal knowledge. You dont seem to understand the depths to which some people will sink here.

What was the outcome?

In the end the sale was reversed. But in the meantime some furniture vanished, and the vendor had a very stressful few days trying to sort it out. He also had various extra expenses related to the sale not going though. So all in all it was a complete PITA that he could have done without, but not the end of the world.

I dont know what, if anything, ever happened to the buyer.

[54321]

_{If you or anyone decides to under declare the sale price, then ensure your buyer has a cashiers cheque/bankers draft or whatever for the declared amount, and a second for the balance, because the person in the land office might (did in my case) ask to see the cheque, and if its for a larget amount you may have problems}

[blackcab]

_{If you or anyone decides to under declare the sale price, then ensure your buyer has a cashiers cheque/bankers draft or whatever for the declared amount, and a second for the balance, because the person in the land office might (did in my case) ask to see the cheque, and if its for a larget amount you may have problems}

Normally the Land Office doesn't ask, but recently the Land Office in Rayong asked to see the cheque and also took a copy.

[WishWashMan]

no escrow companies in thailand?

[trogers]

no escrow companies in thailand?

Given the level of corruption and abuse of positions, would you trust a company, or a major bank?

Even the trust on the latter can be somewhat shaky as seen in the recent arrest of top honchos of HSBC in the US.