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Home » Reader Submission » Reader Submission: Tip – how to be safe with security deposit payments when purchasing a home or condo
Reader Submission: Tip – how to be safe with security deposit payments when purchasing a home or condo
I am in the process of purchasing a house. It is customary to deposit 10% of the purchase amount as a deposit for the final transfer.
How can you do this in a safe way, in the absence of a so-called G-account or escrow service for individuals in Thailand? A “bank draft” seems to be the outcome for me. You can have this canceled at your bank branch.
For example, costs at my house bank Kasikorn are 0.01% of the amount. The recipient pays nothing. The bank draft is in the seller's name (show the bank employee a copy of the Thai ID), while it is held by the seller's broker at the country office until the transfer date. The money is immediately debited from your account when the draft is issued. If you lose the draft, you can have it canceled at the bank branch by showing a police report.
Submitted by Eddie
Dear Eddy, a guarantee of 10% is certainly not customary. Depends on who or what you buy from. If you buy through an office of a construction project, it may be that they want such a percentage, but negotiating to, for example, 5% or, for example, an amount of ThB 100K is also very well possible. After all, people are only too happy to sell, and if the sale does not go through, you have lost the money.
If you buy privately from a private individual, ThB 50K is also usually sufficient.
Of course you want to draw up a deed of sale. Ready-made for sale in the better bookstore.
And if there is no other option, and you trust the whole process, then a bucket draft is an option, indeed.
If you really want to be sure, agree that you want to have the purchase / sale run through a law firm.
Essentially, give yourself the answer. Daniel's advice, if in doubt, to get a lawyer to look over your shoulder is recommended and will cost a maximum of 10,000 baht.
A 10% deposit is customary, but it can be less or more. At the time I paid 20% when purchasing my condo. If the seller changes his mind and does not want to sell, he must pay double the deposit amount to the prospective buyer.
When I bought a house in Thailand on the advice of the Bangkok bank, I did not pay a deposit at all.
Ben
What we did a few times, nothing, no bank draft or anything.
Together with the selling party to the country office and there the payment is made on the spot.
Sometimes it goes with cash sometimes with a bank check.
If they don't want this, unfortunately the sale will not go through, see how they react.
Jan Beute.
I understand that Eddy wants to buy an existing house. Then, just before the transfer, it must be carefully checked that the house is free of mortgage and that there is no claim on it.
To carry the whole amount in cash sounds dangerous especially in Thailand. Many people know that you go on the road with thick packs of thousands. A portion okay but the principal nice and safe with a check.
To reduce the costs of transfer, people often take the registered value at the land office. This can be interesting, but first have it transferred so that the house is officially registered in your name and then give the remainder in cash to the seller.
I've been through so many crazy things. Once the bank manager said to me, "It's not that hard to get rich, but to stay rich!"
I also paid for a house from the Netherlands
Via Wise
With this link you can transfer this amount for free.
Immediately on the account the same day.
https://transferwise.com/invite/aed/williamv22