There are many ways to throw away your savings on. Read about five of thousands of such examples. The victims are ordinary people who all have two things in common. They have underestimated the risks and overestimated their own ability. A dangerous combination in any country.

◙ Moonlighting in the sun

Quite common is the moonlighting agent. A nice person tha offers you help to provide housing at "affordable prices". That they are working without workpermits and without paying taxes is, unfortunately, accepted by many buyers as long as they think they make a killing. A nice website is no guarantee.

Some dangers of moonlighting agents are:

• Your money is handled through private accounts.
• If Thai tax authorities would ivestigate, you could be held responsible.
• Lack of competence will be attended by further risks.
• You can never assert a claim since the activity is illegal.

Event in real life
At the pool of the hotel Goran and Yvonne's met their "broker". He was very nice and showed a number of apartments he had for sale. Although the display was muddled and confusing, they decided to buy. Contracts were written and payment was sent. After transfer of ownership it was revealed that they had bought another, less attractive condominium than agreed. The "broker" reaction: I am just as surprised as you are but unfortunately I can not do anything"
Footnote. The above names are altered.

◙ Do-it-yourself buyer

Customer effecting a house purchase on their own is at risk. Most common are couples where one half is Thai. Many may believe that language skills and being native is enough for a safe purchase which is completely wrong. There is a need for education, experience and expertise to avoid mistakes in real estate transactions.

Event in real life
Björn and Ing-Marie has spent much time in Thailand and have several Thai friends. When they found their dream house, they were helped to buy the house and draw up a lease hold on the land. Everything was fine until the land owner became ill and had to sell his land. When the new owner quadrupled the lease fee it was revealed that the lease never was registered at Land Office. Finally Björn and Ing-Marie got tired fighting and left the house. Cost 105.000 US$
Footnote. The above names are altered.

◙ The house that did not exist

This Thai couple took out a loan and bought his dream house. Despite high education they were both unaware of the documents necessary to collect and check before buying. They also belived what people around them was telling them. Listen only to the prevailing documentation.

Event in real life
Eeek, and Noi became one days informed that the house they had bought a few years ago was up for demolition. This was perfectly in order since it lacked the correct documentation. ERA Oakfield was hired and succeded in produce necessary documents and carry out registrations retroactively. The price was only ERA's modest fee and some sleepless nights.
Footnote. The above names are altered.

◙ The property developer without money

Projects are a very common source of problems. The buyer signs for the purchase and pay according to a predetermined plan. Almost exclusively this is done without any idea of for example mortgages, ownerships and other important economic facts. Also contracts and ownership laws are often ignored. Sad to say, Swedes are more naive than most other nationalities.

Event in real life
During their hunt for houses in Thailand, Ulf and Katharina fell in love in a cozy house that had everything. Right price, right location and it would be built to the next holiday. Shortly after their third payment the construction was suspenden. The Swedish builder, without self-financing, was forced to stop all activities. The bank sold the current land and buildings at auction. Cost 70,000 US$.
Footnote. The above names are altered.

◙ Drastic rise for condominium buyer

Risks are also at the apartment business but are less common. Problem regards ownership documents or certificates required for the transfer of ownership. Some buyers think they have bought an apartment, but has in fact received only a lease.

Event in real life
Thomas replied to an ad with a nice apartment for sale at reasonable price. A nice English "broker" showed the apartment and Thomas decided for purchase. He wrote a contract and paid 30% in deposits, approximately 39,000 US$. At Land Office it was revealed that the condominium was recently borrowed on. As the contract was drafted there was no protection for Thomas. He chose to bail out the lender for additionally 47,000 US$.
Footnote. The above names are altered.

How do I avoid making the same mistakes?

• Buy through ERA Oakfield real estate

  By choosing ERA Thailand you will secure your deal in all aspects.

  • Our skill and experience will work for you
  • Our working practices and check-up eliminate risks and mistakes
  • We monitor and safeguard you money transfers

  There is a reason why Thai consumers, planners and investors to turn to us for help and advice.

• Get an international lawyer agency

  Use a renowned, international law firm from Bangkok as a consultant. It is not cheap but you will get what you pay for. Avoid local talent and all persons associated with a seller or a project. Do not turn to family or friends if they are not educated real estate professionals.

• Use common sense

  A third advice is to always use your common sense. Questioning, requesting documentation, work permits and business information from everyone you do business with. Ask, ask, ask questions and question the answers. Realize your limitations.