Rent-to-Buy or Rent-to-Own SCAMS
Rent-to-Buy or Rent-to-Own SCAMS (Welcome to Thailand)
Not all Rent-to-Buy or Rent-to-Own proposals are scams but…
If you are a foreigner in Thailand wanting to purchase property, the chance of getting any finance or any loan from a Thai Bank is almost ZERO. On the surface, rent-to-buy or rent-to-own deals can seem like a great idea. But like all things that sound too good to be true, in reality, they are not.
The premise is simple: You pay a deposit of anything from 5% to 50% of the sale price and pay a monthly rent toward the purchase of the property, the interest rate is set as low as 1%, and at the end of the set term, you’ll own the property. Sounds perfect, right? But beware: The rent-to-buy/own landscape can be a minefield of scams and deceptions designed to take your money—and leave you in the dust.
Before you engage or completely rule out any further engagement with the “friendly seller” you should qualify the seller and the property for sale:
Your number 1 requirement from the seller is to view the original property chanote or title deed. This document is completely in Thai so you will need the property address and owner’s name translated. Please request a copy after citing the original document. If they cannot provide or allow you to make a copy of this document….then “run Forrest run”.
Your number 2 requirement from the seller is an ID document (passport ID or ID card). If they cannot provide this document….run Forrest run!
Your number 3 requirement is if the seller represents a company, then request a copy of the company DBD registration document (all in Thai so you will need a translation). This document indicates the company name, company registration number, registered office address and people authorised to sign documents representing the company. Ask them for a copy of this document, signed by an authorised company rep and stamped with the company logo. If they cannot provide this document….run Forrest run!
If all of the 3 requirements above are provided and you are still interested then proceed straight to CERTIFIED legal advice before signing any contract.
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