A lesson for us all......

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Jogger

A lesson for us all......

Post by Jogger »

CHIANG MAI: -- The enticing advertisement online promised a dream: quiet retirement in the beautiful hills of Chiang Mai.
 
Many foreigners thought this was what they deserved after a life of saving so they eagerly signed up to buy houses in the luxurious, quality development.
 
Now they are left with illegal properties that they can't sell and their dreams are over.
 
At the weekend four foreigners complained they had been swindled out of 38 million baht by a Thai online. A further 6 million baht has gone missing in various transfers.
 
Documents such as deeds all seemed above board when they responded to the enticing advertisement but as Cholathit Suratwadee informed them at the weekend, they have been conned into buying forestry land that is protected.
 
The group of foreigners and others found out last June that they had been ripped off. Now the reality is really sinking in as they face losing everything.
 
And they want to make sure that others do not get similarly ripped off.
 
Forestry chief Cholathit said that now they have been duped their only recourse was to go to the police.
 
The development encroached on forestry land in the Mae Tha Chang and Mae Khanin areas in beautiful Hang Dong district of Chiang Mai.
 
Manager online said the area was known as "High Society Hill".
 
The foreigners were not named and manager did not report if they were able to live in the area in the meantime.
 
Cholathit said that this was just one of 100 encroachment cases in Chiang Mai that are being followed up.
 
Source: Manager Online
 

-- © Copyright Thai Visa News 2017-09-25

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Gaybutton
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Re: A lesson for us all......

Post by Gaybutton »

That is exactly why it is important to go through a Thai attorney when buying real estate and much safer if you buy a property that is already built and well established.
bobsaigon3

Re: A lesson for us all......

Post by bobsaigon3 »

I went to a law firm on Theprasit to form a company when buying a house at View Talay Villas. A few years later I found that the law firm had been operating without a license for five years and there was a certain lack of due diligence on their part. They did not discover that a building permit for the house had never been obtained by the VTV company. That made selling the house quite a complicated affair, and costly to obtain a "delayed" building permit. Probably the safest way is to buy an existing condo in a building that has the right to sell to farang and that has decent management.

And, if you're VERY senior, you might think about just renting. The monthly rental payments may never add up to the amount you would spend buying a place, and your heirs would not have to go through the process of disposing of any property that you bought.
fountainhall

Re: A lesson for us all......

Post by fountainhall »

I bought an existing 2-years old condo in Bangkok 18 years ago and have lived here for most of the last 16. Had I rented in this area, I would have already spent close to double what I paid for it. As it is, apart from some small maintenance items, I have lived rent free and have an asset which ought to be worth pretty close to double what I paid. bobsaigon3 is so right. Any condo you buy needs good and reliable management.

But I would not recommend anyone much over 60 to buy. Finding the right place is a hassle and I know from friends that selling can take a long time - in one case 3 years! I'll probably try to sell in a few years to release the capital and then revert to renting.
thaiworthy

Re: A lesson for us all......

Post by thaiworthy »

fountainhall wrote:But I would not recommend anyone much over 60 to buy. Finding the right place is a hassle and I know from friends that selling can take a long time - in one case 3 years! I'll probably try to sell in a few years to release the capital and then revert to renting.
But you're not over 60 yet!
fountainhall

Re: A lesson for us all......

Post by fountainhall »

You owe me a drink - for lying LOL
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