THAILAND LAW, THAI LAW -Purchase or Loan
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Thai Law |
Thai law | Some time ago I came
upon a case regarding a loan agreement between two Thai individuals and a
foreign man, the deal in question was a scam where the two Thai people in this
case a man and a woman where trying to cheat the foreigner by lying about the
agreement. The details were that the two Thai’s would borrow one million baht
and put a land and house up as collateral but unbeknownst to the foreign man
the contract stated that it was a sale and purchase agreement not a loan as
originally agreed.
The way they did this
was to provide the contract with no English translation and to deceive the
foreigner and his interpreter who was present at the time. Knowing that his interpreter
was not skilled in English and that the foreigner did not know more than a few
words in Thai they convinced his interpreter that the foreign man had agreed to
purchase the land and house in question. The interpreter wanting to speed up
proceedings pointed to the blank space for the man to sign and that was that,
nothing out of the ordinary had happened and a deal was made, it was only later
that the foreigner came to realize the consequences of putting pen to paper
that day.
Under Thai law, any
contract can come into question if the signatory does not understand what he is
signing.
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Thailand law |
On a normal sales and
purchase agreement you would have a deposit amount, a percentage based on the
overall price and then you would pay the rest after the property transfer is
complete. The contract that the man signed had it as a one off payment up front
with no deposit and with a thirty thousand baht interest to be paid to him
monthly which in a real sale and purchase agreement there is no such thing.
They had tried to swindle the foreigner of his money but he would not notice
until the Thai man involved in the deal was murdered and the woman did not make
the interest payments stated in the contract.
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Thai law |
Thus the case was
submitted to court only then did the foreigner know the depth of his problem,
when finally briefed on the details by his attorney. In court the case is taking
a long time to process and a sentence is still pending, the woman is fighting
the case by using the contract that the foreigner had signed against him.
Stating that it is a sales and purchase agreement and that the amount he had
paid was correct and that she did nothing wrong, also as she only signed the
agreement as a witness she is trying to get out of any wrongdoing even though
she received and spent the money. The piece of property in question was never
transferred to the foreigner and it was later found out that neither one of the
two Thai’s who made the agreement even legally owned it.
The root of this
problem stems from the start in which the foreigner brought an interpreter who
was not fluent in English with him to the meeting and who only told him where
to sign and not what the document was all about. So when you sign anything
please make sure that you have a lawyer that is both proficient in Thai and
English present so you are sure to protect yourself and know exactly what it is
that you are signing, or even better get a translation made for yourself to
look over. Nowadays a loan agreement and some other contracts can even be made
in English with zero hassles.
THAILAND LAW,THAI LAW -Purchase or Loan
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ตอบลบMY TESTIMONY FROM A LEGITIMATE MONEY LENDER
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