Pattaya Daily News

28 July 2011 :: 19:07:15 pm 56600

Your Local Real Estate Agency Information Report

The Expected Fiduciary Duties of Foreigner’s working in the Field of Real Estate in Thailand:
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Let’s face it: There are no hard line qualifications other than those common sense guidelines outlined below in “Fiduciary Duty” for anyone who wants to open a Real Estate Agency in Thailand. They may have years of experience and licenses from their own home country, or they may have none. The latter part of that sentence is scary!

I cannot imagine going to a catch a plane at the airport whereby the pilot does not have the proper rating to fly that plane I am on. But how often do we check the pilot’s credentials? Probably never; we just want to fly where we need to go, and bought our ticket right?

We just hope the agency overseeing the airlines is enforcing the pilot’s credentials and the airlines submitted safety records. Which in most emerging and industrialized nations they do have those agencies such as the FAA, NTSB, et. al.

Why not then is there any enforcement of Real Estate Agencies in Thailand with Foreigners acting as agents? I will explain those issues in the next issue of PROPERTY & INVESTMENT by RELAX MAGAZINE.

In the meantime, before you buy that Condo, or House. Please use the following general guidelines when you go to buy or sell property.

It’s just a common sense approach for peace of mind with your hard earned money. Legitimate firms will gladly present their work permits and or company papers, since they have nothing to hide, and want to assist buyers and sellers alike.

“Fiduciary Duty”

Any Foreign person who claims to be a Real Estate Advisor or Agency must be employed in a company registered with the Dept of Business Development (DBD) in Thailand.

Any buyer or seller should take the time to ask to see these documents of the agency representing them; any legitimate firm with foreign workers should have the following in the office:

1) Company registration certificate posted in a visible area.
2) Social Security Certificate issued from the Thai Labor Department.
3) The original, or at least copy of the Foreigners “work permit” or WP.4 Book.

The Agency representing the Buyer or Seller should carry out the “international code of ethics” for their profession, which includes:

Loyalty, Obedience, Disclosure, Confidentiality, Reasonable Care and Diligence, Accounting
An agent is obligated to account for all money or property that belongs to his/her principal entrusted to that agent. The duty compels an Agency to safeguard any money, deeds, or other documents entrusted to them relative to their client’s transactions of affairs.

About the author :

Bobby Brooks is a current Licensed Real Estate Broker in the State of Hawaii, and a licensee for 31 years, and current associate member of Federation of International Brokers and the MLS Worldwide Listings. He is Director and G.M. of Bobby Brooks Property Advisor Co. Ltd. Thailand™ . On the web at: www.bobbybrookspropertyadvisors.com

Category : Property

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