Modernizing the deadly sins to protect gullible property buyers in Pattaya

“Sail away where no ball and chain
Can keep us from the roaring waves
Together undivided but forever we”ll be free
So sail away aboard our rig
The moon is full and so are we
We”re seven drunken pirates
We”re the seven deadly sins”

The Roman Catholic Church divided sin into two categories, i.e., “venial” which are relatively minor and “capital” which are more severe as mortal sin. There are seven deadly sins which are Lust, Gluttony, Greed, Sloth, Wrath, Envy and Pride luring us to the temptation. Some unethical people in Pattaya who are dominated by “avarice” or “greed” prey “Money, Money, my draconian lord”. They easily make their fortune from the hard earned money of some gullible retired expatriates who lost all their saving monies. Some just cheat these gullible expatriates to have money to enjoy “gluttony sin” to buy a brand new car and diamond watch. What is the category of sin they committed” Is it “venial” or “capital”

In Pattaya, the knowledge of laws is always lax behind the wrongdoers. There are many laws which are in the Thai language and remain secret dossiers for all expatriates. Who will dispense the truth of knowledge to the property buyers in Pattaya.

Dante will need to modernise the seven deadly sins to come up to date in Pattaya

The “conspiracy theory” implicates many people in the circle of sins. Some may have a lying tongue to tell everything your ears want to hear. “We are the biggest project which can be certainly completed on time. It is the best investment for your retired money” are the typical sentences which may impress you with the photos showing charitable activities hanging on the wall. “If you pay us all, you will get a special discount”. These developers will refer the fake lawyer who will take part in the “conspiracy of silence” for not telling the truth.

If any developing projects cannot be completed on time, it will be the great misery for many buyers who expect to harvest their investment. To get the money deposit back from these defaulting developers becomes the time consuming process. It is the real misery for many retirees who find the limbo in the land which they expected to be the kingdom of heaven.

Need to modernize the new law to protect all property buyersIn the western countries, if any real estate developers become bankrupt, they will be stigmatized for committing a social sin and blacklisted by the law and code of conduct. They may also be punished by the criminal law for mismanagement.

There is a say in Thailand and many bankrupt entrepreneurs falling down on a pillow or cushion. Many conceal their assets in the names of their nominees who are their illegitimate wives. Some of them just changed their names and come back to do business.

The new government has just passed a new law to protect all property buyers by introducing the “Escrow Account Systems”. The commercial banks will be permitted to undertake “Escrow Account Business”. The advantage for the property buyer in using an escrow account is to protect the down payment. If the buyer outs the down payment in an escrow account, the developer cannot use that money until the developer fulfils certain conditions of the escrow agreement.

If the project is not completed within the time schedule, the bank who is the escrow agent will return the money to the buyer. Most developers will hate this new law because the down payment will go to the bank not the developer. The buyer will not have to sue the developer in the Court of Justice which will take more than a year.

This new law will boost the confidence of foreign property buyers in Pattaya. It will be beneficial to all of us who will live and die in this city of devil and deep blue sea.

For the social sanction, all of us whose bread and butter come from the real estate business should jointly stigmatize all unethical developers who have a lying tongue and hands that shed innocent blood from the misery of all property buyers.
It is a time to modernize the deadly sins which may create the death for all of us in Pattaya. The good example is the enactment of the code of conducts of the Real Estate Brokers Association in the Eastern Seaboard. What they can do is to ostracize or expel the unethical member who creates the fake escrow account to embezzle the money deposit.

“Greed” or “Avarice” is, like lust and gluttony, a sin of excess to acquire the obscene wealth.

A sin against God, just as all mortal sins, in as much as man condemns things eternal for the sake of temporal things.