Dear readers,
I have a question about purchasing a condo. A few years ago I signed a contract for the purchase of a condo in Bang Saray (delivery last January). I have paid a few monthly and quarterly installments for this. In total about 50% of the purchase value (750.000 Bath). However, I still have to pay 350.000 Bath to get the apartment in my name.
However, I was a bit overconfident by purchasing a 2nd condo, also in Bang Saray (completion 2016). I have already paid a substantial down payment (10%) for this. However, I now have 2 contracts, the first of which I can still pay. The second contract will be difficult to succeed.
I'm afraid that if I make the payment for the first apartment, I will have problems later with the monthly payments not being made and the possible final payment for the second apartment. It concerns both contracts, which say if I fail to make the payments, the developer will give me 30 days to make the payment. Otherwise the payments will expire and I will lose my money.
Can the developer seize my first apartment because I fail to make payments for the second? Thai law applies to both contracts.
Yours faithfully,
Alex
Dear Alex,
Short answer; yes, he can and he will certainly do that, the moment you fail to fulfill your obligations, all your possessions may be seized, including your 1st condo.
If it is the same developer you have done business with for both condos, you may be able to try to reach an agreement, but if it is 2 different developers it becomes much more difficult.
NB!! even your bank account can be seized, you have committed yourself, by contact, to the purchase of 2 condos and also under Thai law you must adhere to your contracts.
There is, it seems, no case of fraud or deception by the developer(s) here either, you have worked yourself into a lot of trouble.
Good luck and regards
Lex K.
So the solution is….
– talk and see if you can get out of the second contract against a lump sum or fine that will probably be included in the contract
– start talking about whether you can transfer the agreement to another candidate, but you will then have to find them or have them found
– go talk, anyway. Do that with a lawyer. Engage a lawyer.
It is clear that it will cost you money, but it would also be in NL.
Good luck and wisdom.
Better take some losses and sell your first condo contract to a buyer with some loss for a quick sale, so you can probably continue with the second condo….
The first cond will be easier to sell because it has already been delivered.
Second possibility:
Since you could apparently pay for the first condo in full, do this, do your registration, and then sell the condo so that you can continue with the second condo, you will save time and money for your problem.
Better a certain loss than losing everything!
Normally with a good talk with the real boss of the project you can agree to cancel the contract and then you lose your 10 percent , and then you can agree if you later buy a second condo that you get your 10 % back , so you can do a lot the Thai way.
Ps you don't make friends with a lawyer in the first instance !!.that can be done later.
Gr. haste.
Have experience with several farangs regarding these issues, and usually resolve that they can no longer afford one of the condos and are out of control. Then no project developer would take it into his head to litigate, and he thinks I've already received the down payment, and take it with me and who is the next victim.
Why talk to a developer (I can already see him rubbing his hands) and an expensive lawyer?
It's not for nothing that you wanted to buy 2 condos; sorry if 1 has to go.
If you want to sell one quickly, people often smell that you want money quickly, which often puts pressure on the sales price, resulting in a loss.
Would talking to a bank and applying for a mortgage on 1 of the condos not be possible?:
you keep your 2 condos and staggered repayment to bank may cause little or no financial problem. Or a private loan from family/friend with condo as collateral.
Succes
“If you want to sell 1 quickly, people often smell that you want money quickly, which often lowers the selling price, resulting in a loss.”
Otherwise you risk losing everything... Apparently a mild form of greed created this problem (or just miscalculation). Now making the same mistake again by accepting a moderate loss would be like that “donkey and that stone”. This is a case of “saving the furniture”!!
750.000 and 300.000 THB, those are very small amounts. Why not take out a loan and rent them out, then you will recover on your investment.
A good 20000 euros, the price of a small family car.
Don't be too negative guys!
If your financial problem is temporary or has to do with the combination of two purchases, there are possibilities of losing (a lot of) money and your property.
You make an appointment with the project developer (it's a shame you didn't mention who that is, because it makes a very big difference) and tell him openly and honestly what your problem is.
Depending on the company you have chosen, it will understand your situation and help you find a solution.
That solution could consist of a new repayment plan, spreading the payments, or perhaps a conservatory attachment on the first condo (until the second is paid), etc...
Theoretically, the doomsday scenarios here are correct, but things do not have to go that fast.
So you can still save the matter by having a personal conversation (via email is also possible, but it is more difficult) and working out a concrete and feasible proposal.
A (good) lawyer is therefore not (yet) necessary at all.
Success!
In such a case I would take out a loan on a Dutch house and pay it off, or sell the car. If that doesn't work because you really lived off the hook, try to find someone who will take it over from you with that 10% discount.
Be glad you only bought 2 condos and not more. There is a calculator in every mobile phone. Isn't it wrong to use something like that for sale? Sell your second condo. That is the least loss. Or just give it as a gift to someone. Then you are out of business. This saves your first kondo. In this respect it is exactly like in the Netherlands. You can't get anything in Thailand without money.
We might be interested in taking over, maybe some more info on the 1st condo and where it is located in Bang Saray. Please by e-mail.
[email protected]
Dear Alex,
I might be interested in one of your condos, just give me your email address and I will contact you and we can talk and see if anything is possible.
mvg, Fernand
Some extra info about my 2 condos. Fortunately, both condos were purchased from 1 developer. Both apartments were purchased from CW Asset, namely Bang Saray Beach Condo (204) and Bang Saray Bayview (212). Information can be obtained via (google) CW Asset Facebook. This shows a showroom of the Bayview studio ect. I would like to list the Bayview condo for sale. About 899.000% has now been paid off on this contract of 10 Bath and includes extras, namely: a kitchenette, air conditioning and hot water. It can be taken over at no extra cost. Anyone interested can email me: [email protected]
Greetings Alex…
read your contract carefully. Often the transfer is only possible to children without penalty. Had this with a family member once