Breach of real estate purchase contract

[SoSoCNX]

Foreign buyer and his Thai lawyer asking for final cash purchase payment extension as well as final payment reduction. It was not in original contract. 

Can Thai lawyer make a problem if sell house to another cash buyer? 

Thank you 

[BritManToo]

I think you'd need to wait until they actually broke the contract.

Which would be not making the final payment at the due time.

 

What percentage of the price have they already paid?

Have you told them you will sell to another purchaser if the final payment date passes?

Edited February 5, 2020 by BritManToo

[worgeordie]

Seems like the other side are not fulfilling their side of the contract,

re:- payment extension and reduction in agreed price, so give them

say 7 days to pay,if they don't pay, you are free to accept other offers.

regards Worgeordie

[Vascoda]

20 minutes ago, BritManToo said:

What percentage of the price have they already paid?

Typically a 5K payment before contract to hold the unit unless the condo price is more than 10 MIllion and in the case one can negotiate but not more than 25K. 

 

21 minutes ago, worgeordie said:

so give them

say 7 days to pay,

I think have to give them till the date written in the contract. Verbal communication for the reduction of price or extension fo contract date does not invalidate the written contract and arbitary 7-day can't be used in that case. 

[ThomasThBKK]

On 2/5/2020 at 10:41 AM, Vascoda said:

Typically a 5K payment before contract to hold the unit unless the condo price is more than 10 MIllion and in the case one can negotiate but not more than 25K. 

 

I think have to give them till the date written in the contract. Verbal communication for the reduction of price or extension fo contract date does not invalidate the written contract and arbitary 7-day can't be used in that case. 

5k baht or USD?

 

If Baht that's extremely low. Reservation payments should be way higher.

[dksharron]

The extension request from the buyer is worth considering, and he must pay for it.  

 

Finding buyers now is not so easy. and keeping one is worthwhile to most sellers.

 

If he has paid 50%,  60%, 70% of the payment price to you, and he defaults by not making the final payment/appearing at the land office at the contractual date, but he has notified you that he is requesting more time, a judge will very likely side with hm in the range of 50/50 , and ask you to return 1/2 of his deposits.

 

Technically you are completely correct, and judges here will look at what is fair in their eyes, and "split the difference". 

 

If you do not already have a lawyer, it is worth your while to have one for the contract extension, so that it is written in your favor and completely legal.  You can charge the buyer for the cost of  the contract extension, maybe 10,000 baht, or whatever your lawyer is charging. 

 

Ask you lawyer how much you could charge for each month of extension, as your lawyer would have a better idea of an acceptable limit in case the buyer does not accept your contract extension.   If you ask for 5% / month and he needs three months, and he declines and sues, the judge may look at your request as being outside of an acceptable amount, and rule in his favor.

 

And, if he is asking for a reduction, have him provide you with his request in writing with signature, so that you have proof that he is asking for a  change in the contract amount, not only a change in the date of final payment.  This will be a be advantage for you.

 

Best of luck to you.