Abandoning a condo what is the penalty?

[VIPinLanna]

If behind on condo fee payments and near impossible to sell if I as owner  just walk away can I be prosecuted? Thinking about moving to elsewhere in Thailand and cutting contact would I have any problems with immigration offices or entering and leaving the country?

[Ohyesuare]

Looks like they can shut off your electric and water and then also choose to sue you eventually, there will be a large interest building up on the balance owing so probably won't be worth to sue until it builds up high enough. I imagine if they do eventually sue, you could have issues trying to leave if they inform immigration that there's a pending legal case against you.

[yeahbutif]

Would be best to sell or give away .at no cost to you . Where is it?

[JayClay]

If you can't afford the condo fees, how would you be able to afford to pay to rent/buy anywhere else?

[Rhys]

Since you are planning on staying in Thailand, the people you owe money, will find  you.... All the best.

[ezzra]

If you move elsewhere in Thailand just make sure that nothing will be under your name, not rental contracts or utilities or vehicle's registration and so on, not a good way to live...

[Henryford]

Surely if you price it low enough it will sell, Say if it's worth 2 million but you advertise it for 1 million. In my condo the policy is to cut the water after 6 months. After 1 to 2 years we would take it to Court to get authority to sell the condo and take any outstanding fees from the sale proceeds. I don't think it would be a criminal offence to walk away.

[RJRS1301]

The ongoing problem could also involve you personal credit rating, possibly never get a loan again. 

Seems like poor management to me.

 

[scubascuba3]

As already mentioned if price low enough it will sell, you'd need to agree payment of debts with buyer before office issues debt free letter.

 

Alternatively talk to a farang committee member, they would prefer to avoid court action, they could take over the condo and rent out

[scubascuba3]

3 minutes ago, RJRS1301 said:

The ongoing problem could also involve you personal credit rating, possibly never get a loan again. 

Seems like poor management to me.

 

99% of people don't get loans, we are in Thailand

[FritsSikkink]

1 hour ago, scubascuba3 said:

99% of people don't get loans, we are in Thailand

You do when you have a job.

[fredscats]

Will eventually go up for auction.  There will be many 00s if not 000s going this way,those large condo boxes will be slum bases in next to no time

[FritsSikkink]

You will lose the condo and they can sue you for additional costs.

[tonray]

Just put it for sale for an amount equal to outstanding fees. Buyer gets a great deal and you walk away legally unemcumbered.

[RJRS1301]

2 hours ago, scubascuba3 said:

99% of people don't get loans, we are in Thailand

Credit Cards from our local bank??

I know some with car loans 

[Chris.B]

2 hours ago, RJRS1301 said:

The ongoing problem could also involve you personal credit rating, possibly never get a loan again. 

Seems like poor management to me.

 

Do they have credit ratings in Thailand?

[Chris.B]

1 hour ago, FritsSikkink said:

You will lose the condo and they can sue you for additional costs.

 

3 hours ago, Ohyesuare said:

Looks like they can shut off your electric and water and then also choose to sue you eventually, there will be a large interest building up on the balance owing so probably won't be worth to sue until it builds up high enough. I imagine if they do eventually sue, you could have issues trying to leave if they inform immigration that there's a pending legal case against you.

How are they going to sue him if they don't know where he lives? 

 

The condo management have the authority to order Thai immigration to stop someone leaving Thailand on the basis of a "pending court legal case"?  55555 

 

 

[scubascuba3]

2 hours ago, FritsSikkink said:

You do when you have a job.

yeah i know, most farang condo buyers aren't working here

[fredscats]

The eventual auction will be enough to pay any outstanding fees,but warning,there will be a huge amount of,if not already,going this way,get shut ASAP

[Jingthing]

There is no good reason to walk away. You can easily do a fire sale. You could advertise yourself or find a bottom feeder real estate firm that will probably buy it from you directly for your low price.

[scubascuba3]

1 hour ago, RJRS1301 said:

Credit Cards from our local bank??

I know some with car loans 

you're not in Thailand? most buyers aren't working here so don't have loans, credit cards are weird here it seems the credit limit needs to be the bank balance so not really a true credit card, maybe different if working

[saakura]

2 hours ago, FritsSikkink said:

You do when you have a job.

I have never taken a loan, so this is not my personal experience. But my collegue at work (salary over 150,000 a month and at the same job for over 10 years) could never get a house mortgage loan from any bank for buying a condo, until he got his PR (residency).

[soi3eddie]

I'm curious to know what the fees are and how they came to be in such arrears. Surely any fees would be less than paying rent unless you are planning to rent a Thai style room for 3,000 Baht/Month? Or was there some large one-off maintenance fee? Where is the condo located, how big is it, how much did you pay, how much have you been trying to sell for and where/how was it advertised? And what would you accept as a price to sell and get yourself out of this anxious situation? Could be a lesson for many here who own condos. Please share.

[tomazbodner]

There are a few things that will be inconvenient for the OP.

 

Juristic office will cut water and electricity to the unit after 3-6 months, depending on condo management company rules.

To sell a condo, owner will need the letter from juristic company that there are no outstanding payments, which of course will not be issued when there are.

As condo still belongs to the OP, trying to change address to another place would mean there's a property owner isn't living in, and hence would get taxed on that property.

Sooner or later something will go wrong in that uninhabited unit, causing damage to other rooms, where OP would likely be liable for those damages and juristic could take it to court.

Once in court, if OP is still in Thailand, things would get very expensive. As someone above mentioned, to run away from something is not so difficult for Thais and even there they get caught up on, but for a foreigner who needs to register address every 3 months and needs visa extensions, etc., unless going completely illegal, this would come and bite him back big time sooner or later.

 

In my opinion, an option that OP has is to clean the place and put it up for sale at a discount. Show the room during daytime in cold season so it doesn't matter if power is there or not, then take deposit to pay off all outstanding payments, before doing the transfer.

 

After all, OP was willing to walk away with 100% loss, and this would significantly lower that losses, while avoid lots of hassle later.

[tomazbodner]

13 minutes ago, soi3eddie said:

I'm curious to know what the fees are and how they came to be in such arrears. Surely any fees would be less than paying rent unless you are planning to rent a Thai style room for 3,000 Baht/Month? Or was there some large one-off maintenance fee? Where is the condo located, how big is it, how much did you pay, how much have you been trying to sell for and where/how was it advertised? And what would you accept as a price to sell and get yourself out of this anxious situation? Could be a lesson for many here who own condos. Please share.

I don't know what fees there are, but mine (Bangkok) are 40 THB/m2/month, paid every 6 months, increasing by 5 THB next year I think, to keep up with inflation. No matter how you turn it around, maintenance fees are much lower than renting the place. Else how could anyone afford buying the place and renting it out... A quick calculation on 50 m2: rent advertised 20k/month, let's say you really know how to negotiate and owner is really desperate and you got a whopping 50% discount (unrealistic, but let's say it's possible) - rent would be 10k/month. Maintenance fees for a month would be 50x40 = 2k/month. Half a year of maintenance fees would barely exceed severely discounted rent per month. And let's not forget there's also a deposit to be paid, etc.

 

Now obviously OP could move from a fancy condo (assume from his VIP name) into a 2500/month hole, but even in that case I doubt there would be much if any difference between the rent and maintenance fees, as apartments will charge premiums over electricity and water bills, etc.

 

OP's plan doesn't make any sense and would land him in severe trouble for really no benefit at all.

[MrJ2U]

4 hours ago, Henryford said:

Surely if you price it low enough it will sell, Say if it's worth 2 million but you advertise it for 1 million.

Better than nothing.

 

[Crossy]

1 hour ago, Chris.B said:

Do they have credit ratings in Thailand?

 

Yes, you can get a check for 100 Baht at any branch of the NCB (National Credit Bureau).

 

[Jingthing]

Well to sell you would need to clear any unpaid fees first. If the OP can't do that then perhaps a direct lowball deal with someone in the real estate industry would be easiest.

If someone is abroad and can't get back here to deal with the condo I doubt leaving the condo.would have any consequences outside Thailand.

[TTSIssues]

I would agree with the other suggestion to put it up for sale for the value of the fees and remove your ties to the property. 
 

You may find someone quite easily who would take it on. Depending on where it is, I could be interested so please feel free to let us know the details. Many thanks 

[Gsxrnz]

Find a woman you don't like and give it to her.