Jump to content

Abandoning a condo what is the penalty?


Recommended Posts

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?

  • Haha 1
  • Confused 2
  • Sad 1
Link to post
Share on other sites

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

Seems like poor management to me.

 

  • Like 2
Link to post
Share on other sites

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 

Edited by RJRS1301
  • Like 2
Link to post
Share on other sites

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?

  • Haha 1
Link to post
Share on other sites

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 :cheesy::cheesy:

 

 

  • Like 1
Link to post
Share on other sites

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

  • Haha 1
  • Sad 1
Link to post
Share on other sites

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).

Link to post
Share on other sites

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.

Edited by tomazbodner
corrected typing mistake
  • Like 1
Link to post
Share on other sites

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.

 

  • Like 2
Link to post
Share on other sites

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).

 

  • Like 1
Link to post
Share on other sites

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.

Link to post
Share on other sites

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 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.

×
×
  • Create New...