Will A Condo Take My Money?

[lennya12threh]

Ok. Its actually not my money, but my girlfriend has a condo in her name on Sukumvit, and now cannot put any more money down for it because of a life style change. So far there is just about 400,000 baht into it, and weve been trying to sell it for 250,000 baht but as of a month there has been nothing.

On the contract it states that if there is a problem, they will refund the money in 30 days, which would be our case, but I and my girlfriend have heard of alot of people having problems with getting their money back if a contract cannot be forfilled as planned, and the condo will just take the money....

So we are both a little bit worried about putting the letter in, for fear of getting the same results as others. Now, if it did work out, we would end up with an extra 100,000 baht because of the discount we would have sold it for.

Does anyone know of any incidents or have any input or experience. Will a condo take 400,000 baht? Or are these incidents kind of like the people that got there money stolen from their bank accounts by bank employees. Very rare?

[stgrhe]

A few questions and remarks:

1. You say the condo is in your GF name, you probably mean the contract is in her name, not the title? If its only 400,000 you must be taking about the amount your GF has put in to date, right? If that is the case she cannot sell the condo, as she doen'st have the titel, but she can try to sell her rights and obligations of the building contract, this provided there is such a transfer provision in the contract. If not, then she is in the mercy of the builder.

2. You say the building company has promised to pay back the amount if there is "a problem". You need to be more specific because "a problem" cannot be defined. The cases under which the builder would consider paying back the money, contractually that is, are probably detailed so you need to study those and tell us what they say.

3. You need to inform us the reason why your GF cannot pay "any more". If it is due to her own financial situation then she would have virtually no chance to get any money back.

[trogers]

Basically, your gf booked an open plan condo unit and paid a deposit for it. Now that the unit is constructed and ready for transfer, she cannot get the funds for the transfer.

If so, the deposit will be forfeited, same thing that happened to numerous flippers.

[think_too_mut]

Basically, your gf booked an open plan condo unit and paid a deposit for it. Now that the unit is constructed and ready for transfer, she cannot get the funds for the transfer.

If so, the deposit will be forfeited, same thing that happened to numerous flippers.

Those are the reason for "sold out" or "only 2 left". Mickey mouse money that means what the OP is describing.

One board member even raised a topic "Another proof that BKK real estate market is booming!".

The reckoning time us now and what? Thousands of flippers unable to sell are struggling to get anything back.

I won't lose many hours of sleep over their situation.

[MJo]

Basically, your gf booked an open plan condo unit and paid a deposit for it. Now that the unit is constructed and ready for transfer, she cannot get the funds for the transfer.

If so, the deposit will be forfeited, same thing that happened to numerous flippers.

Those are the reason for "sold out" or "only 2 left". Mickey mouse money that means what the OP is describing.

One board member even raised a topic "Another proof that BKK real estate market is booming!".

The reckoning time us now and what? Thousands of flippers unable to sell are struggling to get anything back.

I won't lose many hours of sleep over their situation.

Singapore just introduce regulations banning developers to "sell" units for peanuts deposits off plan. Just to give a chance to normal people to buy with the original price and without having to pay extra "commission" to these flippers. Now what are the odds we see same kind of legistlation in Thailand ?

OP, what is the condo name, size of unit, floor and most importantly what is the contractual price ? Post these and maybe some here are willing to soften the blow....

[mmushr00m]

Basically you need someone to take the contract off you.

So like MJo suggested, give us some details.....

[lennya12threh]

Hi everyone.

Yes, it is just the contract of which is in her name. She has 380,000 baht into it. In the contract it says that if there is an accident and she can no longer pay money into it, they will refund the money, but she needs so show that she doesnt have any money, which should be no problem. Before, her ex-boyfriend was paying it for her but they broke up.

The details of what an accident are, are not written detailed, but she phoned the lady who is a seller, but still has bosses, and the lady said she would get money, but it could a loooooong time. But still we are scared of putting in the letter, then waiting and waiting and never getting anything. Would the condo lie and play around? Thats more of the question here.

The condo is in Zenith Place Condos on Sukumvit. I had an add posted before and even a topic started on it before. Maybe 3 weeks ago. I will find something and copy and paste it here.

[lennya12threh]

Right now we have 380,000 baht towards a room of 66.5 sq m, and the fee to transfer names is 50,000 baht. If it transfered into your name you would have that 380k to go towards any room you want. Now all sizes are still avaliable and you can change rooms at any time. The website is very good.

www.zenithplace.com

If you wanted to transfer it into your name we could look at all the rooms and change rooms while still in our name, before transfering it to you, so you dont need to worry about being stuck with the 66.5 if you want a 33.5 or 40 or whatever. Before we were actually starting the process to change but stopped because we needed to sell. I am 100% sure we can change and just called the condo now as I got your reply to confirm.

We want to get 250,000 out of the deal after everything, That would mean you paying us 250k and then another 50k to transfer names, for a total of 300,000 baht, saving 80,000.

After in your name, that 380k could go towards any condo you picked, and you could pay the rest of the price in one full sum, or pay in smaller chuncks over time. I think they say there is a minimum of 20-30,000 baht per month to be paid towards the total (depending on the size), but for the last 2 months since we said we are selling we haven`t payed anything and haven`t had any problems as well.

The rooms range from 1.7-3.6 mill depending on the size and floor...

[mmushr00m]

Isnt this condo almost finished or finished already.

I remembers seeing ads for this development early last year and they said end of the year ( i assume end of 2008)

or is there another Zenith place around?

Have a look at your contract I am sure it says that come closing date if you do not come up with the money for the condo you will forfiet all your payments. Probably same with non payment of the instalments.

But you can probably get some leeway if you can convince the developer that you are on the verge of selling the unit.

Edited September 25, 2009 by mmushr00m

[lennya12threh]

Isnt this condo almost finished or finished already.

I remembers seeing ads for this development early last year and they said end of the year ( i assume end of 2008)

or is there another Zenith place around?

Have a look at your contract I am sure it says that come closing date if you do not come up with the money for the condo you will forfiet all your payments. Probably same with non payment of the instalments.

But you can probably get some leeway if you can convince the developer that you are on the verge of selling the unit.

Hi. This condo is not yet finished. It is set to finish for the start of 2010, and is just inside Sukumvit 71/1. The down payment is completely paid, and if we had enough to pay 20,000 baht every month we could could keep the condo and pay over time. Or if we had 1.5 million baht we could just pay it all off right now.

The minimum down payment is already paided.

I did have a couple inquiries before from the ad from people seeming sincerely interested, but then no second responses.

[lennya12threh]

1. You say the condo is in your GF name, you probably mean the contract is in her name, not the title? If its only 400,000 you must be taking about the amount your GF has put in to date, right? If that is the case she cannot sell the condo, as she doen'st have the titel, but she can try to sell her rights and obligations of the building contract, this provided there is such a transfer provision in the contract. If not, then she is in the mercy of the builder.

The name can be changed in the contract. Already looked into that. Its a 50,000 baht charge.

[katabeachbum]

Right now we have 380,000 baht towards a room of 66.5 sq m, and the fee to transfer names is 50,000 baht. If it transfered into your name you would have that 380k to go towards any room you want. Now all sizes are still avaliable and you can change rooms at any time. The website is very good.

www.zenithplace.com

If you wanted to transfer it into your name we could look at all the rooms and change rooms while still in our name, before transfering it to you, so you dont need to worry about being stuck with the 66.5 if you want a 33.5 or 40 or whatever. Before we were actually starting the process to change but stopped because we needed to sell. I am 100% sure we can change and just called the condo now as I got your reply to confirm.

We want to get 250,000 out of the deal after everything, That would mean you paying us 250k and then another 50k to transfer names, for a total of 300,000 baht, saving 80,000.

After in your name, that 380k could go towards any condo you picked, and you could pay the rest of the price in one full sum, or pay in smaller chuncks over time. I think they say there is a minimum of 20-30,000 baht per month to be paid towards the total (depending on the size), but for the last 2 months since we said we are selling we haven`t payed anything and haven`t had any problems as well.

The rooms range from 1.7-3.6 mill depending on the size and floor...

Just had a look at it tuesday last week. They are now offering 10% discount on new bookings, so I guess your payments are basicly lost

[lennya12threh]

Right now we have 380,000 baht towards a room of 66.5 sq m, and the fee to transfer names is 50,000 baht. If it transfered into your name you would have that 380k to go towards any room you want. Now all sizes are still avaliable and you can change rooms at any time. The website is very good.

www.zenithplace.com

If you wanted to transfer it into your name we could look at all the rooms and change rooms while still in our name, before transfering it to you, so you dont need to worry about being stuck with the 66.5 if you want a 33.5 or 40 or whatever. Before we were actually starting the process to change but stopped because we needed to sell. I am 100% sure we can change and just called the condo now as I got your reply to confirm.

We want to get 250,000 out of the deal after everything, That would mean you paying us 250k and then another 50k to transfer names, for a total of 300,000 baht, saving 80,000.

After in your name, that 380k could go towards any condo you picked, and you could pay the rest of the price in one full sum, or pay in smaller chuncks over time. I think they say there is a minimum of 20-30,000 baht per month to be paid towards the total (depending on the size), but for the last 2 months since we said we are selling we haven`t payed anything and haven`t had any problems as well.

The rooms range from 1.7-3.6 mill depending on the size and floor...

Just had a look at it tuesday last week. They are now offering 10% discount on new bookings, so I guess your payments are basicly lost

Well it looks like well just have to hope the condo hasnt lied, and put in the letter. The lady and contract did say that they would pay back the money when the condo is sold. But the way everyone is talking about it, this whole promise of getting the money back as stated on the contract, sounds a little fishy....

Are there professionals that can be hired that know the system and can look at the contract and help us out?

[mmushr00m]

Why dont you go ask the banks for the 1.5mil?

You have already put 400k into it.

20k a month isnt that much actually, maybe you should be co-owners with your GF and go 50-50 on the installments until you find a buyer. Then you take back your money. better then losing it all.

[KickJixenberg]

"her ex-boyfriend was paying it for her but they broke up".

And she is desperately trying to get the money back so that she can repay her ex-boyfriend - right

[lennya12threh]

Why dont you go ask the banks for the 1.5mil?

You have already put 400k into it.

20k a month isnt that much actually, maybe you should be co-owners with your GF and go 50-50 on the installments until you find a buyer. Then you take back your money. better then losing it all.

Well right now I am studyin university full time. I f I had the resources I would do that, but dont. My girlfriends salary would be much more than 10k per month. That would mean live comfortably I would need to pull in 40k per month, which I cannot right now while studying full time.

[lennya12threh]

Why dont you go ask the banks for the 1.5mil?

You have already put 400k into it.

20k a month isnt that much actually, maybe you should be co-owners with your GF and go 50-50 on the installments until you find a buyer. Then you take back your money. better then losing it all.

Well it looks like well just have to hope the condo hasnt lied, and put in the letter. The lady and contract did say that they would pay back the money when the condo is sold. But the way everyone is talking about it, this whole promise of getting the money back as stated on the contract, sounds a little fishy....

Are there professionals that can be hired that know the system and can look at the contract and help us out?

The question now is. Did the contract and the sales person for the condo lie when she said this a couple days ago? If not, then we can get the money back, we just need to wait a long time probably.

[hhgz]

"Well right now I am studyin university full time. I f I had the resources I would do that, but dont."

Perhaps there's a course at the university that will teach you that you should not buy the condo for your girlfriend.

Edited September 27, 2009 by hhgz

[lennya12threh]

"Well right now I am studyin university full time. I f I had the resources I would do that, but dont."

Perhaps there's a course at the university that will teach you that you should not buy the condo for your girlfriend.

LoL. Well Iwould never buy something that big and put it someone elses name, except maybe family.

Still the question that no one knows. Do you think the condo has lied? And the sales lady? Are the problems I have heard of because the contract didnt comply with an accident, or because the condo scammed the person? Has anyone heard of scams, or is it all just mistakes on the buyers behalf?

Its not even my money, but I have interests in it as well, because if the girl Im living with has another 400,000 baht, its good for me too.

Edited September 27, 2009 by lennya12threh

[stgrhe]

Exactly what is the wording (English version) of the contract clause that says the seller, i.e. the developer (not the condo), under which circumstances the money would be paid back.

How on earth do you think anyone of us can answer you question without knowing what the contract says. Further, whether the seller's lady representative promised this or that is totally irrelevant if that has not been written in the purchase contract.

[sorensen]

Here is a new word for you: Sunk-Costs (http://en.wikipedia.org/wiki/Sunk_costs).

Why throw good money after bad?

[lennya12threh]

Exactly what is the wording (English version) of the contract clause that says the seller, i.e. the developer (not the condo), under which circumstances the money would be paid back.

How on earth do you think anyone of us can answer you question without knowing what the contract says. Further, whether the seller's lady representative promised this or that is totally irrelevant if that has not been written in the purchase contract.

It is in Thai, though I will scan it or something, or put it here in Thai, sometime soon. I hope someone can read thai. I could try translate to English, but then theres always language differences.

She says it says that if there is any sort of problem that doesnt allow for a continuation, then they will pay the back upon selling the unit. But it says that she needs to show that she doesnt have money and that she needs to be unable to get the bank to buy it. The bank will not buy it because my girlfriend has no record of income for the last year, and before that it was just 10,000 baht per month...

I will post a thai version maybe? If some people will seriously look.

I　accidently replied to myself. This last post was meant for you.

[tonititan]

"She says it says that if there is any sort of problem that doesnt allow for a continuation, then they will pay the back upon selling the unit."

I would think that would be one of the major problems. IF they allow you back-out of the condo and agree to return the money, it could take a long time to sell the unit. There are so many condos going up right now! Maybe that's why the lady at the condos said it would take a "looooooong" time to get any money back. Furthermore, the condo management now has no motivation to sell your specific unit. Why would they try to sell that unit, when they can sell a similar unit to someone else AND keep your 380,000 for now?

You asked if anyone has heard of this happening, and yes, I have. A friend needed out of a contract for a condo that was being built. The company said he couldn't get any money back until the condo unit was sold, but they refused to try to sell it to someone else, and they wouldn't even let my friend bring people there to view the property (he didn't have the keys yet). I still don't think he's ever gotten the money back....

Sorry for the bad news.

[lennya12threh]

"She says it says that if there is any sort of problem that doesnt allow for a continuation, then they will pay the back upon selling the unit."

I would think that would be one of the major problems. IF they allow you back-out of the condo and agree to return the money, it could take a long time to sell the unit. There are so many condos going up right now! Maybe that's why the lady at the condos said it would take a "looooooong" time to get any money back. Furthermore, the condo management now has no motivation to sell your specific unit. Why would they try to sell that unit, when they can sell a similar unit to someone else AND keep your 380,000 for now?

You asked if anyone has heard of this happening, and yes, I have. A friend needed out of a contract for a condo that was being built. The company said he couldn't get any money back until the condo unit was sold, but they refused to try to sell it to someone else, and they wouldn't even let my friend bring people there to view the property (he didn't have the keys yet). I still don't think he's ever gotten the money back....

Sorry for the bad news.

Hmmm. So if there is no potentail to continue paying it or get a bank to, what the hel_l can we do....

Put it at the mercy of the condo and the big bosses.....

Or maybe keep trying to sell it.. Lower the price to 200,000 baht or something.....

It is a good condo....

[lennya12threh]

"She says it says that if there is any sort of problem that doesnt allow for a continuation, then they will pay the back upon selling the unit."

I would think that would be one of the major problems. IF they allow you back-out of the condo and agree to return the money, it could take a long time to sell the unit. There are so many condos going up right now! Maybe that's why the lady at the condos said it would take a "looooooong" time to get any money back. Furthermore, the condo management now has no motivation to sell your specific unit. Why would they try to sell that unit, when they can sell a similar unit to someone else AND keep your 380,000 for now?

You asked if anyone has heard of this happening, and yes, I have. A friend needed out of a contract for a condo that was being built. The company said he couldn't get any money back until the condo unit was sold, but they refused to try to sell it to someone else, and they wouldn't even let my friend bring people there to view the property (he didn't have the keys yet). I still don't think he's ever gotten the money back....

Sorry for the bad news.

So, how long has it been since your friend put in the letter of backing out?

Do you think the condo sold the unit?

Does your friend hassle them and go to the condo?

[lennya12threh]

Anyone have any offers?

[tonititan]

I'm pretty sure it's been about 1 year since he decided he did not want the condo anymore...maybe a little less. The last time I talked to him, the condo wasn't sold. He called the condo a lot and showed up there several times with people who were interested in looking at the condo. But, the management wouldn't let him inside to show the condo. I think that they always had excuses for why he couldn't bring people upstairs.

[lennya12threh]

I'm pretty sure it's been about 1 year since he decided he did not want the condo anymore...maybe a little less. The last time I talked to him, the condo wasn't sold. He called the condo a lot and showed up there several times with people who were interested in looking at the condo. But, the management wouldn't let him inside to show the condo. I think that they always had excuses for why he couldn't bring people upstairs.

Well if they said that kind of shit, Id start to hassle them.

"So it must be sold already if it isnt for sale?"

"Where is my money?"

Hassle them. Show up all the time. Start telling others that come about the condos habits...

Im sure theyd call the police....

There must be a professional that would have interests in cases like these. Give him 100,000 baht if he can get us the money...

Even 200,000 baht is alot of money for us right now.....

If they want to get stupid Im willing to get stupid as well.....

I could eventually get more information about people invloved in the management and administration of this condo....

Edited September 29, 2009 by lennya12threh

[jcon]

OP. Sorry your (it's not even your money, it's some other bloke's money) is gone. If you were the developer, would you give the money back to someone who couldn't pay on transfer "aww cry me a river?" Would you? I wouldn't. And good luck with your other options. Unless you have some power (you don't), you won't get any money back. Sorry, but this is the truth. Go ahead and offer 100K for someone to try to get your money back... 101K to shut you up.... TIT. And you won't win.

Like another poster said, if true, they are offering 10 percent discounts, which wipes out your (er your gf's... er... your gf's ex-sponsor's) money out. I wish the best for you because maybe with that 380k you and your gf can buy half of a Honda Jazz... but it's not going to happen.... sorry for being blunt, but like I said, I don't think it's gonna happen.... I would love for you to prove me wrong.... please do. It will be a great day for speculators everywhere who just don't have the cash to pony up..... 'accident' as a reason to not pay... c'mon now... THINK.

[lennya12threh]

It is kind of rediculous the way this shit works in Thailand. Like there is no law. In Canada, no one could get away with stealing $15,000 as a buisness selling condo units.

It wouldn`t be viewed as "oh cry me a river," you signed a contract and desired to have a condo, had a mishap, we are liable to return the money upon selling, but now we are going to steal it from you.

Thats serious......

Thai people are so passive the system and power is able to inflict alot of rediculous things upon the people, and they just take it and accept it, and the way things work just lives on.

There must be something you could do besides calling the police and having the condo manager give him 500 baht to go, so he can go get drunk with his buddies tonight....