I Sold My Condo

[stgrhe]

Well, if a condo purchase is made off plan than it is IMO highly recommended to hire a lawyer for the due diligence of the building company.

Even when it is a big company like CBRE or Pruksa?

The only 2 very big building companies i know.

Even some of the bigger building contractors can be risky business since it happens that they may set up a project based company that "fronts" and become your contract counterpart.

[PattayaParent]

Well, if a condo purchase is made off plan than it is IMO highly recommended to hire a lawyer for the due diligence of the building company.

Even when it is a big company like CBRE or Pruksa?

The only 2 very big building companies i know.

CBRE are not a building company, they are an estate agents.

And I wonder did they ever return any of the deposits they received on behalf of the developer to those people who invested in The Chateau, or The sails in Pattaya?

[equinox]

It goes without saying buyers should do their own due diligence . But getting a lawyer... hmmm... in theory yes - sounds very good... in practice, however, all contracts for "off plan" condos (and also house projects) will be crafted to be heavily in favour of the developer.

All a lawyer can do is point all his out to a potential buyer - who should be carefully reading the contract for themselves anyway. The condo developer is not going to suddenly re-negotiate their contracts, and/or pay back deposits, if their circumstances change for the worse. The small print will generally covers their <deleted> for any and all eventualities. Also, its typical that a concrete completion date (and/or final transfer date) will not be stated. What will be crystal clear, however, is the timeline and date when the last installment must be paid. Not the same things of course.

So like I said, a lawyer can only read the small print and report all this to his client - he isn't going to influence or get the developer to change their way of doing business!

[stgrhe]

It goes without saying buyers should do their own due diligence . But getting a lawyer... hmmm... in theory yes - sounds very good... in practice, however, all contracts for "off plan" condos (and also house projects) will be crafted to be heavily in favour of the developer.

That is probably so if the buyer doesn't put in some effort to come up with an own draft. As a buyer there is absolutely no reason one shall accept a draft presented by the developer, that draft should only been seen as the opening bid in a negotiation process, which should lead to a balanced agreement taking into account the interests of both the seller and the buyer.

If the developer doesn't want to play ball one should simply walk away and try ones luck elsewhere. In my opinion buyers who accept agreements biased in the sellers' favour do actually have themselves to blame if things turn sour.

Also for an off plan purchase the installments should be made through an escrow account or be secured by a bank guarantee. The cost for a good lawyer is small potatoes compared to the risk one is taking buying on the the seller's terms.

Edited August 15, 2010 by stgrhe

[PattayaParent]

While you are right in what you say stghe, developers may not want to negotiate terms different to their standard and it's a take it or leave it proposition as they assume they will have many other mugs investors willing to buy.

For example Raimon Land do not use escrow accounts and tell you that their guarantee you will get your money back is sufficient.

[frenchfarangjomtien]

So everybody confirms that there is no reason to get a lawyer if you have a Thai with you to read documents when buying a condo ?

Price must be paid when your name will be written on documents and land office ?

[stgrhe]

So everybody confirms that there is no reason to get a lawyer if you have a Thai with you to read documents when buying a condo ?

Price must be paid when your name will be written on documents and land office ?

No! The contract is one thing but how about building permits and the builder's/developer's financial situation? I suggest a proper due diligence be made by a lawyer before you sign any paper.

[wasaskater]

Just wanted to give you guys an update. I have not heard from them since my last email...which told them to pick a date or I would consider it canceled...so I guess they do not want it. I did go to the police and confirmed I was in the right(same ones who came when she falsely called)...and the told me that I was free and clear to sell or rent it out. So now I have a tenant...and I hope that this crap never happens again!

[happylarry]

Reading between the lines here I would assume the German boyfriend saw sense and did a runner and the ex-girlfriend then tried to get her hands on the deposit.

(My suspicious mind)

HL