Not Paying For A Condo

[louielou]

Hi,

Can anybody comment on the following senario?...

I payed the downpayment on a condo to be constructed 2 years ago (Ananda Co.). Now, I've decided that I cannot follow through with the final big payment to complete the purchase. If I just walk away from the deal will I be in trouble the next time I land in Thailand? Thank you for any insight or knowlege, or anecdotes on this senario!! Louie.

[johninbkk]

No, you'll have no problem now or in the future.

So sleep well.

[DoubtingThomas]

No, you'll have no problem now or in the future.

So sleep well.

Won't it depend on the terms of the agreement? Given the current state of the market the developer might not be as happy as he might have been a while back to be left with a condo and the deposit. Is it not therefore possible the developer could come after him for non-performance? Difficult to enforce I suppose if you don't live in Thailand or have any assets there but you never know. Some of these civil-in-the-west scenarios can be criminal in Thailand. I don't want to scare the OP or dispute your assertion that it is not a problem, John, but your one-liner will be cold comfort if he gets hit with a summons! I'd recommend a few bob spent on a lawyer might be in order here.

[ThaiBob]

No, you'll have no problem now or in the future.

So sleep well.

Won't it depend on the terms of the agreement? Given the current state of the market the developer might not be as happy as he might have been a while back to be left with a condo and the deposit. Is it not therefore possible the developer could come after him for non-performance? Difficult to enforce I suppose if you don't live in Thailand or have any assets there but you never know. Some of these civil-in-the-west scenarios can be criminal in Thailand. I don't want to scare the OP or dispute your assertion that it is not a problem, John, but your one-liner will be cold comfort if he gets hit with a summons! I'd recommend a few bob spent on a lawyer might be in order here.

Typically, the buyer makes a down payment followed by monthly installments with a large balloon payment at project completion. If the buyer walks away, the contract states he forfeits everything. The contract could be reinstated if he pays a penalty. Some developers are very lax on enforcing the final payment provision. In my condo, the developer has not actively pursued some final payments almost one year after project completion. I agree with johninbkk.

[DoubtingThomas]

No, you'll have no problem now or in the future.

So sleep well.

Won't it depend on the terms of the agreement? Given the current state of the market the developer might not be as happy as he might have been a while back to be left with a condo and the deposit. Is it not therefore possible the developer could come after him for non-performance? Difficult to enforce I suppose if you don't live in Thailand or have any assets there but you never know. Some of these civil-in-the-west scenarios can be criminal in Thailand. I don't want to scare the OP or dispute your assertion that it is not a problem, John, but your one-liner will be cold comfort if he gets hit with a summons! I'd recommend a few bob spent on a lawyer might be in order here.

Typically, the buyer makes a down payment followed by monthly installments with a large balloon payment at project completion. If the buyer walks away, the contract states he forfeits everything. The contract could be reinstated if he pays a penalty. Some developers are very lax on enforcing the final payment provision. In my condo, the developer has not actively pursued some final payments almost one year after project completion. I agree with johninbkk.

Guys, I'm not disputing your experiences in any way. I'm just saying that not all situations are the same so the OP needs to be careful. As an example, I am currently indirectly involved in some actions over a situation that has occurred hundreds of times all over BKK (indeed the world) and everyone else we talk to had no problem. Lucky them; we're up to our necks in litigation. So, beware, complacency could be disastrous.

[trogers]

I was taught in Sunday school many decades ago - the Good Lord taught us to first count our cost.

[HampiK]

Would it be not easier to try sell the condo?

And sell it for a price of the not made paymets.. Or maybe a little bit higher, than you not lose soo much money...

I don't know how difficult it is to sell your condo. But i see many new condos are built now, and they are sold quite fast (still now). At least it is worth a try.

[trogers]

I don't know how difficult it is to sell your condo. But i see many new condos are built now, and they are sold quite fast (still now). At least it is worth a try.

You should differentiate between selling booking papers fast and selling transferred condo units fast...

[HampiK]

I don't know how difficult it is to sell your condo. But i see many new condos are built now, and they are sold quite fast (still now). At least it is worth a try.

You should differentiate between selling booking papers fast and selling transferred condo units fast...

So far i understand the OP, the condo isn't transferred yet. He only made the downpayments.. but the last "big" payment is still outstanding. So there is maybe still a chance to sell it.

[sideshow]

Hi,

Can anybody comment on the following senario?...

I payed the downpayment on a condo to be constructed 2 years ago (Ananda Co.). Now, I've decided that I cannot follow through with the final big payment to complete the purchase. If I just walk away from the deal will I be in trouble the next time I land in Thailand? Thank you for any insight or knowlege, or anecdotes on this senario!! Louie.

[sideshow]

Louielou,

Pm me, I might know someone willing to take over the payments and do you a deal, so you at least get something back!

[bkk_mike]

Am I being dumb here, or isn't it just a matter of checking what the penalty is in the contract. (Admittedly, they did a copy in English for me, so I could actually read it.)

[MikeyIdea]

JohninBKK is right, don't worry and sleep well

[pkrv]

Hi OP

Actually there is value in what you currently have - Down Payments made during the greatest period of risk - This is a part of buying off the plan - If your final payment is due well then that means the condominium is nearing completion. For many this is a much more attractive proposition. Many cannot handle the stress of buying off the plan - and my god is it stressful.

So try and find a buyer - I noted someone has already come forward. Depending on where you are and the condominium you bought you should be able to get (some or all of) your deposit money back.

Go to estate agents etc...

[louielou]

Louielou,

Pm me, I might know someone willing to take over the payments and do you a deal, so you at least get something back!

Hi, not sure what PM means (sorry, newbie). If anybody is interested in having a look here is the posting I made a bangkokcondos.com (kinda of pricey to list there but they have a really impressive google ranking and I did get one response that I will be showing the condo to on the 20th of the month). AND THANKS ALL FOR HELPFUL AND INTELLIGENT DIALOG/ THREAD HERE!!! Louie ...

http://www.bangkokcondos.com/bangkok_condos_for_sale_ideo.asp

[stgrhe]

Louielou,

Pm me, I might know someone willing to take over the payments and do you a deal, so you at least get something back!

Hi, not sure what PM means (sorry, newbie). If anybody is interested in having a look here is the posting I made a bangkokcondos.com (kinda of pricey to list there but they have a really impressive google ranking and I did get one response that I will be showing the condo to on the 20th of the month). AND THANKS ALL FOR HELPFUL AND INTELLIGENT DIALOG/ THREAD HERE!!! Louie ...

http://www.bangkokco...r_sale_ideo.asp

PM is the abbreviation for Personal Message.