Condo Issues

[RubberBroke]

Read through your contract and find the marketing brochure where it is mentioned. Then seek legal advice.

Edited May 1, 2014 by RubberBroke

[rayongchelsea]

The 2008 Condominium Act Amendments provide the following additional protections for buyers:

Interesting. I didn't know that.

But presumably one would still have to sue (or at least threaten to sue with legal backing) to get satisfaction? And even if you go to court and win, what happens if the developer lacks (apparently) the ability to pay compensation or provide the missing items?

That's why many set up a new company for each construction project. I have also found that going to court can take many years, is very expensive; one must render a certain sum at the court and should one lose the case that sum is forfeited. One can also lose because of a simple oversight in filing paperwork.

We have taken the developer to court.

The regional court dismissed the advertising as not relevant and blamed the many plaintiffs that they should have been more diligent in reading the contract, which had many material omissions. Case dismissed!!

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[KittenKong]

We have taken the developer to court.

The regional court dismissed the advertising as not relevant and blamed the many plaintiffs that they should have been more diligent in reading the contract, which had many material omissions. Case dismissed!!

Oh.

So much for the extra protection offered by the 2008 Condo Act that you mentioned. Or was this prior to 2008?

[rayongchelsea]

We have taken the developer to court.

The regional court dismissed the advertising as not relevant and blamed the many plaintiffs that they should have been more diligent in reading the contract, which had many material omissions. Case dismissed!!

Oh.

So much for the extra protection offered by the 2008 Condo Act that you mentioned. Or was this prior to 2008?

No. It was 2008. We need to go to the appeal court now.

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[KittenKong]

Well, nothing is totally risk free except (possibly) US government bonds.

I dont know why you think that US government bonds should be less risky than those issued by some other countries. I certainly dont. Besides which it's not a question of being totally risk free; nothing anywhere is totally risk free. It's a question of very limited risk or of significant risk. I invest in many things that are of limited risk but I dont invest in Thai property. I'll leave that to Thais.

Most experienced investors accept the very minor condo ownership risk in Thailand.

Would they be the same people who bought property in Goa, or in some parts of Spain where land was built on without the correct permissions, I wonder? I'm glad I had nothing to do with property in either place.

I think the risks here are quite significant and certainly much higher than in many other parts of the world.

On the second point, people don't suddenly become stupid once they arrive in Thailand. It is most likely a pre-existing condition.

Actually I would argue that one too. I've met several recently retired farangs here who had highly paid professional jobs back in their home country and who have still bought numerous off-plan condos in company name from real estate agents within weeks of arriving here on their first visit.

[KittenKong]

No. It was 2008. We need to go to the appeal court now.

In that light even cash under the mattress looks tempting.

Good luck.

[rayongchelsea]

No. It was 2008. We need to go to the appeal court now.

In that light even cash under the mattress looks tempting.

Good luck.

Indeed not the best investment. Both Thais and foreigners were misled, profile high net worth buyers.Even with a certain degree of due diligence you can be misled, the real estate agent ( a high profile name I have used in the uk) was frankly a disgrace and did nothing to protect its customers.

The biggest lesson leant with a new condo is that it must be well managed to maintain its value and that the developer must not be involved with the jp office, regardless of any legal issues.

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[KittenKong]

..... the developer must not be involved with the jp office, regardless of any legal issues.

That one can be very hard to avoid.

[Cosmo88]

About 10 years ago I paid 14 million for a house.

The house still isn't finished and the project has been abandoned.

I also paid 1.5 million to have furniture custome made.

The furniture arrived but in such poor condition it can't be used.

I'm not saying there is nothing you can do but I have learned to never pay for anything in advance.

Apples and oranges again.

Foreigners can not own land in Thailand, hence trying to buy houses in Thailand can never be recommended, UNLESS you are in the happy minority in a stable marriage with a Thai spouse.

In case you missed the title of the post, the discussion is about condos, which foreigners can legally own freehold (up to 49% of any development).

Well Gee, I guess you told me, didn't you?

Now can you tell me the purpose of your comment as I see nothing constructive in it other than to add to your comment count?

The point being that once the money is paid it is very difficult to recuperate it as a general rule ergo the same holds for a condo or house.

Since you don't know me your silly remark about foreigners owning land is frivalous.

Many companies building housing projects or condos will form a new company for each construction site. If this company changes hands, goes broke or is dissolved it is next to impossible to obtain any money from them.

Now woukld you like to comment on the weather or the price of tea in China?

Apologies, I misunderstood your purpose. As you responded direclty to the OP, it is indeed relevant.

(In haste, I mistook your post for being one of those general anti-property-in-Thailand posts based on own or friend's bad decisions rather than actual reality.)

[healthbkkbkk]

About 10 years ago I paid 14 million for a house.

The house still isn't finished and the project has been abandoned.

I also paid 1.5 million to have furniture custome made.

The furniture arrived but in such poor condition it can't be used.

I'm not saying there is nothing you can do but I have learned to never pay for anything in advance.

Apples and oranges again.

Foreigners can not own land in Thailand, hence trying to buy houses in Thailand can never be recommended, UNLESS you are in the happy minority in a stable marriage with a Thai spouse.

In case you missed the title of the post, the discussion is about condos, which foreigners can legally own freehold (up to 49% of any development).

Well Gee, I guess you told me, didn't you?

Now can you tell me the purpose of your comment as I see nothing constructive in it other than to add to your comment count?

The point being that once the money is paid it is very difficult to recuperate it as a general rule ergo the same holds for a condo or house.

Since you don't know me your silly remark about foreigners owning land is frivalous.

Many companies building housing projects or condos will form a new company for each construction site. If this company changes hands, goes broke or is dissolved it is next to impossible to obtain any money from them.

Now woukld you like to comment on the weather or the price of tea in China?

Apologies, I misunderstood your purpose. As you responded direclty to the OP, it is indeed relevant.

(In haste, I mistook your post for being one of those general anti-property-in-Thailand posts based on own or friend's bad decisions rather than actual reality.)

It's already been forgotten; go in peace:)

[Mencken]

I will be stuck buying a condo as a marriage obligation, will wait on this till my mid 70s. Something for wive to have and live in when I am gone. Other than that, my 20+ years here lrad me to agree with KK 100%.

There is no reason to buy off plan, especially with the glut of condos and the market on a knifes edge.

Condos rarely appreciate, difficult to rent, subject to mgmt whims, often not kept up and "nickle and dime" you out of any laughable profit. Not to mention condos asking is about 25-40% overpriced, pushed up by the vague market magick of Thailand.

Anyone not married or with children could be asked to leave any time. Hardly likely, but with the politics the way they are, this becomes a possibility.

I don't even like to book a room in advance!