maintenance fees after buying a condo on auction

[Delight]

My understanding is that the net proceeds from the auction sale of the condo go to the Juristic Manager.

That person will extract all the other costs that the condo has incurred to arrange the sale plus the outstanding debt.

The balance(if any ) belongs to the prior owner..

The new owner's liabilities start from the date of the sale forward.

Remember that the condo must be debt free before the transfer can be carried out.

Edited June 1, 2015 by Delight

[trogers]

My understanding is that the net proceeds from the auction sale of the condo go to the Juristic Manager.

That person will extract all the other costs that the condo has incurred to arrange the sale plus the outstanding debt.

The balance(if any ) belongs to the prior owner..

The new owner's liabilities start from the date of the sale forward.

Remember that the condo must be debt free before the transfer can be carried out.

You are assuming the Juristic body of the condo foreclosed on the unit and had it auctioned to recover debts owing?

Highly unlikely because it has no lien on the property title, unlike a bank, and has to sue for personal bankruptcy.

If the Juristic body did foreclosed and had the auction, then there would be no outstanding debts to raise this OP.

[Beetlejuice]

My advice the OP is to save himself the expense of hiring a lawyer, because I doubt if even Perry Mason would be able to persude the management company to waive the service change arrears on this one.

Unfortunately he made a fatal error by purchasing the property without first establishing the ful lterms of contract. It would be wise to hold a meeting with the management company and try to negociate the payments with them, which is now the only option available.

[Delight]

My understanding is that the net proceeds from the auction sale of the condo go to the Juristic Manager.

That person will extract all the other costs that the condo has incurred to arrange the sale plus the outstanding debt.

The balance(if any ) belongs to the prior owner..

The new owner's liabilities start from the date of the sale forward.

Remember that the condo must be debt free before the transfer can be carried out.

You are assuming the Juristic body of the condo foreclosed on the unit and had it auctioned to recover debts owing?

Highly unlikely because it has no lien on the property title, unlike a bank, and has to sue for personal bankruptcy.

If the Juristic body did foreclosed and had the auction, then there would be no outstanding debts to raise this OP.

If the condo is now in the new owners name -it must be debt free!

That is all that matters.

The OP Q is ,I think,hypothetical.

[WorkingTourist]

My understanding is that the net proceeds from the auction sale of the condo go to the Juristic Manager.

[…]

You are assuming the Juristic body of the condo foreclosed on the unit and had it auctioned to recover debts owing?

Highly unlikely because it has no lien on the property title, unlike a bank, and has to sue for personal bankruptcy.

If the Juristic body did foreclosed and had the auction, then there would be no outstanding debts to raise this OP.

If the bank foreclosed the unit and then sold it on an auction, wouldn’t the bank be responsible for settling the debt with the proceeds from the auction?

Perhaps this wasn’t possible because the auction price was less than what was owed to the bank, and the bank’s debt had higher priority (I assume the condominium union didn’t have security in the unit for the over one million baht owed).

Getting a real lawyer involved seems right, given that we are talking about more than a million.

Personally I would probably go for the compromise, ask for detailed list of the debt, remove all interests from that and offer to pay 50% with the argument that the condominium union bares part of the responsibility for not having acted on the missing CAM fees earlier.

[domdom]

Good evening...

At the beginning was only a simple question... maybe quite difficult to answer..

To solve all issues, I am not american, so you can finish with your guesses about nationality..

Thanks for people who tried to help and gave interesting comments..

Good night..

[mogandave]

And God bless us every one!

[farang000999]

so did you at least get a good deal on it? hopefully, 1m below market value?

[trogers]

My understanding is that the net proceeds from the auction sale of the condo go to the Juristic Manager.

[]

You are assuming the Juristic body of the condo foreclosed on the unit and had it auctioned to recover debts owing?

Highly unlikely because it has no lien on the property title, unlike a bank, and has to sue for personal bankruptcy.

If the Juristic body did foreclosed and had the auction, then there would be no outstanding debts to raise this OP.

If the bank foreclosed the unit and then sold it on an auction, wouldnt the bank be responsible for settling the debt with the proceeds from the auction?

Perhaps this wasnt possible because the auction price was less than what was owed to the bank, and the banks debt had higher priority (I assume the condominium union didnt have security in the unit for the over one million baht owed).

Getting a real lawyer involved seems right, given that we are talking about more than a million.

Personally I would probably go for the compromise, ask for detailed list of the debt, remove all interests from that and offer to pay 50% with the argument that the condominium union bares part of the responsibility for not having acted on the missing CAM fees earlier.

I won a bid for a condo in 2007 at an auction held by the Legal Execution dept. Their documents listing all the properties to be auction on specific dates do specify the responsibilities of bidders to check on outstanding debts and property conditions, such as the presence of squatters.

Some properties remain on the auction list for years due to poor conditions or lack of interest. Debt owing to Juristic can pile up.

The condo that I bidded was in the same building where I just bought a unit, thus, I knew the amount of debts outstanding and included it into my bidding budget.

The previous owner was still occupying the condo and she moved out 4 months later after I had the title transferred.

This is how property auction is done in Thailand.

Edited June 2, 2015 by trogers

[Delight]

My understanding is that the net proceeds from the auction sale of the condo go to the Juristic Manager.

[]

You are assuming the Juristic body of the condo foreclosed on the unit and had it auctioned to recover debts owing?

Highly unlikely because it has no lien on the property title, unlike a bank, and has to sue for personal bankruptcy.

If the Juristic body did foreclosed and had the auction, then there would be no outstanding debts to raise this OP.

If the bank foreclosed the unit and then sold it on an auction, wouldnt the bank be responsible for settling the debt with the proceeds from the auction?

Perhaps this wasnt possible because the auction price was less than what was owed to the bank, and the banks debt had higher priority (I assume the condominium union didnt have security in the unit for the over one million baht owed).

Getting a real lawyer involved seems right, given that we are talking about more than a million.

Personally I would probably go for the compromise, ask for detailed list of the debt, remove all interests from that and offer to pay 50% with the argument that the condominium union bares part of the responsibility for not having acted on the missing CAM fees earlier.

I won a bid for a condo in 2007 at an auction held by the Legal Execution dept. Their documents listing all the properties to be auction on specific dates do specify the responsibilities of bidders to check on outstanding debts and property conditions, such as the presence of squatters.

Some properties remain on the auction list for years due to poor conditions or lack of interest. Debt owing to Juristic can pile up.

The condo that I bidded was in the same building where I just bought a unit, thus, I knew the amount of debts outstanding and included it into my bidding budget.

The previous owner was still occupying the condo and she moved out 4 months later after I had the title transferred.

This is how property auction is done in Thailand.

Who did you pay your money to?

[trogers]

My understanding is that the net proceeds from the auction sale of the condo go to the Juristic Manager.

[]

You are assuming the Juristic body of the condo foreclosed on the unit and had it auctioned to recover debts owing?

Highly unlikely because it has no lien on the property title, unlike a bank, and has to sue for personal bankruptcy.

If the Juristic body did foreclosed and had the auction, then there would be no outstanding debts to raise this OP.

If the bank foreclosed the unit and then sold it on an auction, wouldnt the bank be responsible for settling the debt with the proceeds from the auction?

Perhaps this wasnt possible because the auction price was less than what was owed to the bank, and the banks debt had higher priority (I assume the condominium union didnt have security in the unit for the over one million baht owed).

Getting a real lawyer involved seems right, given that we are talking about more than a million.

Personally I would probably go for the compromise, ask for detailed list of the debt, remove all interests from that and offer to pay 50% with the argument that the condominium union bares part of the responsibility for not having acted on the missing CAM fees earlier.

I won a bid for a condo in 2007 at an auction held by the Legal Execution dept. Their documents listing all the properties to be auction on specific dates do specify the responsibilities of bidders to check on outstanding debts and property conditions, such as the presence of squatters.

Some properties remain on the auction list for years due to poor conditions or lack of interest. Debt owing to Juristic can pile up.

The condo that I bidded was in the same building where I just bought a unit, thus, I knew the amount of debts outstanding and included it into my bidding budget.

The previous owner was still occupying the condo and she moved out 4 months later after I had the title transferred.

This is how property auction is done in Thailand.

Who did you pay your money to?

The Legal Execution dept. They then issued a document which I brought to the Land dept for transfer of the title deed.

[shirtless]

why didnt you do the due diligence prior to purchase, 1 million in fees is more than some condos cost. I hope it works out for you

[briley]

I do not understand two pages and no real answer.

Condo fee is due and always has to be paid unless there is some technical reason. There is no statute of limitation. It is not a personal loan it is an outstanding and on going bill.

Interest is a maximum of 8% for the 1st 6 months the money is owed then up to 20% there after. There is no interest on the interest, only on the actual condo fee due. Most Condo's I know of charge the maximum.

Buying from a bank, normally the bank says you pay all the outstanding fees - it is in the agreement.

You must have a letter from the Condo saying no money is owed before you can register in your name.

This is where the interesting bit comes - if the Condo issued a no debt letter so you could register in your name but money is owing the Condo might have forfiet the option to bill for the Condo fee. But that is complex and with 1 million at stake I would suspect it will go to court.

[domdom]

Thanks Briley,

Finally somebody giving some clues, after posts about "what you should have done" "why didn't you" etc..

Will surely get some answers friday and will keep you posted

Have a nice evening