Renting a condo: fine for late payment?

[i claudius]

My wife's company have just started using this sort of contracts,due to non payers

[bazza40]

Man, reading this, I am happy to be my own landlord.

Wait until you get a tenant or owner from hell living next to you, and see if you feel the same way.

[tonray]

Actually compared to the typical lease in the USA, the terms are lenient. Late payments in the USA typically amount to about 4 to 5 % of monthly rent. So on a 35,000 baht lease...missing your rent payment (meaning after the 5 day grace period) would cost you at least 1400 baht.

[tonray]

Man, reading this, I am happy to be my own landlord.

Wait until you get a tenant or owner from hell living next to you, and see if you feel the same way.

I'm happy to be a serf.

[Jingthing]

Actually compared to the typical lease in the USA, the terms are lenient. Late payments in the USA typically amount to about 4 to 5 % of monthly rent. So on a 35,000 baht lease...missing your rent payment (meaning after the 5 day grace period) would cost you at least 1400 baht.

Get real.

I was obviously referring to this part:

No payment by the 15th and the utilities are disconnected and the room is padlocked.

No payment by the 25th and the room is cleared and decorated (if needed) ready for rental one week later.

Definitely harsh by western standards.

[tonray]

Actually compared to the typical lease in the USA, the terms are lenient. Late payments in the USA typically amount to about 4 to 5 % of monthly rent. So on a 35,000 baht lease...missing your rent payment (meaning after the 5 day grace period) would cost you at least 1400 baht.

Get real.

I was obviously referring to this part:

No payment by the 15th and the utilities are disconnected and the room is padlocked.

No payment by the 25th and the room is cleared and decorated (if needed) ready for rental one week later.

Definitely harsh by western standards.

My mistake...did not see that part

[Gracas]

If you intend to pay your rent every month then in does not matter how much the fine is, you won't have to pay it anyway.

[gemguy]

If you are not in need of renting immediately then go find another condo managed by people who are far more flexible about the rent due date

I have always rented rather than buy but when I am informed of such rules I would simply find another place that is managed by not so small minded money grubbing people

I know they have their reasons and rules and regulations etc....but a place like that gives me the impression you will be subjected to all the more small minded thinking on their part if you do sign the lease agreement and then more or less stuck with all the more small minded thinking on their part concerning other frivolous matters that they want to capitalize on by subjecting you to all the more small mindedness and fine you or apply additional fees etc.

A place like that gives me the impression you will never get your damage deposit given back to you without a fight to get back what is legally yours as it seems they just make up the rules as they go along to suit themselves.

Cheers and good luck

[trogers]

If you are not in need of renting immediately then go find another condo managed by people who are far more flexible about the rent due date

I have always rented rather than buy but when I am informed of such rules I would simply find another place that is managed by not so small minded money grubbing people

I know they have their reasons and rules and regulations etc....but a place like that gives me the impression you will be subjected to all the more small minded thinking on their part if you do sign the lease agreement and then more or less stuck with all the more small minded thinking on their part concerning other frivolous matters that they want to capitalize on by subjecting you to all the more small mindedness and fine you or apply additional fees etc.

A place like that gives me the impression you will never get your damage deposit given back to you without a fight to get back what is legally yours as it seems they just make up the rules as they go along to suit themselves.

Cheers and good luck

As a landlord, I can accept taking off that clause. I also accept signed blank chits of VISA and AMEX like the hotels...

It is a standard clause in rental contracts. Like the standard practice of hotels to ensure payment.

You can take your time to find a landlord who does not mind deleting this clause while you stay in a guest house or hotel. And guess what, your 6 months is up.

Edited January 23, 2016 by trogers

[LarryLEB]

...the rent sounds like a ripoff too.....

...did you even shop around........

...sounds like they have a good catch in you......

....were you led around by someone in a skirt......

without seeing the contract but going on how much you will pay monthly You are overpaying for a lease 35,000 baht per moth should get you a palace

For 35000 baht a month I'd be expecting gold taps in the bathroom. And a live-in maid with all benefits. That sounds way too high, even for Bangkok.

The 3 posters above are hilarious! Why criticize the OP for renting at 35,000 per month? These 3 obviously don't have a clue regarding the real estate market. 35,000 per month might be a ripoff, yet it MIGHT be a terrific bargain, depending on the property being rented. Three silly people ... sigh!

Edited January 23, 2016 by LarryLEB

[KittenKong]

Actually compared to the typical lease in the USA, the terms are lenient. Late payments in the USA typically amount to about 4 to 5 % of monthly rent. So on a 35,000 baht lease...missing your rent payment (meaning after the 5 day grace period) would cost you at least 1400 baht.

Per day? I dont think so.

The fine mentioned by the OP was 500B per day, which would quickly exceed your 1400B US fine. Also the OP didnt seem to be getting any grace period.

[tonray]

Actually compared to the typical lease in the USA, the terms are lenient. Late payments in the USA typically amount to about 4 to 5 % of monthly rent. So on a 35,000 baht lease...missing your rent payment (meaning after the 5 day grace period) would cost you at least 1400 baht.

Per day? I dont think so.

The fine mentioned by the OP was 500B per day, which would quickly exceed your 1400B US fine. Also the OP didn't seem to be getting any grace period.

If I remember it was 4% after day 5 and then another 4% after day 10, and so on until they started eviction proceedings after 30 days...although eviction in the US could last 6 months or more depending on the courts.

The OP did not provided enough detail info ...I wish he/she would come back and elaborate. Many lease contracts here also cap the amount because they know after that point they will kick you out and keep your deposit....the locks will be changed. I saw it happen to a group of Chinese guys in my old building. They ignored all warnings, came and went in the middle of the night until one day the building manager changed the locks kept their deposit, and threw their belongings in the dumpster.

[beerzy]

You can get a 3 story townhouse for 7000 baht.

where please?

[KittenKong]

If I remember it was 4% after day 5 and then another 4% after day 10, and so on until they started eviction proceedings after 30 days...

Wow!

[blackcab]

Actually compared to the typical lease in the USA, the terms are lenient. Late payments in the USA typically amount to about 4 to 5 % of monthly rent. So on a 35,000 baht lease...missing your rent payment (meaning after the 5 day grace period) would cost you at least 1400 baht.

Per day? I dont think so.

The fine mentioned by the OP was 500B per day, which would quickly exceed your 1400B US fine. Also the OP didnt seem to be getting any grace period.

If it's a typical Thai contract then the meters (if supplied by the landlord and not direct from the utility supplier) will be read on the 25th of the month. The invoices will be compiled and given out the same day or the next day. Strictly, the payment is due by the 1st day of the next month (5 or 6 days later) as rent is paid a month in advance.

Most contacts state you have until the 5th to pay before any fines are levied, so there is a 5 day grace period built in.

Obviously I cannot state these are the terms the OP has, but they are quite normal for Thailand.

[onetime]

You can get a 3 story townhouse for 7000 baht.

Really? Please tell me where.

Latitude: 13.827127 | Longitude: 100.502774

Edited January 24, 2016 by onetime

[chicowoodduck]

Geez, I jist moved from a 75 sq m condo with 180 degree view of Pattaya and paid only 10,500 for the view....not BKK, but still....?

[blackcab]

Geez, I jist moved from a 75 sq m condo with 180 degree view of Pattaya and paid only 10,500 for the view....not BKK, but still....?

10,500 for the view? How much did you pay to rent the unit?

[trogers]

Geez, I jist moved from a 75 sq m condo with 180 degree view of Pattaya and paid only 10,500 for the view....not BKK, but still....?

Why did you move?

[tonray]

Geez, I jist moved from a 75 sq m condo with 180 degree view of Pattaya and paid only 10,500 for the view....not BKK, but still....?

Why did you move?

There is only a 45 degree angle of Pattaya worth looking at ?

[trogers]

Geez, I jist moved from a 75 sq m condo with 180 degree view of Pattaya and paid only 10,500 for the view....not BKK, but still....?

Why did you move?

There is only a 45 degree angle of Pattaya worth looking at ?

Meaning it is city view and not sea view... ?