In arrears on condo

[John60]

I have invested in two condos in one ongoing project. One condo is paid up but the other is in arrears. The contract states

the developer can take all monies invested after filing papers. I had heard this went against the condo act. Can they?

[12DrinkMore]

If you signed the contract and failed to meet your obligations, then they can impose the penalty.

[Kabula]

I agree...

If possible, borrow cheap money, pay off the one and sell the other ASAP and run from that project.

Renting is better in this current, retreating, world, financial situation.

[mrboats]

I don't know the details of your contract but of course like everything if you don't pay you can lose it

Better you loan some money using the paid condo as security and pay the developer...I'm sure the interest will be cheaper than losing what you've already paid....if you cannot afford the second condo it gives you time to sell it

[williamgeorgeallen]

i am in a similar situation. have bought 2 units in a development that is supposed to be finished in october. biggest mistake of my life. i am trying to sell them well below what i paid for them off plan without any success. i have one friend who managed to get all his money back after buying in nam tallay as they were finished late. suggest going to see a lawyer. PM me if you want my lawyers details if you are in pattaya.

[mrboats]

I don't think a lawyer can help the OP in this case....except take some money off him that would be better spent paying for the second condo....it's clear the OP does not have the money to pay off the second condo....a lawyer won't give him a loan....only make things worse....the OP needs a loan...that will buy him time to dispose of the condo

[blackcab]

You signed the contact, so that's the way it is. From the developers point of view they need income to proceed with the project.

If too many people default the project could be put at risk.

[gandalf12]

A number of years back I bought 2 condos next to each other with a through door. The reason they were available is the someone had paid the deposit but was unable to come up with the rest of money so they were put back on the market. They were good value. Sold them later but enjoyable when I stayed in them.

[John60]

Thanks for the counsel guys. I talk to them next week to reach a settlement.

[AlQaholic]

There is nothing in the condominium act regulating the contract or the activities prior to fully paid unit. Once you have obtained official legal ownership (possession of Chanod and book, receipts of total payments made) of the condo unit the condominium act becomes applicable.

I do not know if there is any other legal framework that can be applied to purchase contracts between developer and buyer, but I think maybe consumer protection act or something like that?

Edited June 4, 2016 by AlQaholic

[bazza40]

Invested in condos? I have a bridge in Sydney Harbour I am selling shares in. Guaranteed returns of 10% pa.

[mrboats]

Yes AlQaholic is correct....the condominium act only applies after you own the property

Before that it's just a normal sale contract with conditions.....some new builds you cannot even resale them without the developers approval and usually they want some fees to transfer the sale

John60 predicament appears to be he doesn't have sufficient funds to finalise the second purchase....better to borrow some money and pay the balance....this will give him time to sell it normally without pressure

John60 if you want to loan some money feel free to contact me

[Bantex]

When it come to contracts, be very careful what you sign and never overstretch your assets. I've seen a few loose nearly everything this way.

[trogers]

When it come to contracts, be very careful what you sign and never overstretch your assets. I've seen a few loose nearly everything this way.

That's the risk of flipping: double or nothing...

[WishWashMan]

i am in a similar situation. have bought 2 units in a development that is supposed to be finished in october. biggest mistake of my life. i am trying to sell them well below what i paid for them off plan without any success. i have one friend who managed to get all his money back after buying in nam tallay as they were finished late. suggest going to see a lawyer. PM me if you want my lawyers details if you are in pattaya.

I LOVE RE as an investment...............but not in Thailand..................hahahaha.

ESP not Pattaya. Do you know what the biggest industry in Pattaya is? Do you realize the type of people Pattaya attracts.

[williamgeorgeallen]

i am in a similar situation. have bought 2 units in a development that is supposed to be finished in october. biggest mistake of my life. i am trying to sell them well below what i paid for them off plan without any success. i have one friend who managed to get all his money back after buying in nam tallay as they were finished late. suggest going to see a lawyer. PM me if you want my lawyers details if you are in pattaya.

I LOVE RE as an investment...............but not in Thailand..................hahahaha.

ESP not Pattaya. Do you know what the biggest industry in Pattaya is? Do you realize the type of people Pattaya attracts.

i love pattaya. i have been living and working in jomtien for the last 9 years. just because you dont like pattaya does not mean it is not a great place for other people. i have made many good life long friends and find the climate and cost of living to be excellent. 5 years ago i put deposits down on 2 condos in a great looking development. i was going to join them together to live in. things have changed now and i have 2 kids who i think would have a better upbringing in new zealand. things change and thats why it is always better to rent in a foreign country.

[user7643446845]

What percentage of the total have you already paid?

Is the condo likely to be very late?

My thoughts are that you do a deal with the developer.

In effect borrow the money from him.

May be the interest element can be added on at the end to keep the payments low

This would suit both of you - particularly if the condo proves difficult to sell (to a new buyer)

When I bought my condo I paid 100% as agreed

I then found out that I was probably the only one who stuck to the contract

Almost every other buyer cheated -and got away with it.