getting a refund from an off plan condo build

[williamgeorgeallen]

so i bought 2 condos off plan 4.5 years ago that were supposed to be finished end of 2014. many will say it was a silly thing to do but they were very cheap and i intended to live in them and did not buy them as an investment. i now have 2 kids and plan to take them back to nz for school so i am not so bothered about keeping them. kids mum has a great house in esan where we are staying now and i prefer the lifestyle here for raising the kids in the mean time. i managed to sell one at a small loss but it does not look like the other one will be finished by the end of this year making it more than 2 years behind schedule. the sales company is offering a free tv and fridge worth about 15000thb as compensation for them taking so long to build but i would rather get a refund. law states i am entitled to a full refund plus interest if the condos are not finished within 2 years of the expected completion date. does anyone have actual experience of getting a refund? or has anyone tried to? i understand the law is not necessarily the law here but i would like some advice and to know if i have a chance at getting some money back. i am only 600k in so not a big loss if i have to walk.

[theguyfromanotherforum]

I am sorry, but in Thailand you are supposed to pay the full about of condo upon completion.

Was 600k baht the price of condo or a deposit and monthly payments you paid until now? If it is just a deposit, it must be some condo.

Bit confused about your post.

[KittenKong]

Some people have reported success with getting refunds or compensation for delayed completion. In some cases the consumer protection people were of assistance.

But given the scale of the delays these days, and the number of people trying to get rid of unwanted off-plan units, I doubt that either refunds or compensation will be so easy to obtain now.

[williamgeorgeallen]

woops.

Edited July 4, 2016 by williamgeorgeallen

[williamgeorgeallen]

I am sorry, but in Thailand you are supposed to pay the full about of condo upon completion.

Was 600k baht the price of condo or a deposit and monthly payments you paid until now? If it is just a deposit, it must be some condo.

Bit confused about your post.

to clarify i bought the second condo in thai ownership (my kids are half thai) was far cheaper in thai ownership. wish i could have just paid the full about (amount?) on completion but i had to put down a 600k deposit.

[chicowoodduck]

Just place your head firmly between your legs and kiss your arse and 600 deposit good bye......a fool and his money....??

[Naam]

Just place your head firmly between your legs and kiss your arse and 600 deposit good bye......a fool and his money....??

a helpful comment from an obvious intelligent envious poor boy without money

[little mary sunshine]

Read your contract ....but pretty much SOL!!

[williamgeorgeallen]

Just place your head firmly between your legs and kiss your arse and 600 deposit good bye......a fool and his money....??

a helpful comment from an obvious intelligent envious poor boy without money

yes, a bit uncalled for i must say. i actually know a swiss guy who got a refund from a unit he bought in nam tallay. i was a bit surprised but it got me thinking there might just be a chance of getting a refund. was hoping to hear from others who were successful or who had tried to get their money back. like i said it is not alot of money so there is not much point spending alot on lawyers if there is only a small chance of success.

[williamgeorgeallen]

Read your contract ....but pretty much SOL!!

they are very careful to not put anything about refunds in the contract. like i said i only know one guy who tried to get a refund and he was successful although i am not sure if he got the 10% penalty interest as well as his deposit. hope there is someone else here who can share their experiences on this.

[sandgroper2]

Just place your head firmly between your legs and kiss your arse and 600 deposit good bye......a fool and his money....??

a helpful comment from an obvious intelligent envious poor boy without money

Because he is not stupid enough to buy off plans, doesnt make him "obvious intelligent envious poor boy without money".(poor without money???)

[trogers]

The bet was double or nothing! And it came to pass, nothing...

[Naam]

Just place your head firmly between your legs and kiss your arse and 600 deposit good bye......a fool and his money....??

a helpful comment from an obvious intelligent envious poor boy without money

Because he is not stupid enough to buy off plans, doesnt make him "obvious intelligent envious poor boy without money".(poor without money???)

people who make these kind of derogatory comments calling others who ask for advice fools are definitely poor, and that in more than one sense.

they should be banned from this forum.

[jippytum]

Don't walk away without trying to recoup your outlay .Although the project is behind schedule you managed to sell your other unit ,Try and sell this one as your unit will be below the developers current price and still qualify for the goodies offered by the company.

[williamgeorgeallen]

Don't walk away without trying to recoup your outlay .Although the project is behind schedule you managed to sell your other unit ,Try and sell this one as your unit will be below the developers current price and still qualify for the goodies offered by the company.

will take a shot at getting a refund but of course this will cost more money and time. it is basically impossible to sell this unit. i have 1.4 million to pay and there are similar condos on resale in the development for 1.4 million in foreign name. was just interested to hear of others experiences to see how much money and time worth devoting to giving it a try.

[theguyfromanotherforum]

I am one of those poor people who would never buy in Thailand, however, I went against my own advice and bought an off plan unit 3 years ago in Bangkok. I sold the contract for a nice 10% profit once I saw all the Facebook posts about poor construction. The only reason I will not buy in Thailand is poor construction and maintenance. These are simply the facts about this country.

That being said it boggles my mind why you would not be able to get a refund. My wife clearly told me that if certain conditions are not met you are allowed to get a refund unless the developer is really scummy.

If that doesn't work or if it takes too much time I would simply sell the contract to another person. Offer a small discount and you will get your money. Let your wife put an add on Facebook or Prakard.

I really don't see how could you lose 600,000 baht. You will get most of it back, for sure.

Edited July 5, 2016 by theguyfromanotherforum

[williamgeorgeallen]

Just place your head firmly between your legs and kiss your arse and 600 deposit good bye......a fool and his money....??

i have been buying and selling property for 15 years. i am now 42 years and retired on the rental from some of the properties i have kept. i have not always made profits but in some cases i have made quite alot, over 200 000usd in one case on an apartment i bought refurbished and sold in melbourne. i bought these condos to live in but my plans have changed and dumping them for a small loss does not make much difference to my financial position. was just hoping to get some idea on how much effort to put into trying to get a refund.

[TallGuyJohninBKK]

I understand seeking advice from others who may have been in similar situations. That's what I would do.

But I don't understand the question about whether or not to pursue the refund. After all, what would it cost you to just ask!

Seeking a refund doesn't automatically mean having to hire an attorney and spend a lot of money. I presume, it just means, for starters, contacting your developer and finding out how to make a formal refund request, and go from there.

I know the Thai Consumer Protection police sometimes get involved in cases where the developers fail to follow the law, though how effective they are in those cases seems to be a matter of debate.

[Michael Schrepfer]

I bought a condo off-plan in 2012, in Pattaya Jomtien

Delivery should have taken place before end of may 2013, i.e. 3 years ago

The formal contract specified that all money had to be given back if delivery

wasn't done in time

I never got anything despite all my claims, some of them through lawyers.

I wrote to DSI and NCPO without success.

You cannot trust all developers in Pattaya

Better take a good lawyer when buying

and better not buy off plan

All my friends and acquaintances stopped buying when my story was

published in my country (New Caledonia)

[ozyjon]

[jacko45k]

Have you thought of engaging a lawyer?

[KittenKong]

Have you thought of engaging a lawyer?

Sounds like a good way of losing even more money, and still getting nothing back.

[jacko45k]

Have you thought of engaging a lawyer?

Sounds like a good way of losing even more money, and still getting nothing back.

Some lawyers claim a good level of success in getting refunds. Obviously their charges need to be considered, but without one there is zero chance of success if the construction company doesn't want to make the refund. The police will not get involved.

[williamgeorgeallen]

yes i am going to go see my lawyer before i head back to new zealand for xmas. i am doing a renovation project there and wont be back to till the end of april which will complicate things. might offer the lawyer 100K bonus if she is successful. like i said i only know one guy who went for a refund and he got it, 100% success is better than a snowballs chance in hell but it is a rather small sample size. does not sound like many people have tried to get refunds, or maybe those that have and been unsuccessful are to shy to post it on this forum. not much empathy here.

[sandgroper2]

Just place your head firmly between your legs and kiss your arse and 600 deposit good bye......a fool and his money....??

a helpful comment from an obvious intelligent envious poor boy without money

Because he is not stupid enough to buy off plans, doesnt make him "obvious intelligent envious poor boy without money".(poor without money???)

people who make these kind of derogatory comments calling others who ask for advice fools are definitely poor, and that in more than one sense.

they should be banned from this forum.

It is foolish person buy off plans, as proven time and time again. So, what type of person buys off plans?

[williamgeorgeallen]

sure there are plenty of people out there who bought of plan and are happily living in their completed condos right now. i would be one of them pretty soon if i did not change my mind as i have decide to move back to nz to get my kids educated there. anyway i did not start this discussion to debate how stupid i was, in fact i dont think there is any point in doing that at all. i was looking to hear some other peoples experiences on the topic.

anyone who berates someone who has made mistakes and is looking for advice is pathetic in my view. probably the reason many people can not openly ask for advice on this forum for fear of being shamed.

[theguyfromanotherforum]

There is nothing stupid about giving your kids an education in NZ.

[harrry]

One problem is that you say it is in your son's name. Thai children can own property but that property can not be sold until majority.

[williamgeorgeallen]

One problem is that you say it is in your son's name. Thai children can own property but that property can not be sold until majority.

i have a company in pattaya. i got the contract for the condo in my my company name just in case i decided to on sell it before completion. i was going to decide on completion weather to leave it in my company name or put it in one of my kids names. i am in the process of selling my business but the buyer wants to pay 25% per year over the next 4 years. once he has made full payment i will sign the company over to him. should have all the condo business finished by then.

[blackcab]

One problem is that you say it is in your son's name. Thai children can own property but that property can not be sold until majority.

Property owned by a Thai child can be sold, but to do this the Land Office requires an order from the Family Court.

The Family Court, in turn, need to be convinced that the sale is in the child's best interests.

Not an easy task, but possible.