Get Tricked by Phuket Developer on 7% gurantee return rental contract

[jessi Luca]

Hello All, I am a foreigner buyer. I bought a apartment in phuket surin  2 years back. And that time the developer staff were selling me a 7% guarantee 5 years rental programme with the unit.

Because of the guarantee rental  management...Thats why i bought the apartment.

 

However, after final payment. The staff said there is no more quota and the authorized rental documents doesnt have the 7% gurantee wordings on it. However for past 2 years, I have been chasing the 7% rental gurantee contract back and forth, and the staff keep saying no worry the rental contract will be deliver after final payment.......Past 2 years, the staff keep confirmed the gurantee programe in the email, whats app and verbally.

 

anyone has the same case? after final payment they said no rental guarantee programme?

 

anyone can suggest any attorney in thailand for this case?

 

thank you so much

 

 

 

[trogers]

This post raises the question - Who guarantees the performance of the developer?

[KittenKong]

6 hours ago, jessi Luca said:

However, after final payment. The staff said there is no more quota and the authorized rental documents doesnt have the 7% gurantee wordings on it. However for past 2 years, I have been chasing the 7% rental gurantee contract back and forth, and the staff keep saying no worry the rental contract will be deliver after final payment.......Past 2 years, the staff keep confirmed the gurantee programe in the email, whats app and verbally.

 

As you have discovered, property in Thailand is largely based on lies, lies and more lies. Guarantees are often meaningless.

 

Employing a lawyer would probably be sending good money after bad but you could try contacting the consumer protection office for your area.

 

http://www.ocpb.go.th/ewtadmin/ewt/ocpb_eng/main.php?filename=index___EN

[Anthony5]

You mean the ones downstairs Big C extra in Pattaya who have a large sign 10 years 10% per year return guarantee, are also selling a pie in the sky?

 

I can't believe that.

Edited November 16, 2016 by Anthony5

[lkn]

2 hours ago, KittenKong said:

As you have discovered, property in Thailand is largely based on lies, lies and more lies. Guarantees are often meaningless.

 

At least when the OP made all the payments and the “guarantee” was not part of the contract which I assume was signed two years ago.

 

Hindsight is of course 20/20, but if they promise you something and it is not part of the contract then do not sign said contract!

 

Also, if the developer provides you with a rental guarantee above the market rate then you can be almost certain that the difference is covered by what they overcharged you, and there’s a chance they’ll just subsidize the rent for the first n years, which has the adverse effect that once the period is up, your developer has established the market value of your condo/building below the 7% that you are expecting.

 

[KittenKong]

29 minutes ago, lkn said:

 

At least when the OP made all the payments and the “guarantee” was not part of the contract which I assume was signed two years ago.

 

Hindsight is of course 20/20, but if they promise you something and it is not part of the contract then do not sign said contract!

 

He isnt very clear but he does appear to be saying that before he purchased he was offered this rental guarantee, and this is what motivated him to buy.

 

Most foreign buyers come from countries where there are enforceable laws to prevent crooked people from lying to you, and where the vast majority of businesses simply wont lie to you in the first place and will obey the law. But unfortunately these buyers expect things to be the same here, which they generally are not. Even if such guarantees form part of a written contract here I doubt that many people ever get the full amount mentioned.

 

 

38 minutes ago, lkn said:

Also, if the developer provides you with a rental guarantee above the market rate then you can be almost certain that the difference is covered by what they overcharged you, and there’s a chance they’ll just subsidize the rent for the first n years, which has the adverse effect that once the period is up, your developer has established the market value of your condo/building below the 7% that you are expecting.

 

Also there are often other charges to deduct, which may include over-priced maintenance payments.

[madmax2]

There are no laws that will protect you here from developers false advertising and promises

Just use common sense, if they are promising big returns its been included in the selling price if they pay them

Just look at similar condos/flats in the same area where they do not promise a set return and compare the asking price 

[bangkoklawyer24]

Complaining about a 7% guarantee in an Internet forum, financed by 13% guarantee sponsor