{"id":6454,"date":"2024-07-01T12:10:46","date_gmt":"2024-07-01T05:10:46","guid":{"rendered":"https:\/\/champ-lawfirm.com\/?p=6454"},"modified":"2024-09-11T08:51:04","modified_gmt":"2024-09-11T01:51:04","slug":"condo","status":"publish","type":"post","link":"https:\/\/champ-lawfirm.com\/en\/condo\/","title":{"rendered":"Condo Completed Late, Can I get a refund?"},"content":{"rendered":"<div class=\"is-divider divider clearfix\" ><\/div>\n<h1><span style=\"color: #333399;\">Table of content<\/span><\/h1>\n<ul>\n<li><a href=\"#1\">What is a Pre-Sale Condo?<\/a><\/li>\n<li><a href=\"#2\">What can be done if the project is delayed?<\/a><\/li>\n<li><a href=\"#3\">Steps to Claim Penalties?\u2028<\/a><\/li>\n<li><a href=\"#4\">summary<\/a><\/li>\n<\/ul>\n<span class=\"scroll-to\" data-label=\"Scroll to: #1\" data-bullet=\"false\" data-link=\"#1\" data-title=\"Change this\"><a name=\"1\"><\/a><\/span>\n<div class=\"is-divider divider clearfix\" ><\/div>\n<h2 class=\"p1\"><span class=\"s1\" style=\"color: #333399;\">What is a Pre-Sale Condo?<\/span><\/h2>\n<p><span style=\"color: #333399;\">A Pre-Sale Condo is a condominium that is either not yet completed or not yet started construction<\/span>, but is being sold during the construction phase. Buyers will have to wait another 1-2 years for the project to be completed before they can move in.<\/p>\n<p>The project owner will provide a building model, 3D images, a sample room, and various plans for customers to view before deciding to purchase.<\/p>\n<p>Those who buy a Pre-Sale Condo will get a fresh new unit at a lower price compared to when the construction is completed. There are various pros and cons as follows:<\/p>\n<p>The advantages of buying a Pre-Sale condo are:<\/p>\n<p><span style=\"color: #333399;\">1. Lower price<\/span><\/p>\n<p>Booking or purchasing a condo during the Pre-Sale phase often offers a lower price compared to buying after the project is completed.<\/p>\n<p>This is a major incentive for those looking for a worthwhile investment or affordable housing.<\/p>\n<p><span style=\"color: #333399;\">2. Variety of room choices<\/span><\/p>\n<p>Buyers during the Pre-Sale phase have the opportunity to select rooms in desired locations before anyone else, which is important for those seeking specific views or orientations.<\/p>\n<p><span style=\"color: #333399;\">3. investment potential<\/span><\/p>\n<p>If the project is appealing and in a good location, the price of the condominium typically increases after completion, allowing buyers to sell at a higher price.<\/p>\n<h2><span style=\"color: #333399;\">The disadvantages of buying a Pre-Sale condo are<\/span><\/h2>\n<p><span style=\"color: #333399;\">1. Construction risks<\/span><\/p>\n<p>Buying during the Pre-Sale phase carries the risk that the project may be delayed or not completed as planned, possibly due to the developer&#8217;s financial issues or other factors.<\/p>\n<p><span style=\"color: #333399;\">2. Uncertainty<\/span><\/p>\n<p>The plans or amenities offered during the Pre-Sale phase may change upon completion, resulting in buyers not receiving what they expected.<\/p>\n<p><span style=\"color: #333399;\">3. Financial burden<\/span><\/p>\n<p>Buyers may have to pay a deposit or installments while the project is still under construction, which is a long-term investment and may carry risks.<\/p>\n<span class=\"scroll-to\" data-label=\"Scroll to: #2\" data-bullet=\"false\" data-link=\"#2\" data-title=\"Change this\"><a name=\"2\"><\/a><\/span>\n<div class=\"is-divider divider clearfix\" ><\/div>\n<h2><span style=\"color: #333399;\">What can be done if the project is delayed?<\/span><\/h2>\n<p>You can claim compensation from the project&#8217;s company, which can be divided into three cases:<\/p>\n<p><span style=\"color: #333399;\">1. Case of condo completion delay<\/span><\/p>\n<p>You need to check the contract for specified conditions, but generally, the company or developer must pay a daily penalty to the buyer, calculated as 0.01% of the purchase price per day until the construction is completed or handed over to the buyer.<\/p>\n<p>For example, for a condo priced at 3 million Baht, with a 0.01% penalty, the buyer would receive 300 Baht per day.<\/p>\n<p><span style=\"color: #333399;\">2. Case of incomplete or halted construction<\/span><\/p>\n<p>This situation is quite troublesome. The buyer can cancel the contract and request a full refund of all payments made, including the reservation fee and down payment, with an interest rate of 7.5% per year from the date of the initial payment until fully refunded.<\/p>\n<p><span style=\"color: #333399;\">3. Contract cancellation<\/span><\/p>\n<p>The buyer will receive a refund of the down payment if the project breaches the contract, such as delayed completion or failure to transfer ownership as scheduled.<\/p>\n<p>The buyer can cancel the contract immediately with supporting documents and contact the sales office to request a refund of the reservation fee, deposit, and down payment with interest.<\/p>\n<p><span style=\"color: #333399;\">4. Consulting a legal expert or lawyer<\/span><\/p>\n<p>Nowadays, there are many lawyers specializing in real estate. If the developer does not respond or violates the contract, consulting a real estate lawyer for advice and legal action is recommended.<\/p>\n<p>In some cases, it might be necessary to file a lawsuit for compensation or contract cancellation.<\/p>\n<span class=\"scroll-to\" data-label=\"Scroll to: #3\" data-bullet=\"false\" data-link=\"#3\" data-title=\"Change this\"><a name=\"3\"><\/a><\/span>\n<div class=\"is-divider divider clearfix\" ><\/div>\n<h2 class=\"p1\"><span class=\"s1\" style=\"color: #333399;\">Steps to Claim Penalties?<\/span><\/h2>\n<p><span style=\"color: #333399;\">1. Draft a letter, email, or send a demand notice via a lawyer to request penalties according to the contract.<\/span><\/p>\n<p>The company should clearly specify how they will pay the penalty. Some companies may issue a check, some may deduct it from the room price, or use other methods.<\/p>\n<p>You can send this via registered EMS express mail to ensure that the document has definitely reached the recipient, preventing any claims that you did not send the letter.<\/p>\n<p><span style=\"color: #333399;\">2. Address the letter or notice to the authorized signatory of the company.<\/span><\/p>\n<p>The name can be found in the condominium contract or the company&#8217;s certificate. Send it to the address specified in the contract.<\/p>\n<p><span style=\"color: #333399;\">3. Wait for a response<\/span><\/p>\n<p>If the company agrees to pay, that\u2019s fortunate, and it\u2019s just a matter of waiting. The letter may specify the amount or percentage, and whether you receive the full amount depends on whether the company provides any justifications.<\/p>\n<p>However, you are guaranteed to receive some compensation.<\/p>\n<p class=\"p1\">The most concerning issue is if the company rejects the claim. In this case, send a follow-up letter to reaffirm your request for the penalty and inform them that if they do not comply, you will file a complaint with the Office of the Consumer Protection Board (OCPB).<\/p>\n<p class=\"p1\">Filing a complaint with the OCPB is convenient and easy, as it can now be done online through this link: <span class=\"s1\">https:\/\/www.ocpb.go.th\/index.php?filename=index<\/span>.<\/p>\n<p class=\"p1\">If you find it inconvenient to handle it yourself, we are happy to assist you.<\/p>\n<span class=\"scroll-to\" data-label=\"Scroll to: #4\" data-bullet=\"false\" data-link=\"#4\" data-title=\"Change this\"><a name=\"4\"><\/a><\/span>\n<div class=\"is-divider divider clearfix\" ><\/div>\n<h2 class=\"p1\"><span style=\"color: #333399;\">summary<\/span><\/h2>\n<p class=\"p1\">In summary, if the condo construction is delayed beyond the scheduled completion date, you can claim penalties or request a refund as specified in the contract.<\/p>\n<p class=\"p1\">Follow the steps outlined above. If the developer does not respond, consult a lawyer to take legal action and file a complaint with the Office of the Consumer Protection Board (OCPB) to protect your rights.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Case of incomplete or halted construction. The buyer can cancel the contract and request a full refund of all payments made<\/p>\n","protected":false},"author":5,"featured_media":6442,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86,132],"tags":[],"class_list":["post-6454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-law","category-knowledge"],"_links":{"self":[{"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/posts\/6454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/comments?post=6454"}],"version-history":[{"count":0,"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/posts\/6454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/media\/6442"}],"wp:attachment":[{"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/media?parent=6454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/categories?post=6454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/champ-lawfirm.com\/en\/wp-json\/wp\/v2\/tags?post=6454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}