One of the reasons why I advised Koreans not to buy Thai condominiums.

One of the reasons why I advised Koreans not to buy Thai condominiums.

 

Because I was skeptical about the Thai condo. I regularly contribute various information and knowledge related to Thailand to various web magazines, magazines, and newspapers in Korea. Therefore, many Koreans ask me various questions about Thailand.

 

One of the things Koreans ask me a lot is advice on purchasing condos. I advise them not to buy Thai condos as much as possible because I am disappointed with them. Especially, I advise Koreans not to buy leasehold condos in Thailand.

 

Why should I tell Koreans never to buy Thai leasehold condos?

Because I'm one of the people who bought leasehold in Thailand and suffered damage.

 

In 2015, I purchased Urbana Langsuan 171sqm 3 Bedroom in Langsuan, behind Lumpini Park. Since lansuan is crown property, most of the condominiums in Langsuan are not freeholds, but leaseholds.

 

Urbana Langsuan opened in December 2005 and I purchased a leasehold from my former landlord, a Taiwanese, in May 2015 for the remaining 20 years of the 30 years. When I purchased this condo, I heard from nearby real estate agencies that the cost of changing the leasehold name was just 100,000 baht, head of the management office Urbana Langsuan , also said the cost of changing the leasehold name was 100,000 baht. Believing this, I paid money from a Taiwanese and bought a leasehold ownership for 20 years.

 

The problem occurred when I applied for a change in the name of Leasehold to Urbana Langsuan Management Office. The head of the management office told me that I had to pay 500,000 baht if I wanted to change the name of Urbana Langsuan Leasehold because 'xxxxxx' , Urbana Langsuan management company, raised the cost of changing the name from 100,000 baht to 500,000 baht .

 

I couldn't understand at all what the head of the management office Urbana Langsuan, I said. No. I cannot understand the unilateral way of dealing with "xxxxxxx" , which manages Urbana Langsuan condominium. Housing laws around the world are similar. This is because most housing laws around the world are based on housing laws in developed countries such as the United States and the United Kingdom.

 

The unilateral demand for 500,000 baht, which suddenly rose from 100,000 baht to 500 percent due to the cost of name change, is neither in line with the global housing law nor in line with the common sense of the world. This is a critical example of how people around the world are forced to think negatively about Thai condos.

 

For buyers of freeholds or leaseholds related to the purchase of condos, there is a property right. The unilateral increase from 100,000 baht to 500,000 baht in the cost of changing the name of the company is no different from a violation of the property rights of Urbana Langsuan buyers.

 

It can be understood if the cost of changing the name is raised every year in line with inflation, but the sudden unilateral rise of the "xxxxxx" from 100,000 baht to 500,000 baht is certainly a part of the world's reluctance to buy Thai condominiums. Who on earth increase by 500% without any notice or consent?

 

I couldn't pay for the 500% increase. For a long time I said I couldn't pay for this unreasonable cost and didn't pay. "xxxxxx", Urbana Langsuan management company, did not change its name when I did not pay 500,000 baht. It was very hard for me. The reason is the Korean Foreign Exchange Management Act.

 

In Korea, if a Korean takes money from Korea and purchases real estate from a foreign country, the relevant documents must be submitted to the Korea Financial Supervisory Service within 30 days from the date of remittance from a bank in Korea. If somebody breaks this, he or she will be fined according to the amount transferred. If the documents are not submitted to the Financial Supervisory Service within a given date after paying the fine, anybody will have to pay more fines.

 

I had to pay a fine equivalent to 100,000 baht of Thai money to the Korean Financial Supervisory Service because "xxxxx" , Urbana Langsuan condominium management company did not change its name. This was the first absurd incident I had in Thailand and it was a great shock to me. I had no choice but to pay 500,000 baht to xxxxxxx , Urbana Langsuan management company, to avoid paying a second fine to the Korean Financial Supervisory Service.

The manager of the management office Urbana Langsuan , told me. " I understand you. There is no way I can help you because I am employed by "xxxxxxx" company. I'm sorry." I don't understand that this is happening in Thailand.

I had no choice but to think about the Thai people again after this incident. Since then, when a Korean asks about condominium purchases in Thailand, I always say, "Never buy condominiums in Thailand. we don't know when and how they will change. They are unpredictable."

 

I've recently written twice to " xxxxxxx" , Urbana Langsuan management firm , asking them to return me the 400,000 baht they unfairly took from me. But "xxxxxxx " , Urbana Lansuan management company said, "The Lansuan region is Bangkok's richest one, and 500,000 baht of the cost of changing the name of the condominium is not too much,"

The following are what I think.

 

1. Since Urbana Lansuan condo is Leasehold, the change in the name related to leasehold ownership transfer is recognized by the "xxxxxxx" management company, not the Thai government, so 100,000 baht is not a small amount. 500,000 baht is an excessive amount that all people in the world can't accept.

 

2. The cost of the service to change the leasehold name shall be specified by thai law and shall be managed by the government. It is unreasonable and against common sense for "xxxxxxx" , Urbana Langsuan management company, to unilaterally raise 500% without notice or consent to all leasehold owners.

 

3. In May 2015, "xxxxxxx" , Urbana Langsuan management firm unilaterally told me that the leasehold owner had raised the cost of the name change from 100,000 baht to 500,000 baht and took me 500,000 baht, but no one has paid 500,000 baht since then. In the end, only I, foreigner, paid 500,000 baht. Currently, the cost of changing the name is 100,000 baht if you buy and sell Urbana Lansuan condominiums. Urbana Lansuan, head of condominium management office, says " No one else has paid 500,000 baht, so the service charge for name change is getting 100,000 baht back to his original state. Then I think the "xxxxxxx" in charge of Urbana Lansuan management should return me 400,000 baht, excluding 500,000 baht to 100,000 baht.

 

I can't help but feel skeptical about Thailand when I see "xxxxxxx" refusing to return 400,000 baht for the name change.

 

Honestly, isn't it no different from telling people all over the world not to buy Thai condominiums because they are not reliable real estate?

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