Hello,
There is a lot of maintenance arrears on a condo we purchased on auction.. One lawyer says they can ask us only 5 years maintenance arrears, another one says the management can claim for full amount with penalties etc..
Would anyone have the right answer, with the legal text applying to the subject ??
Second thing, I read in condominium act that the compbound interests are not allowed which changes a lot the amount to pay..
As an example.. 10.000 bahts for the first 5th year arrear gives 2000 bahts for 20th interest rate.. then would it be after 5 years 10.000 + (5x2000) = 20.000.. or would it be 12.000 for first year, then for second year 20% of 12.000 which is in total 14.400 then 3rd year 14.400 + 20% etc.. ??
Thanks a lot
Have a nice sunday
maintenance arrears for condo purchased on auction
Re: maintenance arrears for condo purchased on auction
i can't help you with any of this but i am interested in where the auction is held. if you have a minute can can give details. good luck. i am interested in seeing how this turns out for you. thanks.
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Re: maintenance arrears for condo purchased on auction
I have no idea but my other half will probably know the answer because she's in that line of work. I'll ask her later and post whatever answer I get.
Either way, good luck.
Either way, good luck.
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Re: maintenance arrears for condo purchased on auction
You have purchased a condo at auction and have the contract (did you not examine it in some detail prior to the auction?) and have visited with two different lawyers and now come on to the forum to get the answers to your questions?
No one here is going to know those answers as your specific contract will be the guide. Getting two different answers from two different lawyers about contract law is not that strange but I think I'd be asking lawyer #1 how is it that his answer differs from lawyer #2 - and vice versa.
Good luck indeed.
No one here is going to know those answers as your specific contract will be the guide. Getting two different answers from two different lawyers about contract law is not that strange but I think I'd be asking lawyer #1 how is it that his answer differs from lawyer #2 - and vice versa.
Good luck indeed.
Re: maintenance arrears for condo purchased on auction
When I sold my condo last year I had to supply the land office with a clearance certificate from the juristic person at the condo to show there were no outstanding debts. Have you been to the land office and registered the condo in your name ?
'If you didn't have a wasted youth you wasted your youth'
Man in pub circa 1987.
Man in pub circa 1987.