Nothing highlights what problems can be expected when buying unguided and the property pitfalls people find themselves in than the report from Property Magazine. Once again we advise people to seek legal assistance before buying property in Thailand to face the possibility of losing your money. This is not a scare story but a reality when you are dealing in an unregulated property market. Take note and learn. As the old saying goes, a fool and his money are soon parted. Don’t be a fool!
Complaints about real estate companies are increasing in Thailand where delays in construction, misleading advertising, and low-quality workmanship are the most common source of conflict. According to the Office of the Consumer Protection Board 396 complaints against property firms were filed in the fourth quarter of last year, accounting for 39% of the total 1,004 complaints.
These complaints have risen steadily since the onset of the downturn in the property sector in the second half of last year, said general secretary Niroth Charoenprakob. Niroth said his office tried to help property buyers whose contracts had not been observed by trying to negotiate a compromise between parties, but as a last resort, it filed cases with the Civil Court. However, more than half of the complaints were settled out of court.
You only need to walk around in Bangkok to see how many projects have not been completed. Many are still in litigation but this is pointless if the company has no money and it is costing you thousands in litigation fees. Litigation in Thailand can be costly that is why most people settle. A trial can run for 3-4 years with an appearance or two each year with even more delays.
If you are looking at recovering money from an incomplete project then speak to our litigation lawyers in Thailand about it. Call us tollfree from the US or the UK and let us review the matter for you. Consult us today!