CD HOUSES BANY

[hec]

the Bn. estate sold 100 Investment houses with a 3 year rental guarantee of 366k Baht per year , This week its time to pay the 2nd years rents and they have written to us to dishonour the contract , they will not be paying us any rent even though they have had full use of our houses for a year. I have asked them the email addresses of other CD owners , they are silent on my request , so if there are any other CD owners reading this could you please email me on hec1234567@hotmail.com thanks.

[splitlid]

sorry to hear about you woes, they will not give out emails(nobody would), i think you are the least of their worries at the moment.

good luck with your cause.

maybe they will give you some golf vouchers as compensation

[hec]

the BANYAN GOLF ESTATE have dishonoured their Guaranteed Rental agreement with 100 CD owners and broken the contract.

[hec]

Hello Spitlid ,
yes I know normally they would not disclose other CD owners but maybe under these circumstances they might , but anyway the idea is for other people who have bought CD houses to contact each other to discuss our options , you say I would be the least of their worries right now , could you give me a hint what you mean by that , hec1234567@hotmail.com

[taffinexile]

Hello awrightweeman

I'm like you gutted they have not paid a single Baht for the year, i'll conatct you on your email.

[icebear]

Hi Hec, did you get the first and second year's rent?

If yes, you should be very happy indeed.

[CTKashia]

Hello I am also owner of CD so please get in touch.
THANKS

[hec]

NO we never got the second years rent , they have had my house rented out since November 2008 . It is March 2011 and we have had ONE YEARS RENT FROM THEM ,they appear as though they are using our rents to fund their business,

I have had one years rent out of rnrs a

[hec]

They have had my house rented out since November 2008 , this is March 2011 we have been paid 12 months rent out of the 29 months they have had my house , they are using our money to fund their business , don`t forget there is a 100 CD owners so they have dishonoured the rent to each owner of about 12,000 US dollars times 100 owners , That is 1.2 million US Dollars they have dishonoured , that is serious money.

[tonymaroni]

NO we never got the second years rent , they have had my house rented out since November 2008 . It is March 2011 and we have had ONE YEARS RENT FROM THEM ,they appear as though they are using our rents to fund their business,

I have had one years rent out of rnrs a

Sounds like a bad scam going on there.
Sorry to hear about that.
At least you can evict the tenant and rent it out yourself, can't you?
They don't have exclusive rental rights do they?
If they do man o man what a rip off.

Doc

[margaretcarnes]

tonymaroni - if these properties have been rented out under Thai language agreements - to Thais - who knows what has been written into them and what rights the present tenants have? Sounds like a potential can of worms and legal battles pending to me. Especially if the developer has maybe cut and run.
Nice one... though not for owners of course... but yet another reason for this whole property business to be exposed.

[hec]

The houses we own were sold as investment properties with guaranteed rents . The Banyan (Red Tulip) their trading name , are in control of the utilites into the houses,so they can still use that to control their victims.
Naturally it would be too big an ask for Owners after having been ripped off by them to trust these people to rent out our houses and Pay us our rents .
We need to use agents that will pay us monthly.
I dont know Thai law but if this happened in the UK , THEY WOULD BE GIVEN 30 DAYS TO PAY AND IF THEY DO NOT PAY US , BANKRUPTCY PROCEEDINGS WOULD START.

[margaretcarnes]

Unfortunately hec it isn't the UK, and any property bought or rented out in Thailand is governed by Thai law.
You need to get a good lawyer fast by the sound of it - and hopefully there will be locals who can advise on that.
Whether you can obtain the services of a new letting agent might also be a matter for a decent lawyer - it will all depend on what was written into the original agreement. But I'm sorry to say - make no mistake - if you have Thai tenants they will expect the law to be on their side, which it is likely to be. Very best of luck and please keep us posted about progress. (And try to avoid becoming too personally involved.)

[hec]

Margaret ,
Thanks for the advise ,especially about not getting too personally involved well aware of how these things can eat into your life and take over.

The tenants are not Thais , the tenants are the Banyan estate , who sublet our houses to holidaymakers/gofers etc. we get about 8,000 Baht they charge their tenents 8,000 Baht a day, so you would think there would have been enough to pay us at least some money, but not one Baht.
So we have a rental contract agreement with the Banyan , they have reneged , surely a person or company who break a written contract is liable.
There is clause 11 in the agreement that states if either party breaks the contract you can give 30 days to cancel the agreement , the problem is they own the estate and all the utilities into the houses, and of course we still wont get paid.

[margaretcarnes]

So it is possible that the owners of Banyan Estate are still receiving the rents anyway - possibly paid into an account under a different company name. Which could explain some things (you mentioned bankruptcy - if the rents go to a different company name they are using a common enough gap in law.) And most worrying if the sub tenants are still paying rent on a long term basis they will, quite understandably, have some rights of their own.
But if you can excercise your right to cancel the agreement will you be left to deal with any resulting eviction? And as you say what happens to the utilities? Sorry to say this hec but this is sounding more and more like a scam of mega proportions and a decent lawyer is a must - which probably means one in Bangkok at an international firm.
As for not getting too personally involved - suggest you check out much older property threads - unless of course some have been deleted.