The Office of the Consumer Protection Board (OCBP) signed a Memorandum of Understanding (MoU) with the Thai Real Estate Organization, the Housing Business Association, and the Thai Condominium Association and real estate companies, following a delay of the initial signing date in June.
With this MoU, customers purchasing condominium units, housing units or other property can have their deposit and down payment refunded from the projects, in case of a declined mortgage application by financial institutes, as well as associated fees in the contract.
60 percent of the down payment will be refunded to customers in case of their employment termination, illness, or disability. The entire down payment amount will be refunded to the customers’ family member in case of their demise.
This MoU was achieved through cooperation with 13 real estate companies. The signing ceremony of this MoU was presided over by Mr. Anucha Nakasai, a Minister attached to the Office of the Prime Minister.
Mr. Anucha said this cooperation will provide protection for consumers, while at the same time provide a form of compensation from businesses on the basis of compassion. He said this will become a model for the creation of trust between consumers and businesses. (NNT)
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