Transcript of the above video:

As the title of this video suggests, we are discussing Banking in connection with Thai condos. So for those who are unaware, it is possible for a foreign national to own a Thai condo with Freehold title. That means you can gain what we would call Fee Simple Absolute title in an American Common Law context. Freehold title is what they call it sort of in Australia it is my understanding, in the UK, so title, the title deed, the title to your condo, what is called a Chanote in the Thai parlance, so the Title Deed is called the Chanote with regard to any type of real estate, condo as well. 

Long story short though, there are restrictions, there are specific protocols under the Thai Condominium Act which must be adhered to in order for Freehold Title to pass to a foreigner. One of the most important aspects of this involves banking because one needs to prove that funds came in from abroad, foreign funds came in from abroad, in order to purchase that condominium in order for Freehold Title to move pursuant to the provisions of the Act. So again there are a number of banking issues that will come up when you are going through the conveyancing process of purchasing a condo here in Thailand. Oftentimes our Attorneys here in the office who assist with property matters will actually end up going to Banks to make sure the formalities associated with the money coming in are met, so all the documentation is done correctly in order for that property to transfer seamlessly. 

So the thing to take away from this video is while on one level, condo purchasing looks relatively straightforward, understand, this banking component can add an extra layer of complexity and if those formalities are not adhered to then it could jeopardize the ability to transfer Freehold Title to a foreign national here in the Kingdom of Thailand.