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Issues Buying a Condo in Thailand from Another Foreigner

Transcript of the above video:

As the title of this video suggests, we are discussing issues associated with foreigners buying condos in Thailand from other foreigners. 

I want to preface this by saying I am not trying to make this sound more foreboding than it really needs to be but there are some issues that do arise where a foreign national is buying a Thai Condo in Thailand from another foreigner; they are not buying it from a Thai or from like a Land Developer here directly. So what are we talking about here? One of the big ones is and again I am not saying every case is going to have a bunch of problems just because you are buying from another foreigner, in fact far from it. The vast majority of cases where you are dealing foreigner to foreigner, it is pretty straightforward but there is a small minority where what I am going to mention does come up. 

First of all, things like identity documentation. Bear in mind, foreign nationals are not Thais so when you need identity documentation in order to make a conveyance occur, affect a transfer, you are going to have to deal with an Embassy of not only yourself but with respect to certified documentation where necessary but you are also going to have to think about the counterparty to that transaction as they are going to need certain documentation as well. A big issue that occurs that we have seen in the past involving Thai Property and conveyancing is where the foreign national had a name change between the time that they purchased the property and the time that they are looking to sell it and that name change occurred in their home country. That can be a real issue. We have seen a lot of problems come up as a result of that. Meanwhile, another big issue associated with foreigner to foreigner condo conveyancing is proof of funds. As noted in other videos and just a brief recap, foreign nationals are allowed to have freehold title to Thai Condos but they have to meet certain requirements under the Thai Condominium Act, most notably they have to prove up that funds came from abroad and those funds also have to leave Thailand after the transaction is concluded generally speaking. This can be kind of a another sticky wicket when you are dealing with two foreigners because you have got to make sure all of that documentation, it is sort of like in duplicate, all of that documentation regarding the foreign national who is purchasing it, you have got to prove that all up. So again there may be some added issues associated with buying a condo from another foreign national here in the Kingdom of Thailand.