Transcript of the above video:

As the title of this video suggests, we are discussing buying condos as opposed to selling condos here in Thailand. I thought of making in this video because frankly I see a lot of stuff online where people just kind of talk about condos as if the buying process is sort of similar to selling. And maybe from the standpoint of like folks - and frankly foreigners shouldn't really be in the property business in Thailand pursuant to Thai Law - but you'll see a lot of folks talking about this stuff in a foreign context, and they are kind of, I don’t know, mixing apples and bowling balls oftentimes, because buying a condo here in Thailand is a very different selling thing from selling. I would say part of that has to do with the underlying facts in the buyer's circumstances. 

What do I mean? Generally speaking, buyers here in Thailand are newer to Thailand. Sellers tend to have been here a while because they've owned a condo. Buyers, I'm not saying they're all completely new, but usually the vast majority of new condo buyers I see are in their first three years of living in Thailand. So, there are a few factors of sort of "you don't know what you don't know" that you have to keep in mind with regard to condo purchase here in Thailand, and due diligence is a big one. You need to go ahead and make sure you've done your due diligence just to make sure that the property title is free and clear; you also have to make certain that it comports with the Thai Condominium Act notwithstanding the restrictions on foreigners owning real estate in Thailand, the Thai Condominium Act does allow foreign ownership of condos, but they have to fit into certain parameters, most notably they have to fit under the foreign quota. There has to be a certain quota of foreigners to Thais, 51/49 actually is the percentage, and you have to ascertain whether or not you can actually gain Freehold Title to the actual condo. It's also important to point out, there are various banking functions associated with Thai condo ownership, yeah ownership, because it pertains to the actual title that his granted, you have to get certain banking documentation approved, funds came in from abroad, in order to get Chanote Title - that's what we would call Freehold Title in sort of a Westminster context or Fee Simple Absolute in an American Common Law context, basically the type of title we think of when you own things, Chanote Title, you have got to fit within all these parameters in order to get that title freely transferred over in closing. 

The point I am trying to make here is there's a lot more for buyers to do than buyers really understand going into purchasing a condo. It's yet another reason why especially if you are fairly new to Thailand and you are looking to purchasing property, it's a really a good idea to contact a legal professional, gain some insight and guidance into how best to proceed.