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Buying a Condo in Thailand: Issues to Consider

Transcript of the above video:

As the title of this video suggests, we are discussing the purchase of a condo here in the Kingdom and I hope that the folks that are watching this video are people that have yet to purchase a condo and are looking in to purchasing a condo but are wanting to get some information before taking the plunge, for lack of a better term. 

So the thing to take away from this video is, it is a really good idea to contact and probably retain a legal professional before getting into any kind of agreements, especially things like paying deposits, for lack of a better term, earnest money if you will, with regard to purchase of a condo; this is especially true in terms of off-plan condominiums. A legal professional can assist in providing due diligence services in ascertaining whether or not for example, there are cases that have been noted in the past of folks who have been buying in to an off-plan condo that never came to fruition; that had all sorts of legal problems down the road and simply doing some due diligence at the beginning probably could have forestalled people from a lot of grief and consternation associated with a problematic development. 

So again, the thing to take away from this video is it is probably better to hire a legal professional in order to get a better understanding of the exact legal posture of the place one is looking to buy. The other thing to keep in mind is there are quotas with respect to foreign ownership of condominiums here in the Kingdom and while it is possible to get freehold title, also known as a Chanote title, over a condo you have to be aware of the foreign quotas associated with obtaining that freehold title because in Thailand, land ownership, real estate ownership is greatly restricted to foreigners but there are exceptions pursuant to the Thai Condominium Act for foreigners to have free hold titles to condos in the Kingdom. 

So again, all of these are considerations which should be noted and it is a good idea to contact a legal professional in order to get the best and most insight you can before making a final decision and before putting down any kind of deposit, any kind of monetary remittance associated with a condominium. It is probably a good idea to get a hold of a legal professional first in order to fully understand the posture of one's position with respect to purchasing a condo in the Kingdom of Thailand.