Transcript of the above video: 

As the title of this video suggests, we are discussing Thai real estate and property. Specifically, we are looking at off-plan versus finished Thai Condos, or on-plan, however you want to look at it. But what are we talking about here? 

Well okay, there's buying a condo here in Thailand and let me preface by saying for those who are unaware, foreign nationals are restricted from owning land and other types of real estate here in Thailand, but they are not restricted from owning condos. There are provisions under the Thai Condominium Act which allow a foreign national to gain what's called Fee Simple Absolute Title also referred to as Freehold Title or in the Thai context we would be talking about Chanote Title; you own your property in every way that you think of it. In the American legal vernacular or the British legal vernacular, you own the condo, you have title to it. That is not off-plan. Off-plan is it has yet to be built, and you buy it in anticipation of them finishing it and then you can move into it and take possession after it is built. 

Now there are pros and cons to off-plan. A big pro is oftentimes they are a lot cheaper because you are sort of buying on spec. The big con is that they might not get built. Many of the forums here in Thailand are littered with stories of guys that bought an-off plan condo; it didn't go through; they then had to deal with lawsuits associated with it, trying to get it built or it never gets built. Then there are also issues associated with some places that will get built but then there are issues associated with the financing and the title. Again, due diligence is a good idea when it pertains to off-plan condos. 

That said, at the end of the day, there is a difference. Again, it could be cheaper to buy off-plan but you have to use, in my opinion you have to be more vigilant, due diligence is a necessity. That said, due diligence is also a necessity with a condo that already exists so even with a condo that has been built, it's got Chanote title associated with it, you still want to go ahead and do due diligence especially as it pertains to the quota between foreign and Thai owned condominiums in any given project. Again, all of these are factors that will factor in to whether or not you should be looking at buying “on-plan” if you will, or off-plan condos here in the Kingdom of Thailand.