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Can I Put My Off-Plan Thai Condo in a Will?
Transcript of the above videos:
As the title of this video suggests, we are discussing Wills in Thailand. We're also discussing the issue of off-plan condos.
What is an off-plan condo? Well there may be benefits for people to buy a condo before it is built. Now you need to be careful with that; I have discussed that in other videos. You need to have due diligence done. You need to ascertain the state of the developer; you need to look at their history, ascertain whether or not they are going to be a good candidate to buy an off-plan condo. But let's presume everything there is perfect, can you then have the off-plan condo mentioned in a Will?
Well, it gets a little tricky here because off-plan condos are oftentimes, they're not plaided, they don't have an address and oftentimes until they are built and they go through all the formalities of inspection etc. and due diligence under the Condominium Act, you may not even have a Title Deed associated with them yet. Now that said, they can be mentioned in a Will and you may be able to set provisions in a Will whereby if something should happen to you in the meantime while that is being developed, rights could then be transferred or assigned over to someone pursuant to the provisions of the Will. Now again, a lot of this is going to vary based on the provisions of the actual contract pertaining to the off-plan condo, the nature of the condo itself, whether or not it's built, semi-built, still is it just sort of a patch of dirt.
All of this is going to sort of factor into any legal analysis regarding placing a condo or I should say, an off-plan condo and the documentation pertaining thereto into a Will here in the Kingdom of Thailand.