More and more expats are relocating to Bangkok for a whole host of reasons and Thai condo ownership for foreigners is increasing as a result.
Prior to entering a sale agreement, it is important to be fully familiar with the risks associated with buying a condo in Thailand. Thailand has very little in the way of consumer protection like western jurisdictions.
Fraud and property scams are very common. We have many clients seek advice from us having purchased property which lacks all of the amenities which were promised and paid for, or they find once the transaction is completed, the seller was not in fact the legal holder of the title deeds.
Buying off plan is an attractive option for many, as it’s possible to negotiate a more affable purchase price, but it is risky buying a condo that isn’t yet complete. There are many skeleton buildings that can be seen around Bangkok that remain unfinished because funding has been pulled or has run out.
It is vital therefore when you instruct your real estate attorney, you ensure they will carry out due diligence on your behalf.