There are many reasons why
expatriates end up living in Thailand
– be it placement by their companies, retirement, or simply feeling Thailand offers
a better quality of life than their home country.
Buying a condo (apartment) in Thailand is an attractive option for many
foreigners predominantly because there are less nationality restrictions with Thailand condominium laws than with land ownership.
Thailand real estate laws do not provide as many consumer
protections as with most western jurisdictions. Thailand is very much a "Buyer
Beware" jurisdiction. For example, in Thailand, real estate agents are
not licensed and title insurance is not commonly used.
There are many skeletons
of unfinished constructions in Bangkok. One of the most famous ones is on
the banks of the Chao Phraya
River, which was left unfurnished
after the 1997 Asian financial crisis.
Stories about property fraud, scams and inequitable
property agreements are more frequent. A few years ago on Koh
Samui. Government investigations into land companies on the island revealed
that thousands of plots of land had been illegally issued title deeds. Deeds
for measurements of land exceeded the amount of land on the entire island, and
encroachment and development of state-protected reserves was revealed.
Less dramatic cases of real estate misrepresentation and fraud can involve
foreign clients discovering that their purchased property lacked promised (and
paid for) amenities, including water pipes and sanitation systems.
If you are thinking
about buying “off plan” i.e. a condo that has not yet been built then again
think very carefully. Although you are more likely to secure a better price, such
purchases carry far greater risk
Therefore if you are
looking to buy a condo in Thailand,
you would be well advised to seek legal advice from a qualified Thailand real estate attorney.
A thorough due diligence by
a qualified attorney offers potential purchasers a good measure of protection
from real estate fraud and misrepresentation.
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