There are a few issues that need to be looked at when buying a condo in Thailand . Lets highlight 3 main issues and see how to buy a condo without having any problems later. Speak to an attorney before any purchase in Thailand.
There are certain issues which need to be covered and are very important when buying property in Thailand. Condo units are very popular in Thailand and are the most common form of investment by foreigners in Thailand. The Condominium Act makes it clear that the amount of foreigners owning condo units in an apartment block may not exceed 49%. This does not present a problem in places such as Chiang Mai, Issaan or Hua Hin as most of the buyers in these areas tend to be Thai’s. In places such as Pattaya or Phuket as an example this may lead to problems as it is mainly foreigners who buy units in these areas. Also ensure that the ratio of ownership is under the mandated 49% ownership before you purchase.
Another issue is the title deed. The title deed needs to investigated. In Samui a few years ago the government investigated why there had been so many title deeds available on the island only to find out that government land had been sold and developed. Many people lost their investment in Samui as they had not had their title deed investiagted before buying the property. This is very important and should never be overlooked. All the land in Thailand can be traced back to who the first owners had been. Ensure that yours has been investigated before buying or signing a contract.
Always ensure that you have an exit clause in your contract. This would be a conditional clause stating as an example that should the title not be clear then you will have your deposit return to you. If you do not add these exit clauses then you will not get any of your money back. This is the reason why it is best to speak to a property attorney in Thailand before any property purchase. Real Estate can when not investigated cause you to lose your entire investment. Be careful!
With offices in all the major cities in Thailand we are Siam Legal can assist you with your property purchase. Speak to us today either in person, via our live chat messenger on our main website or via our tollfree US and UK telephone numbers. Speak to us today about your property and rest assured that everything will be taken care of. Call now!