Over the past 4 years there have been many changes to property laws in Thailand. These changes have been set to provide protection to consumers. Let’s look at what those changes have been and how it has offered more protection to you the buyer. The first changes and very important changes have been in the Condominium Act itself.
The government has created better protection by clamping down on deceptive advertising of property which many developers would put out in their adverts. We have seen the effect that promising heaven and earth has done before looking back at 1997. The changes in the new Condominium Act has created the ability for the buyer to seek redress in courts with regards to deception. Voting rights have also been changed where your voting rights now is based on the value of your unit in the building. Before these changes someone with a ‘broom closet space’ condo would have the same voting rights as the penthouse owner. All these changes have been made to the Act to further entice foreign buyers and to offer better protection.
The next very important change has been the Escrow Act. This was a real first for Thailand and in the future one would think that they would further expand the Escrow system. Escrow in Thailand has not reached the levels of what you would expect at home as only a few companies are allowed to offer the service directly. Speak to a solicitor about escrow in Thailand and how to best protect your investment in Thailand. If you are looking at buying a condominium in Thailand then speak to any of solicitors in Thailand with regards to property purchases. Our solicitors in Pattaya, Phuket, Bangkok, and Chang Mai are always ready to help you achieve your goals.