Above New Nordic Video - and a familiar voice!
(a) Foreign buyers in Thailand and Pattaya should be aware that there are offices with nameboards headed 'Consumer Protection' but they will not function for you. If there is a fraud involved police will not investigate frauds between foreigners.
(b) Foreigners cannot own property in Thailand apart from condominiums but in that case at least 51 per cent of owner/residents in your condo must be Thai.
(c) The Thai property market and in Phuket, Pattaya, Hua Hin and Ko Samui especially has a reputation as being 'fraud central'. Scores of projects are being advertised which will not be built.
(d) Beware of extras - such as 'sinking funds'.
(d) Would you want to spend the rest of your life in a 'apartment' of under 30 sq metres? Many units on the market are nothing more than 'short time' rooms. Good for a single male on holiday - but you might not want to live there. Thais will not buy tiny apartments at the rates offered to foreigners.
(e) Always check that the company you pay your cheques or cash to is the actual owner of the property and not an agent or a company which could fold up at any time. Hundreds of people have been taken in this way. The directors of the other company will be different, but 'same same' as the local saying goes.
(f) Beware of different sets of books. Apartments have been sold many times over to different clients. Consider your property to be a 'virtual property' until you not only have your deed (chanote) but have thoroughly checked it out with a lawyer at the Land Office.
(g) If you are drawing your pension do you have the time or money or energy to go through the debilitating court process yourself?
Source: Andrew Drummond