It goes without saying that part of any off-plan property purchases, not just in Thailand but anywhere, should include due diligence and especially checking the small print.
Part of the due diligence you can do yourself is to check the small print of any advertising materials, even before you get to the stage of considering a sales and purchase agreement.
What you find may give you some cause for concern, although in Thailand what follows can be deemed as being pretty common.
These words appeared at the foot of a glossy one-page advertisement wrap with the Bangkok Post last month, promoting presales of a new off-plan development in Asoke.
These stand out to me.
- The building’s exterior and interior might be changed as appropriate.
- The information contained in all print media is subject to change as maybe approved by the authorities and cannot form part of an offer or contract.
- The company reserves the right to change the project details without prior notice.
Given construction has not begun, and the whole development is not set to complete until mid-2020, my question would be “What exactly am I buying?”.
Thailand’s Condominium Act does provide safeguards for buyers but I can only guess how many buyers and investors read the small print before parting with upwards of THB 8 million for a single unit.