Individual's Condo Property Title Not Guaranteed Until Registration

[Tyke]

My question refers to a contract for a condo in Thailand that seems to be a bit dodgy. The main problem is that until the block is finished, there is no guarantee that the title will be in the foreign buyers name. On the day that the block is ready, the first 49% of the foreign buyers who immediately pay up and register their property get the title in their name – the rest have to either buy it through a company or transfer or sell it to a Thai as the law requires. The company says it is doing this to make sure they sell the condos. It also means the buyer has to pay up everything on that day instead of continuing with monthly payments for maybe another year.

My question is this – I know it is unjust to unsuspecting foreigners who don’t necessarily live in Thailand and may not be able to make it over on the day of registration, but is this really LEGAL? I mean is it legal for the company to have that clause in the contract because they are in effect encouraging the sale of 100% of the units directly or indirectly to foreign buyers which I guess is against the spirit of the law. It is also not mentioned when the deposits are paid – only in the contract and it is not entirely clear what it means.

In addition, can anyone recommend a good property lawyer based in Bangkok?

[oracle]

This website has some good info on buying a condominium

samuiforsale

there is also a free sale and purchase agreement to read

here