Transcript of the above video: 

As the title of this video suggests, we are discussing issues associated with condos, contracts and purchase deposits here in Thailand. So we deal with a fair amount of property cases here in our office, and one of the biggest things we deal with is foreign nationals looking to buy a condo. 

For those who are unaware, it is possible for a foreign national to purchase a condo in Thailand notwithstanding the restriction on foreign nationals owning real estate in Thailand, due to the Condominium Act of 1991 which stipulates under certain circumstances a foreign national may own a condo in Freehold Title i.e. what we call in the Common Law Fee Simple Absolute. So they can actually own the Title Deed; they can have what is called a Red Chanote. As I have discussed in other videos, there is Chanote Title, that's what we would call Freehold Title in the Westminster context, Fee Simple Absolute in the American Common Law Context. It has actually a Red Garuda on the title as opposed to a green one; a green one oftentimes implies a lower level of Title here in Thailand. 

That said, the point of this video is getting into the issue of contracts and deposits. I generally am of the mindset that before putting down anything with regard to any real estate, one should have the contract reviewed by a legal professional, and due diligence done before any money is handed over. Now most sellers are not going to probably feel that way, so they want some kind of good faith token that someone is going to purchase their property, so deposits almost become kind of a foregone conclusion when dealing with property matters. 

That said, I definitely believe it is a good idea before anyone puts up any money whatsoever to contact a legal professional, gain some insight and guidance into how best to proceed.