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Buying property pre-construction is referred to as off-plan and is a common practice in Thailand. It is also common for a property developer to start construction of the project and continue to sell units of the property while still referring to it as “off-plan”. In this sense, the term off-plan is used in a general sense to refer to properties that are not yet completed by the developer.
When buyingan off-plan property it is essential in purchasing from a reputable developer. This will minimize your risks. Off-plan property is basically buying the rights to a “property” that has yet to be built. A good realtor can help shorten the process of finding these reputable developers. You will want to know about prior projects and the financial health of the developer. Most developers secure funding before they start but you will want to make sure to know that if all units are not sold they still complete the development.
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