Property Developers Start Escrow Initiative
Despite Thailand's Escrow Act initiative, property developers have been slow on the take up.
Many real estate players have cited the restrictive environment and limited appointment of approved escrow institutions with large fees being a barrier to entry.
For others consumer demand simply has not been a reason to get off the bench and onto the playing field.
Reading a recent Bangkok Post article news comes that six Bangkok developers and a Kasikornbank are initiating a new scheme.
Unfortunately for Phuket's overseas buyers, the escrow act is tailored for freehold properties and looks to offer little for foreigners purchasing leasehold villas or apartments.
While escrow remains a fundamental element of property transactions in most developed markets, it's sad to see the absence of it here on the island.