TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

  • This field is for validation purposes and should be left unchanged.

Thailand's Land Department Property Escrow Process

Category: Real estate, Posted:07 Mar 2009 | 14:19 pm

Back of the revised Escrow Act B.E. 2551 (2008), the Land Department has now set out official guidelines pertaining to the documentation of land under an official notification. Prior to this new development officials were unable to document any ownership change which was covered by an existing escrow agreement. As per the new process any land under an escrow agreement requires that the Land Department must obtain approval prior to transfer of property and furthermore that only Escrow Agents may act. All escrow agents are to be licensed and this is restricted presently to financial institutions.

As commented in a circular issued by the legal firm Mayer Brown "These guidelines further enhance the use of escrow in real estate transactions. To maximize the protection, buyers should ensure that the escrow agent is duly licensed, and the escrow transaction is recorded by the Land Department."

Recently I had the opportunity to discuss the topic of escrow with a number of local legal firms in Phuket and while they applauded the revisions to the law, the complex nature and restriction only for financial institutions only enables significant sized transactions transaction's to utilize escrow. While in most mature property markets there are facilities for even the smallest of purchasers to obtain what is generally regarded as essential due diligence in property transactions. Hopefully going forward there are further revisions aimed at aligning consumer protection in a similar fashion to developed markets.

Other News

Read more

Hotel White Label, Third Party Operator and Franchise Event

Category: Hotels, Posted:27 Oct 2020 | 08:55 am C9 Hotelworks and Delivering Asia Communications have organized a highly-relevant virtual event called “White Label Session – The Sequel, Insights into Hospitality Third-Party Operators and New Options for Hotel Owners”. The live webinar will be held on   Wednesday 4th November, 2:00 pm Bangkok Time | 3:00 pm Singapore/Hong Kong. Free registration is available HERE. A hospitality-focused virtual […]
Read more

Phuket Airlift To Koh Samui Is Back

Category: Tourism, Posted:23 Oct 2020 | 16:26 pm Bangkok Airways has announced the return of flights between Phuket and Koh Samui. According to the Phuket News service commences Sunday, October 25th leaving Phuket at 12:20 pm and arriving in Samui at 1:15 pm. There will also be a resumption of flights between Phuket and Hat Yai between Phuket and U-Tapao (Pattaya). The return […]
Read more

Khao Lak Hotel Supply Continues To Expand

Category: Hotels, Posted:22 Oct 2020 | 06:00 am Despite the downturn of Covid-19, hotel investment confidence in Khao Lak remains positive in the long term. One sign of this is a newbuild Pullman-branded Khao Lak Resort Is set to open on 1st December. The 253-key beachfront hotel and villa property features a design by Martin Palleros of Tierra Design.  Palleros is the architect […]