• Lessor

    Jan 19, 2010
    realestate
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    A Lessor is defined as the owner of a property who rents it to another party, called a tenant or lessee. In Thailand, being a Lessor has its advantages legally because of the dearth in legal provisions covering lease agreements. The current law on lease of property, the Civil and Commercial Code of Thailand merely provides for a skeletal framework wherein the basic rights and duties of both the lessor and the lessee are enumerated.  The current Thai legal system governing rent in the country is considered as being advantageous in favor of landlords. Many have raised their concern regarding this situation particularly on the fact that the governing law does not include all of the details required to be found in a standard lease agreement. As a result, the parties in a lease agreement are therefore allowed to determine the terms and conditions of their agreement without proper regulation. And since the landlord is in a much better position than the lessee, he or she may dictate terms that are clearly disadvantageous to the latter. The lessee on the other hand might feel constrained in accepting such terms due to dire necessity.  Moreover, every landlord should still consider the following factors prior to engaging in a lease agreement: First, every potential lessor should have a working knowledge of the legalities surrounding a rent contract; second, every landlord should note that rent agreements cannot exceed a period of thirty (30) years; third, any potential landlord should bear in mind the different duties and obligations prescribed by the Civil and Commercial Code; fourth, deposits play a vital part in every rent agreement as the amount serves as a security in favor of the landlord therefore every lessor should understand how these amounts operate; last, terms governing the termination of any agreement should be provided for in every rent contract.