Many buyers always seem to pay the initial deposit or reservation fee without even checking the main Purchase Agreement or even reading the Reservation Agreement. Ideally the initial reservation deposit should only be paid if the actual Reservation contract states “ refundable in the event of a fundamental legal technicality…
Two Acts that will probably have the most significant effect on foreign investment in Thailand, or foreigners residing in Thailand, is the recent Condominium Act and the Escrow Act. The new Condominium Act provides greater protection for buyers of condominiums in terms of giving more rights to buyers and restricting…
Section 702 of the Civil and Commercial Code defines a mortgage as follows: “A mortgage is a contract whereby a person, called the mortgagor, assigns a thing to another person, called the mortgagee (creditor), as security for the performance of an obligation, without delivering the thing to the mortgagee (creditor).”…
I have come across many Leases that contain “Restrictive Covenants” so the question is what is a restrictive covenant? Restrictive covenants are deed restrictions that apply to a group of homes or lots in a specific development or ‘subdivision.’ They are normally drafted and put in place by the original…
It is almost common knowledge among foreign property buyers in Thailand that we need a Foreign Exchange Transaction form in order to buy a condominium in Thailand. It is an important document required so as to allow foreigners to purchase a freehold condominium unit here. This is essentially the only…