Thailand Conveyancers

A more widespread use of escrows in Thailand will only be a matter of time. In December last year, the government introduced the first draft on the use of interest bearing escrow accounts for property purchasers.

This will mean greater transparency to outside parties as payments made into this account will reflect genuine sales. In the current practice, deposits held by developers themselves may be fudged in order to generate more interest or in order to obtain more financing. The introduction of a regulated escrow system will mean that this practice will soon diminish. The other benefit of having an escrow system is that the deposits are much easily refunded to the buyers should a project fail to complete.

Property development is big business. It is also, like all businesses, a potentially risky practice. Having a better regulated property development industry is a means of reducing that risk, not only to their buyers but also for the developers. Well managed developers would most likely welcome any amendments to make the industry more profitable and hopefully weed out the very few bad apples in the basket. Greater regulation will make developers more focused in exercising tighter management principles. This, in turn, should mean better quality projects and more satisfied customers.

Speak to our conveyancers today about what we can do for your in Thailand with regards to escrow in Thailand and ensuring that your property investment is not lost or at risk. Call our conveyancer today!