Key terms that a real estate agent in Thailand should know

In Thailand, a real estate agent must know a number of specific terms and concepts that will help in a successful job. Here are some of them:

Chanote (Chanote): This is an official title deed, which is the highest form of land ownership in Thailand.

Leasehold (Land Lease): Grants the right to use the land or property for up to 30 years, which can be renewed.

Freehold (Ownership): The right to unconditional possession of land or real estate for an unlimited period of time.

Condominium Act: The law governing the rights and responsibilities of condominium owners and management companies.

Usufruct (Right of Use): The right to use and receive income from land owned by another person for a specified period of time, often for the rest of the user's life.

Sinking Fund: A one-time fee paid by the owner when purchasing a condominium property, earmarked for major repairs and upgrades in the future.

Common Area Maintenance (CAM) fees: Monthly or annual fees charged to owners for the maintenance and repair of common areas in the complex.

Transfer Fee: A fee paid upon transfer of ownership of a property, usually shared between the seller and the buyer.

Thai Real Estate Broker Association (TREBA): A professional association that aims to promote standards and ethics in the Thai real estate industry.

Due Diligence (Due Diligence): The process of checking and analyzing a property before purchase to identify any legal, financial or physical problems.

Knowing these and other specific terms and concepts will help real estate agents in Thailand to be more effective and ensure that their clients' interests are protected.