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Term Main definition
Reserve fund
This fund is meant to cover the major repairs and upgrades of the condo building. It is the amount of money contributed by all co-owners of the building and held by the condominium juristic person in a sinking fund. It is formed at the start of the existance of the condominium in Thailand, as a one time payment (separate from the monthly fee).
Synonyms - sinking fund
Real rights
A real property right, as opposed to contractual rights, are attached to an immovable property (rather than a person) and remain in full force upon transfer of ownership of the property ('follow' to the property), the first registered right has priority above any subsequent registered newer right.
Real estate
Property consisting of land or buildings
Unit of measurment of land in Thailand. A unit of surface expressed in Rai is equal to 1600 square meters in metric measurment, 1 acre is approx 2,5 Rai.
Property law
The area of law dealing with forms of ownership, possession, encumbrances, real estate contracts and immovable property rights in Thailand.
A special agreement between a couple engaged to be married governing their personal assets and management of future marital property. A contract allowing limited freedom of contract between future husband and wife as any clause in the prenup contrary the law or good morals shall be deemed void.
Author - Consultant
Synonyms - ante-nuptial
informal for prenuptial agreement, the equivalent is prenuptial agreement.
A post-nuptial agreement is a contract between spouses concerning their personal or matrimonial assets made during the course of the marriage. As opposed to pre-nuptial (before marriage) in Thailand this is a marriage contract governing ownership of financial assets created by spouses after entering into marriage (sections 1465 - 1492 Thailand civil and commercial code).
Or Chor
Official Thai script power of attorney to appoint someone to act on a person's behalf at the Land Registry for the transfer of a condominium apartment unit, original Thai language document can be downloaded here... (translation of this document below).
Author - Consultant
As a legal term the requirement to do what is imposed by law, promise, or contract; generic term for any type of legal duty or liability.
Nor Sor Sam Gor
Land title deed issued by the land department confirming the right of possession of land granted to an individual owner. The boundaries of the land are accurately surveyed in relation to neighbouring land plots.
Nor Sor Sam
Land title deed issued by the Thailand Land Department confirming the right of possession of government land granted to an individual private owner. This type of land has a lower survey status (lower than for example the nor.sor.sam.gor land title deed) and the borders of the land as shown on the land title deed should be confirmed with neighboring land plots.
Nominee shareholder
The registered shareholder who holds the shares on behalf of the actual or beneficial owner. It is illegal for foreigners to use such Thai shareholders in a limited company under the Thailand Foreign Business Act and Land Code Act.
A measurment unit in Thailand used to define an area land, 1 Ngan of land is equal to an area of 400 square meters in metric measurments.
Mutual Consent
When the parties voluntary and based on the same information and with the same aim agree or decide (principle of mutual understanding) to do something together and to the potential consequences of their decision.

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