| Term | Definition |
|---|---|
| Right of rentention |
The right of the possessor of a property belonging to another to retain this property in his possession until a obligation is performed or debt to him is duly paid (governed by the sections 241 and following of the Civil and Commercial Code). This does not apply if the obligation is not yet due.
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| 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.
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| Rai |
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.
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| Prenuptial | A Thai prenuptial agreement is a written contract made before marriage and registered together with the marriage at the District Office (Amphur/Khet) to record personal property and rules for managing marital property under Thai law. Under Section 1466 of the Thai Civil and Commercial Code, a prenuptial agreement must be registered together with the marriage at the district office (Amphur/Khet) to be legally valid. สัญญาก่อนสมรสของไทยต้องทำก่อนจดทะเบียนสมรส และต้องจดทะเบียนพร้อมการสมรสที่อำเภอหรือสำนักงานเขต เพื่อกำหนดสินส่วนตัวและแนวทางการจัดการสินสมรสตามกฎหมายไทย ตามมาตรา ๑๔๖๖ แห่งประมวลกฎหมายแพ่งและพาณิชย์ สัญญาก่อนสมรสต้องจดทะเบียนพร้อมกับการจดทะเบียนสมรส ณ ที่ว่าการอำเภอหรือสำนักงานเขต จึงจะมีผลใช้บังคับตามกฎหมาย |
| Post-Nuptial |
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).
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| 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).
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| 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.
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| 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.
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| 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.
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| Ngan |
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.
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| 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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| Mutatis Mutandis |
Latin language for 'by changing those things which need to be changed', in law texts meaning, more or less, the referred sections shall be applied on the same but is to be altered, when necessary, on points of detail.
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| Memorandum of Association |
Or 'MOA' (in Thai Bor Or Jor 2 form) serves as the constitution of the limited company. It s prepared in the Thai limited company formation process and contains the company's name, its shareholders, its share capital, the registered office address,
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| Limited company |
A private company, as a separate legal juristic entity recognized by law as the subject of rights and duties, whose shareholder are legally responsible for its debts only to the extent of the amount of their share capital.
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