| 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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| Real estate |
Property consisting of land or buildings
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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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