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Escrow Agent

Thai Escrow

In a reciprocal contract, one party usually has its obligation to transfer or hand over a property or documents that are evidence of the obligation and the other party has its obligation to make a payment according to such contract.

In practice, often there are issues in relation to the performance of the obligations according to the contract.

For example, if when buying a condominium, the Buyer has placed reservation fees, down payment and all instalments but the Seller does not finish the construction of the condominium and does not transfer the property to the Buyer according to the contract even though all of the payments have been made. The reason for not complying with the contract could be a complete fraud or a recession that increases the price of materials and the construction cannot be completed.

In this case, the Buyer will just lose the money and find it difficult to have the money returned or only receive some refund. However in 2008, Thailand implemented a law to solve such problems. This is called “The Escrow Act B.E. 2551 (2008) and allows the parties to a contract to appoint an Escrow Agent who is licensed by the Minister of Finance following the recommendation of the Escrow Supervisory Committee to make sure the obligations specified in a contract are performed.

The Escrow Agent must be a commercial bank, or a financial institution established under the laws governing financial institutions, or another juristic person specified by the Ministerial Regulations issued under the Escrow Act. The agent can ensure that the obligations specified in a contract are performed. For protection of the parties to an escrow agreement, please consult with your lawyer.



Good Thailand Legal Services

As all statements in Court need to be submitted in Thai. Unless fluent in both written and spoken Thai, it is advisable for a foreigner to instruct a lawyer in Thailand to act on his/her behalf.

As a result, M & S Law Office 20006 offers all methods of communication to our clients and we do our best to answer client queries on the same day. We do our best to represent you and to keep you informed the progress of the case. We make the effort to tell you, (either by phone, email, fax or letter) every time a step is taken. If things are held up for any reason, we will tell you why. We also make sure that all our communications are in plain clear English.

Let us help you by calling us at (+66)2 693-2036 or send email to or send us enquiry.

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