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Thailand Real Estate Glossary Lists - Complete Porperty Terms Definitions Part 2
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 Informative Article Summary by Anny Redperz
Below are lists of Thailand Property related Terms Definitions - we extracted from official Thai real estate laws
Part 2 : We list by alphabets D-I
damages
Money that courts order parties to pay as compensation for some loss they have caused to others. Also means a decline in the quality of material due to breakage, leakage, etc.
datum
Reference point against which positions are plotted or measured
datum line
Line used to measure height
debt
An amount owed to another.
debtor
A person or entity who owes money or its equivalent to a creditor; someone who is in the obligation to paying a debt
decentralization
The movement of people or transfer of power from a central position or authority to the suburbs or to subsidiary authorities
decorate
The act of adding to the beauty of a structure by making superficial changes
decree
An order of court
dedicated
The gift of private property for public use. Also means structure or equipment that is used for a single purpose only
deed
The legal document conveying title to a property.
deed-in-lieu
Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.
deed of trust
Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing.
default
Failure to make the mortgage payment within a specified period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default.
defective title
Title that is flawed
defects liability period
A specified term 9normally 12 months) following practical completion of facility when the contractor remains responsible to rectify any defective work
deferred maintenance
repairs that are required to restore a property t good condition
delay
an occurrence that impacts on the time to complete an activity
delinquency
Failure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit
bureaus.
delivery
The act of handing over physical possession of a property to a buyer
demand
- A communication from a lender seeking payment of money owed to them. Various meanings in real estate, including level of leasing activity.
- Level of interest in investment assets
demise
Old expression for a life-long lease
density
In town planning, a term applied to the number of units permitted per acre (or hectare), usually in relation to residential accommodation
depletion
Reduction in the value of a property
deposit
A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit"
depreciation
A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an asset and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income.
developer
An entrepreneur who has an interest in a property, initiates its development and ensures that this is carried out (for occupation, investment or dealing) and from the outset accepts the ultimate responsibility for providing or procuring the funds needed to finance the whole project.
director-General
the Director-General of the Land Department. Section 7 of Thailand’s Land code provided that The Director-General shall have the duty to inspect, allocate, and take a census of the land to learn its natural abundance, and suitability for use in the interests of the state and of the people
disclosure
making information available, especially to the public, as in case of a quoted company producing and distributing a detailed and comprehensive report usually each year, which presents a true and fair picture of its financial position (capital and revenue) and of the activities undertaken during the period under the review. Public opinion has, over the year, called for less secrecy, more accountability and more openness in the type, breadth and depth of information which is disclosed. The underlying reason is to minimize the risk of dishonest or otherwise improper conduct of business affairs. The more open a company or country is, the more transparent it is said to be.
discount points
In the mortgage industry, this term is usually used in only in reference to government loans, meaning FHA and VA loans. Discount points refer to any "points" paid in addition to the one percent loan origination fee. A "point" is one percent of the loan amount.
district
an administrative area smaller than a state
ditch
Narrow, shallow channel
dividend yield
Absolute returns expressed as a percentage of total investment.
domicile
Legal term indicating the place or country in which one is permanently resident.
dominant estate
Land which does not have access to a public road which is given a right of way through an adjourning land.
down payment
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
downtown
The main business hub of a city
driveway
Private road leading from a road or public place up to a house
dual agency
An agent who represents and is paid commissions or consideration by both buyer and seller.
due date
The date on which the rent is due and payable to the landlord
due-on-sale provision
A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.
dwelling unit (dwelling house)
House or apartment where one resides
earnest money
A sum deposited, before an agreement is binding in law, by one of the parties with the other as an indication of his good faith and his intention to honor the terms of the agreement, e.g., a pre-contract deposit
earnest money deposit
A deposit made by the potential home buyer to show that he or she is serious about buying the house.
easement
A right of way giving persons other than the owner access to or over a property.
economical housing
A relatively cheap apartment catering to families or individuals with lower incomes, in which the price is dominated or guided by the government
effective age
The estimation of the age of a building based on its condition, and not chronological age. Obviously, better maintained buildings will have a lower effective age than others
effective rental
Rental paid by a tenant after taking into account incentives offered in the leasing of space
effective age
An appraiser’s estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
egress
The action of leaving or exiting a property. Also means the right to use another person’s land or property.
elevation
The view of the frontal façade of the building, or the height ofa place above the sea.
eminent domain
The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.
encroachment
An improvement that intrudes illegally on another’s property.
encumbrance
Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.
entire agreement
An agreement that includes the attached exhibits/ annexures and constitutes the entire agreement between the landlord and the tenant with respect to demised premises
entity
A separate identity, as of a company or body corporate
environment
The area surrounding a property
equity
A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.
escrow
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.
escrow account
Once you close your purchase transaction, you may have an escrow account or impound account with your lender. This means the amount you pay each month includes an amount above what would be required if you were only paying your principal and interest. The extra money is held in your impound account (escrow account) for the payment of items like property taxes and homeowner’s insurance when they come due. The lender pays them with your money instead of you paying them yourself.
escrow analysis
Once each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures.
escrow disbursements
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
estate
The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.
estate agent
One who acts for, and usually advises, a principal in respect of transactions involving real estate, e.g. sales purchases, lettings, etc.
eviction
The lawful expulsion of an occupant from real property.
examination of title
The report on the title of a property from the public records or an abstract of the title.
excess rent
Rents which are greater than the fair rental value of property
exclusive agency agreement
An agreement that prohibits a principal from appointing more than one agent. An agreement that gives an agent exclusive rights to deal on behalf of a principal.
exclusive listing
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
executor
A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.
extension
The continuation of an agreement under existing terms and conditions.
FOC
An acronym for free of charge. Includes any goods or services provided gratis.
façade
The front face of a building
face rent
The quotes rent without taking out the effect of rent –free periods, rebates or incentives, if any.
facilities management
The management of owned and occupied corporate real estate and the services provided for the occupants
facility
They building or area constructed specifically to accommodate the occupiers’ needs
fair market value
The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.
fair rent
The market rent of a property
far (THA)
Plot ratio or the building to land ratio
fee simple
The greatest possible interest a person can have in real estate.
fee simple estate
An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.
final completion
The date following the defects liability period when a project is deemed complete and all final payments have been paid
financing costs
The rate of interest and other service charges needed to obtain a loan.
finder’s fee
A fee paid to an unlicensed broker for an introduction.
firm commitment
A lender’s agreement to make a loan to a specific borrower on a specific property.
first mortgage
The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions.
first refusal right
A right given by one party to another whereby the first party is obliged to give the second party a chance to acquire an asset before he offers it to anyone
fit-out
The physical components included in a facility constructed to enable the occupier to utilize the space
fit-out costs
Expenses incurred in fitting out premises prior to occupancy
fit-out period
Period wherein lessee may perform fit-out works
fittings
Items which are affixed to land or buildings and which are easily removed
fixed price contract
A building contract in which the total price is fixed at the outset usually subject only to changes due to subsequent variations in statutory undertakers’ charges.
fixed-rate mortgage
A mortgage in which the interest rate does not change during the entire term of the loan.
fixed rent
A rent that cannot be changed during the entire period of a lease or , at the date when the lease is being valued, will be unaltered for such a length of time that no change in capital value would be attributed to the prospect of a different rent during the remainder of the lease
fixture
Personal property that becomes real property when attached in a permanent manner to real estate.
flat
A separate set of premises, normally all on the same floor, formingpart of the building,divided horizontally from some other part of the building, constructed or adapted for the purposes of a private dwelling and occupied wholly or mainly as a private dwelling
force majeure
An act of god (natural calamities), or an act of a man (war, riots) beyond the control of the parties to a control of the parties to a contract which make it impossible for one of the parties to fulfil the terms of that contract. Many contracts have a force majeure clauses.
free standing building
A standalone building which is not attached to any other building
flood insurance
Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.
floor plan
An architectural sketch of various rooms, balconies, bathrooms, etc.
flowage easement
An easement by convention that allows water from lands at higher levels to flow into and through lands located at lower levels even though there may be no agreements to such effect
foreclosure
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
forefeit
The loss of a right, privilege, property, or money because of a crime, breach of obligation, or neglect of duty.
foreigner
Means an individual who is neither a citizen nor a resident, but is not an illegal foreigner
Fraud
An act that is done with the intent of acquiring property or money by deceipt
free and clear
Property that is not encumbered
freehold
A term used in real estate, meaning land held in fee simple, as opposed to leasehold
Any interest in real property which is a life estate or of uncertain or undetermined duration (having no stated end), as distinguished from a leasehold which may have declining value toward the end of a long-term lease (such as the 99-year variety).
freehold Title Deed
This type of title grants the holder of this document the full right over the land. The holder has absolute authority over the land
fullhouse
A hundred per cent occupancy in a commercial or residential property or hotel
furniture and fixtures
Accounting term covering furniture and other items that are used in an office or home but not part of the property.
gearing
- The use of borrowed money to generate a higher yield through investment in real estate.
- The relationship between a company’s loan capital and its equity capital. This is usually expressed as the ratio of loan capital to net asset value
general contractor
Contractor who assumes responsibility for completing a construction project, under contract to the owner, and hires, supervises and pays all subcontractors.
going concern value
The total value of a business as carried on, with all its assets and liabilities, good will and potentialities. If the premises used are owned by the business, they form part of the going concern value on the basis of their value to the business.
good faith
Transaction done with good intention, honesty, fairness without deceit and with honorable intention
grace period
A period of time after a payment such as loan or insurance premium, becomes due, before one is subject to penalties, late charges, forfeiture or cancellation.
grandfather clause
A clause in the legislation that allows the continuation of a business, practice, activity, etc., that was permitted by legislation but currently considered not permissible by a change in the legislation
grant
A term that refers to a transfer of property by deed or the property so transferred
grant deed
A deed, conveying property owned by an individual or a company, to another individual or a company. Contains clauses that secure it against any prior conveyances or encumbrances.
grantee
The person to whom an interest in real property is conveyed.
grantor
The person conveying an interest in real property.
gross lease
A lease in which the lessor pays all the costs of operation. A gross lease is a lease at a fixed amount allowing the lessee to know exactly how much rent will be due and payable each period during the term of the lease. The lessor pays all taxes,insurance, and maintenance on the property.
ground rent
the rent paid by the lessee for the use of land
guarantor
A person who makes or gives guarantee.
The rent paid by a lessee for the use of the land.
guaranty
An agreement by which one person assumes responsibility for paying another’s debts or fulfilling another’s responsibilities
hardware
The metal accessories used in construction such as doorknowbs, hinges; locks, etc
hazard insurance
Insurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards.
High-end apartment
An apartment that is more luxurious than standard apartment, but does not have all the amenities and facilities to be a “luxurious apartment”
high-rise apartment
An apartment building having a comparatively large number of stories, considered “high” in the area where it is built and equipped with elevators.
holding period
The length of time an asset was held, that is, the time between the trade date of the purchase and the trade date of the sale
home equity line of credit
A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.
home inspection
A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.
homeowners' association
A non-profit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.
homeowner's insurance
An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.
homeowner's warranty
A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.
hotel
A commercial establishment offering lodging to travellers and sometimes to permanent residents, and often having restaurants, meeting rooms, stores, etc., that are available to the general public
house
A building in which people live or a residential structure
implied contract
An agreement created by actions of the parties involved
immovable property
See real property
implied contract
An agreement created by actions of the parties involved but not written or spoken
improved land
Land that has been developed for use and has had installation of such utilities as water, sewer, roads, and building structures. These improvements make the raw land increase its usability, thereby increasing the market value
improved value
An assessment term that comprises of total value of land along with improvements, instead of the separate values of each
improvements
Generally, physical changes which enhance the capital value of land or buildings. These may include additional buildings, installation of new services, e.g., central heating and air conditioning and infra structure works, On the other hand, mere replacement by a modern equivalent of something worn out would normally be regarded as a repair rather than improvement.
in perpetuity
Of endless duration; forever.
incentive
An inducement offered by a landlord to a potential tenant. Can take several forms including contribution to fit-out costs or rent free periods.
incumbrance (encumbrance)
Claim or lien or interest in a property that complicates the title process, interfering with its use or transfer Restrictive covenant.
indenture
Written agreement between two or more persons having different interests
independent appraisal
Value estimated provided by someone who has no participation in ownership of the property in question.
independent contractor
One who is hired to do a particular job and is subject to the direction of the person in charge. Independent contractors pay for their own expenses and taxes and are not viewed as employees with benefits.
industrial park
An area zoned with planned for the purpose of industrial development. Usually locate outside the main residential Industrial property.
Property that is zoned and used for industrial use such as factories, manufacturing, research and development, warehouse space and industrial park
inflation
Increasing price levels. A loss in the purchasing power of money
infrastructure
Apparatus, buildings and structures providing essential services to any real estate development. Includes roads, water, gas, telephone, electricity, broadband, etc.
ingress and progress
Access from a land parcel to a public road or other means of exit. Right to enter and exit through land owned by another
injunction
A court order issued to a defendant in an action either prohibiting or commanding the performance of a defined act. Violation of an injunction could lead to a contempt of court citation
institutional property
Property such as schools, colleges, hospitals, universities, etc.
insurance
Policies that guarantee compensation for losses from a specific cause. Various forms of insurance cover against fire, flood, earthquake, liability, etc.
intangible assets
Nonphysical assets with continuing value, such as goodwill, copyrights, trademarks and franchise
intangible property
Nonphysical valuables, such as contracts or mortgages, employee loyalty or customer good will, which are distinguished from physical property such as building and land
interest
Payment by borrowers of funds to compensate llenders for the use of their funds
interest rate
The percentage of principal amount of a loan that is charged for use of that loan. This amount determines are monthly payment
international grade A
Office development which meets a list of Grade A criteria and is wholly owned, managed to international standards and has a superior set of tenant amenities.
interruption of services
This refers to a breakdown or interruption of building services that is to be provided by landlord or tenant in a building- e,g, provision of electrical power and air-conditioning in an office building. In a situation whereby the interruption of services losses, the tenant may seek compensation or rental rebate to defray or make good his losses
intrinsic value
The value of the thing itself, rather than any special features that make its market value different.
investment
Expenditure to buy property or other capital assets that generate income. Alternatively, securities or real estate companies or capital assets.
investment property
Real estate, such as rental properties which generate income.
investment yield
The annual percentage return which is considered to be apporpiate for a specific valuation or an investment, being expressed as the ratio of annual net income (actual or estimated) to the capital value.
For Common Glossary about
Thailand RealEstate Terms
Please Take a Look at HERE
Big Thanks for helpful resources goes to ThaiLaws.com
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