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Thailand Real Estate Glossary Lists - Complete Porperty Terms Definitions Part 4
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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 4 : We list by alphabets Q-Z
qualifying ratios
Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower’s monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner’s association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt.
quitclaim deed
A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.
rai
Equivalent to 1,600 square meters (4 ngan)
ra-ka-pra-mern-raj-ja-karn
Official assessed value
rate lock
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.
rate of return
The annual percentage return from an investment
raw land
Term for land that does not have facilities or services such as water, traffic, electricity, communication infrastructure or gas. Virgin land
real estate
Of or relating to land and property
real estate agent
A person licensed to negotiate and transact the sale of real estate.
real estate broker
A person who brings buyers and sellers or lessors and lessees or tenants and landlords together and receives a percentage of the deal value as compensation
real estate license
A license issued by a competent authority for carrying on the business of a real estate broker developer.
real property (also called Immovable Property)
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Any property that which cannot be moved from one place to another.
realtor
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
recision of a contract
The abrogation of facts in a deed or agreement
recital
Explanation of facts in a deed or agreement
reconveyance
The transfers of title to a mortgaged property from a trustee to equitable owner after all sums due plus interest have been repaid
rectification of boundaries
The correction or adjustment of the line(s) separating two properties in order to correctly reflect the title of lands.
recorder
The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."
recording
The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.
reddendum
Legal term for for an owner retaining some rightsin a sale or lease deed
redevelopment
The improvement of land in terms of an urban development
re-entry
The right to retake possession of a property that has been given to another party by way of mortgage, lease, rental, etc. Legal action is often necessary to enforce the right
refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.
refurbishment
The act of renovating or upgrading an existing property either internally or externally.
REIT(real estate investment trust)
A REIT is a corporation or trust that uses the pooled capital of many investors to purchase and manage real estate assets and/or mortgage loans. REITs are traded on major stock exchanges like normal stocks. They are often also granted special tax considerations. Key benefits of REITs are their inherent liquidity and their instant pricing. REITs enable investment in all major asset types including shopping centers and other commercial or industrial properties
remaining balance
The amount of principal that has not yet been repaid. See principal balance.
remaining term
The original amortization term minus the number of payments that have been applied.
remodelling
The improvement of structure by changing its plans or functions
rendering
The drawing of a plan or sketch of a building
renegotiation
The act of trying to impose on an existing agreement. Some agreements specifically allow the renegotiation of certain terms like rents or rate of interest after given intervals.
renewal
An agreement to continue an existing contract on similar or slightly modified terms at the end of the previous term.
renewal option
A clause in an agreement that gives either or both parties the right but not the obligation.
renewal term
Upon the conclusion of the initial term as mentioned in the agreement, the lessee at its option may renew the agreement for the additional period (usually three to five years) which is described in the agreement as the renewal term
renovation
Same as reconditioning
rent free period
Period during which the landlord does not charge rents from the lessee. This is usually at the beginning of the contract period when the lessee needs time to furnish property to make it fit for use.
rent loss insurance
Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.
rent review
A provision in a lease whereby the amount of the rentis to be rent is to be reconsideredat stated intervals, e.g. every three or five years, or on specified dates. The method and procedure for reviewing the rent are outlined in the lease. Failing agreement between the parties there is normally provision for reference to a third party, i.e., an arbitrator or independent expert.
rentable area
The are in square feet or square meters that a landlord can charge rent for.
rental
A periodic payment for the use of land or property made by a tenant to a landlord under a lease or tenancy agreement. Rent is therefore both a charge on occupation and also a return to owners of property.
rental agent
A real estate broker who helps a landlord to find a tenant, in return for a consideration, usually a percentage of the annual or monthly rent.
rental agreement
An agreement between a landlord and a tenant setting forth the terms of the lease
rental commencement
Refers to a date when the lessee’s obligation to pay rent commences.
rental review
At the end of the initial term of the agreement, the rental review comes into place based on the then market conditions. Rental reviews is usually pre-determined and the increase is capped at the time of execution of the initial term of the agreement.
rental value
The market rent of a property.
repairs
The replacement of broken or damaged portion of a property.
replacement
The substitution of a broken or damaged portion of a property with a similar item.
replacement cost
The cost of a similar or identical property
replacement value
The cost of replacing damage items with new items. It will often be greater than the value of the original items before damage occrued. In the case of valuable antiques, replacement may be impracticable regardless of cost.
repayment plan
An arrangement made to repay delinquent installments or advances.
replacement reserve fund
A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.
rescind
to cancel a contract
reservation
a right that has been retained by an original owner of land. Also refers to land that has been aside by the government for a particular purpose or group of people.
reserve
The setting aside of funds
reservoir
A designed area where water is stored
residence
Dwelling place
residential building
A building in which people live.
resort hotel
A full service lodging establishment located in a place frequented by people for relaxation or recreation.
resort property
Property that people visit on vacations or weekends for fun and relaxation.
restoration
The carrying out of repairs to a building in order to make it appear as it did originally
retaining wall
Wall that restrains water or soil from flowing into an inappropriate area
retention
An agreed sum held from the contractors payments until completion in case of non performance of the contractor
retrofitting
The extensive renovationto a building often involving major changes to its layout, services and structures, to enhance its functionality and update or improve its appeal and marketability with a view to achieve better investment returns and capital appreciation
revaluation
Same as reassessment
revolving debt
A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
rights in land
ownership and also includes possessor rights.
right of first refusal
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
right of ingress or egress
The right to enter or leave designated premises.
right of survivorship
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
right of way
the right to pass over land not legally ot specifically belonging to the user.
rise
The height of slope
root of title
Document that establishes beyond dispute the title of an unregistered land. It traces the title to the property back in time, sometimes up to hundred years or more, and from that point to the present, leaving no scope for any dispute over the right and title of the current owner
row houses
Residential houses within a housing estate having two or three floors, constructed next to each other, having common walls, foundations and facilities. Also referred to as “terraced houses” in Singapore and Malaysia
rural
Of or relating to the countryside, as opposed to cities.
saleable area
The floor area exclusively allocated to the unit including balconies and verandahs but excluding common areas such as stairs, lift shafts, lobbies, etc. The saletable area is measured from the exterior of the enclosing walls of the units and to the center line of the party wall between two units
sale-leaseback
A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.
salvage value
The realizable value of goods or construction material that can be recovered and sold from a building that is being demolished. Example: doors, windows, marble slabs, steel rods, etc.
satisfaction
The repayment in full of debt or a payment in full and final settlement of an outstanding amount.
scale
- model depicting what a structure physically looks like. The dimensions are drawn on a proportionate basis to the real thing such as 1:100 scale, which equals one centimeter to one meter.
- A series of marks used in measuring or registering or comparing weights
- Peeling or flaking of a surface marked by discoloration
sea level
The level of the surface of the sea; any surface on the same level with the sea.
seal(s)
Identifier used on a document as a mark of genuineness and authenticity
sealed bid
An offer usually in form of a tender, submitted in a sealed package on the understanding that it will be opened simultaneously with other competitive offers at a stated time and place. In some circumstances tenderers are permitted to be present when the bids are opened
search
The reviewing, of all recorded transaction in the public record, to discover any title defects, which could interfere with the transfer of ownership of a property.
second mortgage
A mortgage that has a lien position subordinate to the first mortgage.
secondary
Property which is below that of prime in relation to rentals, location, etc.
secondary location
Location that is less advantageous than desired.
secondary market
The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.
section
A parcel of land whose boundaries are shown on a survey plan
secured loan
A loan that is backed by collateral.
security
The property that will be pledged as collateral for a loan.
security agreement
Any loan agreement that includes a charge on a fixed asset
security deposit
A deposit by a tenant kept with a landlord
seller carry-back
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
seller’s market
A market in any property or commodity where the circumstances are such that the seller has an advantage over a potential buyer to the extent that he can command a higher price than otherwise would be obtainable.
service charge
The collective name for the cost of air-conditioning and other services and management charges passed on to the tenant.
service accommodation
Fully furnished apartment where tenants are provided services such as house keeping, security and concierge or reception or front office. Serviced apartments combine the features of a hotel and an apartment
servicer
An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
servicing
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
signage
Refers to anything that functions like a sign. The tenant and the landlord, on mutual discusiion, will agree on the location for the tenant to erect their signage. Usually signage is provided by the landlord in the building directory and on the common lobby of the demised premises
single family house
A house that is designed for occupation by one family only, as opposed to an apartment block that is designed for occupation by several families.
sinking fund
A sum of money set aside at regular interval to earn interest on a compound basis either: 1) to be set off against the diminution in value of a wasting asset, e.g., a lease; or 2) to meet some future cash liability. In property valuations, it is usually assumed that the money will be invested at a “risk free” which si regarded as appropriate according to market conditions. The total amount calculated to accumulate by the sinking fund may be the same as the original investment or liability but possibly with an adjustment to reflect the view taken on future fluctuations in the value of money
site analysis
An examination of a property to decide if it is suitable for a particular use. Or an examination of a property with the purpose of deciding its most appropriate use.
site development
Improvements made to a plot of land to make it suitable for building, such leveling uneven ground, laying of sewer and underground utility lines, etc.
site plans
Diagrams, sketches or maps showing the outline and location of a particular plot along with all features in it.
sky lease
A lease, securing exclusively use by a lessee and its nominees, of the air space above a plot of land. Example: nowadays, airport operators demand sky leases above the airports they develop or manage.
sole agency
A sole agency precludes all other agents from working on the sale of the property, although another agent may approach the sole agent if it has a suitable party. The sole agent would handle the approach to the principal.
space design
Layout plan for the interior of a building. Involves both construction as well as interior design
span
The distance between two pillars, walls or other load bearing structures.
stamp duty
A fixed tax chargeable on the execution of documents pertaining to certain transactions (e.g., leases)
statue of limitations
Law that stipulates that a legal action to redress a wrongdoing has to be brought before a judicial forum within a set time, after which no legal remedy will be available.
statutory lien
A lien or restriction created on the operation of land. Example: outstanding property taxes may create a lien against the property
storm sewer
Sewer that drains rainwater
sub-agent
A person who receives and acts upon instructions from an agent
subcontractor
A contractor engaged by a general contractor to execute specific job. The overall building contract is given to the general contractors, plumbing contractors, etc., to do specialized jobs.
subdivision
A housing development that is created by dividing a tract of land into individual lots for sale or lease.
subdivision map
Detailed drawing of a real estate or administrative subdivision showing boundaries and other features
subject to
Conditional upon, for example, a buyer may agree to purchase a property subject to the existing title holder paying off all existing liens on it within particular period.
sublease
A lease granted by a person who himself enjoys only a lease interest over that property. Here, the sub-lessor cannot grant rights he does not have. Example: A leases a plot of land to B for 25 years. If allowed in his contract with A, B can sub-lease the land to C for the remaining period of his lease term, but cannot sub-lease it for 26 years.
sub-lease space
Vacant space which is available for lease from the contracted tenant of the premises
subordinate financing
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
subpoena
A summons issued by court
supply
New or refurbished spaced entering the market
survey
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
sweat equity
Contribution to the construction or rehabilitation of a property in the form of labour or services rather than cash.
tenancy
- the right and the period of possession of real estate by ownership or rental
- (MYS) a rental agreement for a period not exceeding three years and not required to be registered on the title.
tenancy in common
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
tenant
A person who occupies real property owned by another based upon an agreement between the person and the landlord/owner, almost always for rental payments
tenant improvements
Charges, typically to a property, to accommodate specific needs of a tenant. The cost of such improvements may be borne by the landlord or shared by both, the tenant and the landlord as may be agreed upon by the two
tender
- an offer of money or service in payment of an obligation
- a written offer to contract goods or services at a specified cost or rate; a bid.
tenure
the length of time or condition under which something, such as a piece of property, is held. The duration of ownership rights
term
The period of time during which something is in effect. A stated number of years. A condition specified in an agreement.
termination
The legal right of the lessee/licensee to vacate the demised premises and terminate the agreement. The right to termination of lease/license is described in detail in an agreement
third-party origination
A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
time-sharing
Ownership for a specific period of time, of a property, by several persons. Applicable to condominiums and resorts. For example a unit or apartment in a resort may be sold to 12 persons or entities where each is given the right to the unit for a period of one month every year. Weekly ownership is the most common period of time share
title
A legal document evidencing a person's right to or ownership of a property.
title company
A company that specializes in examining and insuring titles to real estate.
title deed
the document showing ownership of the land and includes land title deed with map, pre-emption title deed and pre-emption certificate stamped “ALERADY PUT TO USE”.
title insurance
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
title search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.
topographical survey
A survey of an area by mapping the physical features of the region
topography
Art of mapping the physical features of a region. The topography describes the characteristics of an area, such as its contours, flatness, mountains, etc.
trade in land
The acquisition and disposition of land for commercial profit by the sell, exchange or conditional sell (hire-purchase) of land
transaction costs
Taxes, legal fees and other costs incurred in transaction property
transfer fax
An assessment and imposition of tax by state or local government when a piece of property changes hands.
transfer of ownership
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.
transfer tax
State or local tax payable when title passes from one owner to another.
two-step mortgage
An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.
two- to four-family property
A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.
trustee
A fiduciary who holds or controls property for the benefit of another.
turn key
A development in which a developer completes the entire project on behalf of a buyer. All the new tenant or owner has to do is “turn the key” to the apartment or office in a newly constructed building becauseeverything is completed and ready for occupancy
underconstruction
Refers to a development where actual building construction has ben initiated
unimproved land
Raw land in its natural state has no installed improvements or structures.
unit
Segregated part of a structure i.e., one apartment in an apartment building or an office in a commercial building.
unlawful detainer
1) keeping possession of real property without a right, such as after a lease has expired, after being served with a notice to quit (vacate, leave) for non-payment of rent or other breach of lease, or being a "squatter" on the property. Such possession entitles the owner to file a lawsuit for "unlawful detainer," asking for possession by court order, unpaid rent and damages.
2) a legal action to evict a tenant or other occupier of real property in possession, without a legal right, to declare a breach of lease, and/or a judgment for unpaid rent and other damages. Such lawsuits have priority over most legal cases, and therefore will be calendared for trial promptly.
use density
The ratio of the number of buildings or floor area of built-up space of a particular use to a given area
user
An individual who uses a property or has a right over a property.
usury
Levy of excessive rate of interest on a loan that is considered illegal as it is not accepted by law.
utilities
Services such as water, gas, electricity, etc., provided to land or private utility companies
utility charges
Utility such as water and power for the demised premises is separately charged/meters to the tenant. The tenant is usually responsible to pay to the concerned utility company the charge for such utilities as per the bills raised by the the utility company.
utility room
Room that contains the appliances necessary for the maintenance of of that establishment such as a room used for laundry, heating equipment telephone wiring, janitorial purposes, etc.
vacancy
A house or apartment or shop space or office space that is available for rent or sale.
vacant land
Land without structures.
vacate
To move out of a house, apartment, office, retail or industrial space
valuation
- the process of making an estimate of the worth of real property or other assets for a particular purposes, e.g., letting, purchase, sale audit, rating, compulsory purchase of taxation. That purpose and the relevant circumstances will determine assumptions and facts that are appropriate and hence the process used.
- A statement, usually in writing, setting out the facts, assumptions, calculations and resultant value.’
- Colloquially, the value arrived at as a result of valuation process
value
The financial worth of a thing
value-added tax (VAT)
Value-added tax is a form of sales tax. It is a tax on consumption levied on the sale of goods and services.
vested
Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund
wah
Equivalent to 4 square meters.
waive
To give up, renounce, submit or surrender a right, benefit, privilege or claim
waiver
Refers to a legal document that proves the relinquishment of rights or claims. It may also mean deliberate relinquishment of rights or claims
warehouse
Building that is used specifically for the purpose of storing or keeping merchandise
warehousing
The act of holding mortgages for the purpose of later securitizing and selling the same to other investors or lenders
warranted price contract
An agreement between parties to design and construct a facility for a maximum price to an agreed brief where any savings maybe shared between the parties.
warranty
Legally binding agreement given at the times of sale , by the seller to the buyer, containing certain assurances as to the terms and condition of the property being sold
water rights
The legal right of a landowner to the water found on his property.
waterfront
Property with a body a water in front of it. Alternatively, a contiguous area of similar properties near the large body of water which has a commercial port.
wear and tear
Deterioration or decline in the value of a property due to use, physical damage, old age or environmental factors
weathering
The wear and tear of the exterior of a building caused by exposure to the weather
wing
Building part, which is concerned to, but leading away from the main structure.
withholding tax
A phrase used to enable parties to negotiate an agreement or settle a dispute, either orally or in writing, without any statement or admission made being subsequently quoted or produced in evidence at any legal hearing bearing on the subject-matter of the proposed agreement or dispute. In claiming this privilege, care must be taken to avoid statements which are untrue or of a defamatory nature, which might entitle the court to allow their admission in evidence at the request of the other party. In any event, the privilege applies only to the proceedings in question, so that “ without prejudice” statements (verbal or written) can, in certain circumstances, be produced in evidence in some other, unrelated, dispute.
without recourse
A company is not responsible to a third party when an account or financial instruments is not honored by the debtor with creditor’s only recourse being to the debtor’s property
yield
The return on an investment compared to the total cost of investment over a given period of time: e.g., if an investment of ,000 gives return of $ 100 in one year, the yield on the investment is 10%
zone
Geographically location with designated boundaries such as district. May also refer to a specific land use within a designated boundary or area as a part of the master plan for a large scale development such as a township. E.g., residential zone or commercial zone, etc.
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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