Escrow

Definition

A neutral third-party account that holds funds from a real estate transaction until all contract conditions are satisfied. In Thailand, the Escrow Act 2008 permits the use of an approved escrow agent (lawyers, notaries, banks). Funds are released to the seller only after the actual transfer of the Chanote to the Land Office. This is the best protection for a foreign buyer who pays from abroad for a property they may not yet have seen physically.