Thai-English real estate terms

 List of Thai-English real estate terms 

Chanote: A land title deed issued by the Thai government, providing proof of full ownership rights over the land.

Price per square meter: The cost of a property or land is calculated based on its size or area.

Rai: A unit of measurement for land area in Thailand, equivalent to 1,600 square meters or approximately 0.395 acres.

Talang Wah: Another unit of land measurement in Thailand, with one Talang Wah equaling approximately 4 square meters.

Talang Meter: A measurement unit used in Thailand for land area, often used in real estate transactions.

Title Deed: Legal documentation proving ownership or rights to a property.

Freehold: Complete ownership of a property and the land it sits on, with no time limit.

Leasehold: Possession of a property for a specified period, as per a lease agreement, without actual ownership.

Foreign Freehold: Ownership of property in Thailand by a foreigner under specific conditions or legal structures.

Condominium (Condo): A type of housing where individual units are owned separately, while common areas are shared among residents.

House: A freestanding residential structure for living purposes, typically with a yard or garden.

Apartment: A housing unit within a building complex, often rented out to tenants.

Villa: A luxurious, often standalone, residence with amenities such as a private pool or garden.

Townhouse: A residential property sharing walls with adjacent units within a row or block.

Land plot: A defined area of land designated for building or development.

Commercial property: Real estate used for business purposes, such as offices, retail spaces, or warehouses.

Industrial property: Real estate intended for manufacturing, storage, or other industrial purposes.

Residential property: Real estate intended for housing and living purposes.

Mixed-use property: Real estate that combines residential, commercial, or industrial elements.

Developed land: Land that has undergone construction or infrastructure development.

Raw land: Untouched or undeveloped land without any construction or improvements.

Land title: Legal documentation confirming ownership or rights to a piece of land.

Land appraisal: Assessment of the value of a piece of land conducted by a certified appraiser.

Land survey: Measurement and mapping of a land plot’s boundaries and features.

Land zoning: Classification of land for specific uses or development purposes by local authorities.

Easement: A legal right allowing someone to use another person’s property for a specific purpose without owning it.

Encumbrance: Any claim, lien, or restriction affecting a property’s title.

Mortgage: A loan obtained to finance the purchase of a property, secured by the property itself.

Title Insurance: Insurance protecting against any defects or disputes in a property’s ownership history.

Property Tax: Taxes levied by local governments based on a property’s assessed value.

Closing Costs: Fees and expenses incurred during the completion of a real estate transaction, excluding the property price.

Household Registration Book (Tabien Baan): A document containing details of individuals living in a property, used for official purposes.

Sor Kor 1: A document confirming a claim to land use but not full ownership in Thailand.

Usable area: The actual livable or usable space within a property.

Common area: Shared spaces in a property, such as hallways, elevators, or recreational areas, used by all residents.

Common expenses (CAM): Charges for maintaining and managing common areas in a property, often paid by residents.

Closing date: The date on which the transfer of property ownership occurs.

Amortization: The gradual reduction of a loan balance through regular payments.

Loan-to-Value Ratio (LTV): Ratio comparing the mortgage amount to the property’s appraised value or sale price.

Debt Service Coverage Ratio (DSCR): Ratio assessing a property’s ability to cover its debt obligations.

Net Operating Income (NOI): Income generated from a property after deducting operating expenses.

Gross Rent Multiplier (GRM): A measure used to evaluate an investment property’s potential by comparing its price to its rental income.

Capitalization Rate (Cap Rate): Rate of return on a property based on its income relative to its purchase price.

Appreciation: Increase in a property’s value over time.

Depreciation: Decrease in a property’s value over time due to wear and tear or obsolescence.

Vacancy rate: Percentage of unoccupied rental units in a property.

Turnkey property: A property ready for immediate use or occupancy without the need for renovations or improvements.

Bare-shell property: A property with basic infrastructure but lacking finishing touches or interior design.

Off-plan property: A property purchased before construction completion, usually at a lower price.

Transfer fee: Fee paid to transfer property ownership legally.

Due diligence: Investigation and research conducted before entering into a property transaction.

Exclusive listing: An agreement where only one agent or agency has the right to sell a property within a specified period.

Mortgagee: The lender in a mortgage agreement who provides the loan.

Mortgagor: The borrower in a mortgage agreement who receives the loan.

Loan origination fee: A fee charged by lenders for processing a loan application.

Rent-to-Own: A leasing agreement with an option to purchase the property at a later date.

Real estate agent: A licensed professional who represents buyers, sellers, or both in real estate transactions.

Real estate broker: A licensed professional who supervises agents and assists clients in buying, selling, or renting properties.

Closing agent: A neutral party responsible for facilitating the closing of a real estate transaction.

Equity: The difference between the market value of a property and the outstanding mortgage balance.

Joint tenancy: Co-ownership of property by two or more individuals with rights of survivorship.

Tenants in common: Co-ownership where multiple owners have equal rights to possess the property but not necessarily equal shares.

Quitclaim deed: A deed transferring a person’s interest in a property without guaranteeing ownership or title.

Right of first refusal: A contractual right giving a party the first opportunity to purchase a property before others.

Adverse possession: Acquiring ownership of land by continuous and open use for a specified period.

Inheritance tax: Tax levied on inherited property or assets.

Resale value: The estimated value of a property when resold in the future.

Real property: Land and everything permanently attached to it, including buildings and improvements.

Personal property: Moveable property not attached to land, such as furniture or vehicles.

Escrow: Funds or property held by a third party during a real estate transaction until specific conditions are met.

Title search: Examination of public records to verify a property’s legal ownership history.

Arbitration: Resolving disputes between parties through an impartial third party rather than through the court.

Agency agreement: A contract between a client and a real estate agent detailing their representation relationship.

Lead-based paint disclosure: Requirement to disclose information about lead-based paint in a property, common in older buildings.

Landlord: Property owner who rents or leases their property to tenants.

Tenant: A person renting or leasing a property from a landlord.

Sublease: A lease agreement where a tenant leases part or all of the rented property to another party.

Eviction: The legal process of removing a tenant from a property.

Lease agreement: Legal contract outlining terms and conditions between a landlord and a tenant for renting a property.

Lease option: A lease agreement with an option for the tenant to purchase the property at a later date.

Assignment: Transferring rights or interests in a property to another party.

Joint venture: A business arrangement between two or more parties for a specific property or project.

Landlord insurance: Insurance covering risks associated with owning and renting out a property.

Tenant insurance: Insurance protecting a tenant’s personal property and liability.

Leasehold improvement: Modifications or upgrades made to a leased property by the tenant.

Renovation: Improvements or alterations made to a property.

Dilapidation: Damage or deterioration of a property due to neglect or misuse.

Good faith deposit: A deposit made by a buyer or tenant to demonstrate sincere intent in a transaction.

Comparative market analysis (CMA): An evaluation comparing similar properties to determine a property’s market value.

Open house: A scheduled period during which a property is open for potential buyers to view without appointments.

Seller’s market: A market condition where demand for properties exceeds supply, favoring sellers.

Buyer’s market: A market condition where supply exceeds demand, favoring buyers.

Multiple offers: Situations where a property receives more than one offer from potential buyers.

Down payment: Initial payment made by the buyer when purchasing a property, usually a percentage of the purchase price.

Counteroffer: A response to an offer with revised terms, rejecting the original offer.

Home appraisal: An expert assessment of a property’s value conducted by an appraiser.

Home inspection: An evaluation of a property’s condition conducted by an inspector before purchase.

Title company: A company that verifies a property’s ownership and issues title insurance.

Fiduciary: A person in a position of trust, such as a real estate agent, obligated to act in the client’s best interest.

Reserve fund: Money set aside for future maintenance or repairs in a property.

HOA (Homeowners Association): A governing body in a residential community that sets and enforces rules and manages common areas.

HOA Fees: Regular payments made by homeowners to the homeowners’ association for the upkeep of common areas and community services.

Special Assessment: Additional fees imposed by an HOA for unexpected expenses or major repairs in a community.

Covenants, Conditions, and Restrictions (CC&R): Rules and regulations established by an HOA that homeowners must abide by.

Property Management: The operation, control, and oversight of real estate properties by a third-party management company or individual.

Property Manager: A professional responsible for overseeing and managing rental properties on behalf of the owner.

Rental Yield: The annual income generated from a rental property, typically expressed as a percentage of the property’s value.

Yield Compression: When rental yields decrease due to factors like increased property prices or decreased rental income.

Yield Spread: The difference between the yield on investment properties and the yield on government bonds.

Real Estate Investment Trust (REIT): A company that owns, operates, or finances income-producing real estate, often traded on stock exchanges.

Appreciation Potential: The likelihood of a property increasing in value over time due to various factors like location, development, or market trends.

Depreciation Schedule: A timetable used to allocate the cost of a property over its useful life for tax purposes.

1031 Exchange: A provision in the U.S. tax code allowing investors to defer capital gains taxes on the sale of an investment property by reinvesting the proceeds in a similar property.

Passive Income: Income generated from rental properties or real estate investments requiring minimal ongoing effort from the owner.

Active Income: Income earned from direct work or services rendered, not involving passive investments like real estate.

Real Estate Bubble: A rapid increase in property prices followed by a significant downturn, often resulting in a market crash.

Real Estate Crowdfunding: A method of funding real estate projects or investments by pooling funds from multiple investors.

Zoning Variance: Permission granted by local authorities to deviate from standard zoning laws or restrictions for a property.

Land Use Planning: The process of assessing and regulating the use of land for various purposes, including residential, commercial, or recreational.

Right-to-Use: A property ownership structure where an individual has the right to use a property for a specified period without owning it.

Real Estate Syndication: The pooling of resources from multiple investors to purchase or invest in larger real estate properties or projects.

Tax Lien: A legal claim against a property for unpaid taxes, allowing the government to eventually foreclose if taxes remain unpaid.

Real Estate Portfolio: A collection of investment properties owned by an individual or entity.

Non-Recourse Loan: A loan secured by collateral (such as real estate) where the lender’s only recourse, in case of default, is the collateral itself.

Fixture: An item that was once personal property but has become permanently attached to the real property, thus becoming part of it.

Real Estate Development: The process of purchasing, improving, and selling or leasing land or property for commercial or residential use.

Real Estate Bubble: A rapid increase in property prices followed by a significant downturn, often resulting in a market crash.

Real Estate Crowdfunding: A method of funding real estate projects or investments by pooling funds from multiple investors.

Zoning Variance: Permission granted by local authorities to deviate from standard zoning laws or restrictions for a property.

Land Use Planning: The process of assessing and regulating the use of land for various purposes, including residential, commercial, or recreational.

Right-to-Use: A property ownership structure where an individual has the right to use a property for a specified period without owning it.

Real Estate Syndication: The pooling of resources from multiple investors to purchase or invest in larger real estate properties or projects.

Thai-English list of Real Estate Terms