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Thailand Legal

common terms

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These are the most common legal terms used in Thailand and in the courts globally. Should there be a word that is not here then speak to us online. With office in all the main cities of Thailand we are the largest legal services network in Thailand.

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.

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