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Posted: 20 Oct 2011 | 6:00 am
Despite Thailand's Escrow Act initiative, property developers have been slow on the take up.
Many real estate players have cited the restrictive environment and limited appointment of approved escrow institutions with large fees being a barrier to entry.
For others consumer demand simply has not been a reason to get off the bench and onto the playing field.
Reading a recent Bangkok Post article news comes that six Bangkok developers and a Kasikornbank are initiating a new scheme.
Unfortunately for Phuket's overseas buyers, the escrow act is tailored for freehold properties and looks to offer little for foreigners purchasing leasehold villas or apartments.
While escrow remains a fundamental element of property transactions in most developed markets, it's sad to see the absence of it here on the island.
A column featuring environmental issues and conservation around the island. Click here for more Green Reports check out the latest story from the leading experts:
A recent Channel News Asia television segment Boomtown Asia checked into the island's environmental, and sustainable tourism sectors.
The innovative Evening Breeze environmental cooling system is gaining global attention in the resort markets and villas.
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