Example of Escrow Process
PLEASE SEE UPDATE BELOW [2MAY2019]: Because Thai Bank are not comfortable to fully engage in legal details, therefore, both BUYER (or seller) will need to seek external legal consultant to give best advice to both of party. Then BUYER and SELLER will jointly signed the instruction to Escrow Agent to release fund.
This is self-note to myself of what will come in the few days, until end of this month. It is about Transaction, Trust, Financial, Assets.
Escrow, in according to WIKI is:
Being in escrow is a contractual arrangement in which a third party (the stakeholder or escrow agent) receives and disburses money or property for the primary transacting parties, most generally, used with plentiful terms that conduct the rightful actions that follow. The disbursement is dependent on conditions agreed to by the transacting parties. Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. The word derives from the Old French word escroue, meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed.
It has been implemented everywhere in the world for long time, but in Thailand it is considered to be quite new, and not many people aware of it, or wanted to use it. However, if business transaction will relate to some foreign investors, then Escrow might need to be used in transaction due to their requirement.
Commercial Banks in Thailand served as a middleman as prescribed by the Enforcement of Escrow Agent Act, B.E. 2551 whereby the Bank of Thailand allows commercial banks to accept deposits as ordered by their clients. For more information, please try to contact your main bank. (such as Kasikorn, Siam Commercial, and Krungsri). Fees varies based on case-by-case, and most of time, Escrow Agent might not be needed, just a simple Escrow account. [Please consult more with your bank, because even them might not be able to pinpoint what time of your transaction will be]
Meanwhile, I will remain...
Cheers for now...
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