Real estate reservation agreement
A reservation agreement allows the prospective buyer to designated a particular condo or real estate unit and establish a price by giving a deposit (this is in Thailand usually somewhere around 50.000 Thai baht). A reservation agreement should be non-binding for a period of time and within this time the buyer should be free to cancel the agreement for any reason and upon such action the buyer should be entitled to a full refund of the reservation deposit. In Thailand is more common that reservation deposits are non-refundable or refundable under certain specific conditions. It is also standard practice that the reservation deposit is held by the seller and not in an escrow account held by a third party.