Nakhon Si Thammarat provincial land officer Bunpherm Nakkham said today the government’s proclamation of a separate property sale agreement act will ensure fairness to farmers who sell their properties on consignment. Each year, around 100,000 of the farmers whose combined land totals one million rai, risk losing the land to their debtors due to the short period of time stated in the contract. The debtor designates the short period of time in order to prevent property redemption, said Mr.Bunpherm.
The new law clearly states that the debtor must notify the property owner before the contract expires otherwise the expiration will be extended six more months. The redemption price must not exceed the consignment price plus an interest rate of not over 15%. After the contract expires, the property owner has one year to redeem his land.
The provincial land officer added that after the law takes effect, it will benefit people and help to eradicate injustice in the society.