Condominium ActJan 19, 2015
If an individual is interested in acquiring a condo in Thailand, before making any formal moves in securing one, paying any payments and or signing a contract, he must first consult with a reputable property lawyer in the Kingdom to make sure that he is well versed with regards to his rights, the process involved and how the Condominium Act provides further protection on his interests, be him a Thai or a foreign citizen.
- Section 6/1: With the amended act, the developer or a person marketing the condominium is required to keep copies of the advertisements, photos and other materials used in making the availability of the units known to the public until such time when all of the units of the said condo development are sold out.This is to make sure that the potential buyer will get the unit that he wanted as how he has known through advertisements by the developer or person.
- Section 6/2: The act also prescribes for a standard form of contract agreement which should be in compliance with the form determined by the Minister. If in case a contract has been executed which is not in accordance to the standard form and it does not promote the advantages due to the purchasing party, such part of the contract cannot be enforced under law.
- Section 17/1: There can be a chance in which part of the development’s space will be converted to become a place of business and this is can be allowed provided that such business will have its own place of entry and exit to avoid disturbing the tenants or unit owners of the development.
- Section 35/1: No person shall be appointed as manager if he is not qualified to be one. Accordingly, he must not be:
- Twenty four (24) and below.
- Previously discharged from government or private service if he illegally discharged an otherwise legal duty.
- Has been previously removed from his office as manager in relation to his commitment of a corrupt or an immoral act.
- Has unpaid debt.
If in case the manager has been found to have committed a wrongful act or an act that can be considered as a breach of trust, any unit owner has the right to call for the appointment of a new manager replacing the individual in question.
- Section 37: Aside from the condo management, a Condominium Corporate Board should also exist on which members of the said board must be appointed through a Joint Owner General Meeting.The members of the said board must hold office for 2 years and its membership must be between three (3) to nine (9) board members.The board is tasked to monitor the management of the condo development, to appoint a member to become manager if in case no manager or the current manager will not be able to perform his duties for more than seven (7) days. It is also tasked to make sure that a board meeting is to happen every six (6) months as well as it is tasked to perform other duties of the board as prescribed by the Ministerial Regulation.
The above-mentioned sections of the act highlights some of the rights, privileges and duties of the current and would-be unit owners of any condo development in Thailand. Nonetheless, it is still important for interested parties or current parties with no general knowledge of such act to consult with property lawyers in order to have a thorough discussion with regards to the act, on how it affects the unit owners or the future unit owners themselves.
Even if the interested party is a foreign national, the same act has afforded him the same rights to which the property lawyer can extensively inform him of.