The Condominium Act in Bangkok is a type of real estate legislation. This legislation governs the ownership, sale, and management of condominium units.
Foreigners frequently engage with this act when purchasing property in Bangkok.
The Condominium Act differentiates from other property laws. Other laws regulate general real estate practices, but the Condominium Act specifically addresses condominium ownership and management.
Examples include the Land Code Act for land ownership and the Commercial Building Act for commercial properties, contrasting with the Condominium Act’s focus on condominiums.
Three features of the Condominium Act are popular among foreigners. The Act allows foreign ownership of up to 49% of the total unit space in a condominium project.
It mandates the formation of a juristic person to manage the condominium. The Act also requires that all condominium projects maintain a sinking fund for major repairs and future expenses.
These features attract foreign investors looking for straightforward ownership and management structures.
Three features of the Condominium Act are common across many types of real estate legislation. The requirement for proper registration of the property, the need for adherence to building codes and regulations, and the imposition of transfer fees on sales are standards found in other property laws as well.
Three features of the Condominium Act are unusual, offering unique protections and obligations. The Act specifies that pets are not allowed in condominium units, a regulation not commonly found in other property laws.
It sets a precise method for calculating maintenance fees based on unit size. The Act provides for the removal of the condominium’s executive committee members if they fail to perform their duties, showcasing a detailed governance structure.
Three features of the Condominium Act are unique, underscoring its specialization in condominium management. The allocation of votes in the general meeting based on square meters of ownership is a distinctive aspect.
The requirement for a majority of Thai nationals on the executive committee highlights national interest considerations. The detailed process for resolving disputes among unit owners or between owners and the management committee is specifically tailored to condominium communities.
The Condominium Act stands out from similar property laws due to its detailed focus on condominium governance, foreign ownership, and community living regulations. While other laws provide broad guidelines for real estate, the Condominium Act delves into the specifics of condominium life, making it a critical piece of legislation for potential condominium owners and investors in Bangkok.
For a deeper understanding of terms and concepts discussed, visit our glossary about Bangkok real estate.