Thailand Condominium Ownership
Owning a condominium in Thailand provides several benefits and one of these is becoming a member of the association. This association is owned by the condominium owners themselves with each of them having their individual voting power which is in consonance with the original size ratio of the units they have.
This condominium association will be responsible for several condominium matters such as maintenance duties, collection of the relative fees, formulating and the enforcement of the agreed rules to ensure harmonious relationship between unit owners.
As what have been said earlier, the association will be in charge of the condominium’s everyday operations and maintaining the common areas also requires expenses. To finance the required maintenance, the association has to collect monthly fees from the unit owners. Furthermore, the collected amount each month will also be used to pay key condominium personnel like the building manager, security and maintenance personnel.
Apart from the monthly fees for salary, security and maintenance, the unit owners are also required to contribute to the condominium association’s "sinking fund." This fund is intended for major condominium repairs.
And since funds are involved, appointing key personnel in the association will be crucial in making sure that the collected funds will be intact and will be used accordingly otherwise mismanagement can occur thereby placing the owners and the complex itself in jeopardy.
The Manager and the Corporate Committee
Condominium associations are mandated by law to have their own corporate committees which primary function is to act as the overseer in the management of the condominium complexes’ common properties. The personnel of each corporate committee must come from the ranks of the condominium unit owners themselves and each shall have 2 years per term to serve. The maximum terms that the committee members can serve will be 2 consecutive terms only.
The number of committee usually ranges between three (3) to nine (9).
On the other hand, a condominium association will also have a building manager who will be in charge of enforcing the agreed rules and collecting maintenance fees as well as in paying the expenses incurred by the association.
This person may either be a hired outsider, meaning to say a non-owner of any unit within the condominium complex or he can also be a retired unit owner.
The role of the Condominium Management
The condominium management plays a big role in having a good resale value of each unit within the complex. An organized and well-functioning association can provide an orderly and secured condominium complex, two of the most common issues that buyers of previously owned units are looking every time they make a purchase.