Connect with us

Real Estate

Thailand property : what is a condominium

Condominium ownership is soaring throughout Thailand as a glimpse through any newspaper classified section and billboards throughout the city attest. This is part of a series of articles examining the more important aspects of condominium law in Thailand from the perspective of local, expatriate and overseas purchasers.

Boris Sullivan

Published

on

Overall, the market will likely see a shift toward condominiums and away from houses or townhouses

Condominium ownership is soaring throughout Thailand as a glimpse through any newspaper classified section and billboards throughout the city attest. This is part of a series of articles examining the more important aspects of condominium law in Thailand from the perspective of local, expatriate and overseas purchasers.

To start we will look at exactly what a ”condominium” is.The definition of a condominium under Thailand’s Condominium Act 2008 is broadly consistent with the corresponding definition in many other countries: a building that can be divided into units for individual ownership and in which owners will have ownership of common property.

Overall, the market will likely see a shift toward condominiums and away from houses or townhouses

Overall, the market will likely see a shift toward condominiums and away from houses or townhouses

In effect, this describes an adjoined group of townhouses or flats in which the individual owners own their discrete unit outright and have a joint ownership interest in, and responsibility for the common property. There are no specific requirements regarding the number of units or the dimensions of the building or its units.

The Condominium Act includes in its list of common property the land on which the condominium is situated, the land provided for common benefit and the building and its parts that are provided for use or for common benefit.In layperson’s terms, this incorporates the underlying lands, the building’s superstructure, the hallways, the lifts and the stairwells, among other things.In up-market developments, common property may also include perks such as sheltered parking areas, landscaped gardens, a private playground, a pool and a gymnasium.

The joint ownership of common areas is a distinguishing feature of condominiums, as can be seen in the derivation of the word from the Latin words com together and dominium domain.The proportion of a co-owner’s ownership interest in the common property is based on the proportion of the area of the co-owner’s housing unit to the total area of all housing units of the condominium at the time the condominium is registered.

It is this ”joint ownership” of common property that is the key distinction between apartments and condominiums. Structurally, an apartment will be indistinguishable from a condominium, but legally it will not have been registered under the Condominium Act.

Therefore, foreigners will not be able to own freehold ie in perpetuity and owners will not own the common property or be able to participate in the management of the building. Owners of a condominium will get an ownership certificate issued by the Land Department certifying their ownership of their individual unit and their ownership ratio in respect of the common property.

In contrast, with an apartment in effect an unregistered condominium, the developer retains title to the building and all units within, and individuals lease their units for defined periods of time. It is the joint ownership and control of condominiums that are a common source of financial and legal difficulty for condominium owners. All owners are responsible for their share of common expenses irrespective of their ability to pay those expenses at the time. Usually these expenses will be covered by the monthly maintenance or ”condo” fee charged to condominium owners, but occasionally larger expenses may arise that result in the need to access funds from the condominium’s sinking fund or, where that is insufficient, directly from the owners.

via PROPERTY IN THAILAND: Part 32 _ Defining a condominium | Bangkok Post: news.

Comments

Real Estate

How COVID-19 regulations are changing landlord-tenant dynamics

The negotiations are dependent on the circumstances of each landlord and tenant, with landlords attempting to strike a balance between maintaining earnings and supporting tenants through the crisis period to sustain occupancy levels and income over the longer term.

Daniel Lorenzzo

Published

on

Hastily enacted regulations addressing a fast-unfolding pandemic have introduced a layer of complexity around leases between tenants and landlords.

(more…)
Continue Reading

Real Estate

Why 5G is racing ahead in Asia

Hong Kong, Seoul, Sydney, Taipei, Manila, Tokyo and Shenzhen have already introduced 5G networks. In May, Bangkok became the first city in Southeast Asia to roll out a 5G network, while Singapore in August started a six-month trial.

Daniel Lorenzzo

Published

on

iStock-1135535759.jpg
Governments and businesses are keen to take advantage of 5G technology like High-speed connectivity, reduced latency and greater reliability

Asia Pacific is leading the charge for the next generation of mobile connectivity. Major cities across the region are rolling out 5G networks this year, which are poised to reshape connectivity and big data with blazing-fast download speeds.

(more…)
Continue Reading

Environment

Real estate Sustainable development spurred by COVID-19 pandemic

There is an increasing awareness of the environmental impact of real estate: the World Green Building Council suggests that buildings are responsible for upwards of 40% of the world’s greenhouse gas emissions.

Daniel Lorenzzo

Published

on

Since the onset of the COVID-19 pandemic, the real estate sector worldwide is stepping up its response to climate change and sustainable development.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,625 other subscribers

Trending