The Condominium Act is the law to go to when you do your due diligence prior to buying your condominium unit. It covers the ownership, lease and use of condominium property. In our previous article on the subject (Condominium Owner Rights Part I), we have focused particularly on the most recent amended areas covering the protections put in place for the buyer.
In the second part here, we are discussing the active role that a condominium owner can have in the affairs of the building. That is due to the certain number of shares and the corresponding voting rights, the control being directly proportional with the amount of space or size represented by the unit owned. Exercising the right to vote can be used when deciding policies regarding maintenance, sinking fees and emergency funds. The amounts due for each condo must be openly displayed in the property’s Rules and Regulations and are based on the total area occupied by the unit owned, being directly proportional.
An owner also has the right to call for a new condominium manager to be elected if the current manager is considered to have breached the confidentiality and trust built in this position. The law provides not only with the qualities such manager must possess, but also with the requirements for constituting the additional overseeing committee constructed of nine co-owners appointed through the condominium owners’ General Meeting.
Another legal right is to ask for an up to date report of upkeep expenses. These must be also posted in the Bulletin Board within fifteen days before the end of each month, and a detailed copy of the condominium accounts must be provided to the owners.
With the introduction of the new Condominium Act, buying a condominium became a regulated, straightforward process leading to an unequivocal property ownership type. Because of been granted greater benefits and protections put in place, currently the condominium is the foreigner property ownership of choice.
About the Author – Sorin has more than a decade of experience in Sales and Entrepreneurship in South East Asia, has completed BA studies in Journalism and Social Studies and a MBA in Hospitality, currently co-owning Shambhala Realty Co., Ltd. in Bangkok.