A new amendment to Thailand condo laws is being reviewed by government officials and would allow condo ownership transfers before common are expenses are settled, reports the Bangkok Post.
According to the Bangkok Post, Vivat Sricharoenwong, president of the Property Management Association of Thailand, expressed concerns that if the amendment passed, the juristic person—or legally registered condo complex owners—might have to sue previous condo unit owners for unpaid common expenses, thus causing unplanned legal fees and increasing condo expenses overall.
Chaninat and Leeds’ real estate lawyers specialize in supervising Thailand condo purchases and preparation of condo leases and contracts.
Currently, condominium ownership can only be transferred on condo units that do not have unpaid common area expenses and other debts, according to the Land Department. The Bangkok Post reports that Ruenvadee Suwanmongkol, director-general of the Legal Execution Department, explained that condo units with additional unpaid expenses deter potential buyers.
Read the full story:
Bangkok Post – Condo proposal in dispute
Related Video: Risks of buying a condo in Thailand
Related Thailand Real Estate Documents:
Thailand Condo Act
Thailand Land Code
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