As 2008 draws to a close, we can look back on the past year as a time of great political turmoil as well as, on a more mundane level, a period of some significant changes in Thailand.
Two Acts that will probably have the most significant effect on foreigners doing business in Thailand, or foreigners residing in Thailand, are the new Condominium Act and the Escrow Act. The new Condominium Act provides greater protection for consumers of condominiums in terms of cracking down on developers using brochures or other advertisements that are overreaching or exaggerate the characteristics of the condominium. In such an event, the Condominium Act provides additional means for consumers to seek redress. Other changes in the Act include a new definition for voting rights that provide greater equality between unit owners of different floor-values. The new Condominium Act has equalized the voting rights between more expensive and less expensive units, based on a pure square meter basis.
The Escrow Act has also provided a new tool for foreign and Thai consumers interested in a Condominium Purchase in Thailand to protect their purchases of real estate. Previously, there was no specific structure for an escrow process for buying real estate in Thailand. The new Escrow Act provides a framework for an official escrow agent to be appointed and for consumers to voluntarily use the escrow framework and the legally sanctioned escrow agent services.
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