According to the Bangkok Post, a new amendment to the Condo Act, proposed by Thailand’s Legal Execution Department, would waive unpaid common area management fees in condominium sales on non-performing asset units from forced sales.
The Thailand Condo Act mandates that for ownership of a condo unit to be transferred the CAM fee has to be settled—theoretically between the previous unit owner and the condominium juristic person, or owner of the complex.
The experienced real estate attorneys at Thai law firm, Chaninat and Leeds, have been assisting local and foreign clients buy a condo in Bangkok since 1997.
One goal of the proposed amendment would be to increase sales of the 14,287 condo NPAs the government department holds, according to the Bangkok Post.
Real estate pundit, Suphin Mechuchep, said, though the amendment could help increase auction sales, writing off the debt would simply deflect the financial burden to the juristic person, rather than solve it, and “could put the condominium at risk if the debt grows,” The Nation reports.
Keep reading:
Bangkok Post – Condo proposal in dispute
The Nation – Dept wants CAM fee removed from forced sales
Watch the risks of buying a condo in Thailand:
Related documents from Thailand Condo Lawyers:
Thailand Condo Act
Thailand Land Code
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