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Thai Condominium Act: The Act which outlines all Laws regarding the establishment, operation and dissolution of a Condominium.
A.G.M.: Annual General Meeting. It is mandated by the Thai Condominium Act that every Condo have an AGM. The Agenda for the AGM is also mandated clearly in the Act.
CJP: Condominium Juristic Person. Refers to the Condominium as – individual units, common properties, assets, owners, etc. as an entity. This entity is to be considered under law separately from its individual members or shareholders. (Limited liability)
E.G.M.: Extra-ordinary General Meeting. This term may refer to a "Second Call" meeting of the AGM if for some reason the first AGM was unable to meet requirements such as quorum or voting ratios. It also refers to any additional meeting to address Condo matters, which may be called by the Committee or the Juristic Person Manager (conditions apply), or 25% of the Co-owners.
F.E.T.F.: Foreign Exchange Transfer Form
J.P. : Juristic Person. A Co-owner, ie: The owner of a Condominium unit. (A non-owner is referred to in the Condominium Act as a "Normal" or "natural" Person". (Limited liability)
J.P.M.: Juristic Person Manager. A person elected by the Co-owners at an AGM whose function is to check all official paperwork for legality and to sign required documents (Government and others) submitted to the CJP. The "hand" of the owners, if you will. This person must have some legal qualifications, be fluent in the Thai language and must have legal authority to work in Thailand. (If the building is run by a Management Company, their legal department may serve as JPM). (Limited liability)
Bank Account – Developer: This covers all the income and all expenditure associated with purchase of the land and building the Condominium. The data on this account is privy to the developer.
Bank Account – CJP: This receives maintenance fees and all income/monies generated and received by the CJP. The data on this account must be categorized and presented together with all other financial information at the AGM
Certificate of Condominium Ownership (Chanote ti din): The document that certifies legal ownership of personal property and accompanying common property.
Committee: (Sometimes referred to as "The Board") A group of not less than 3 and not more than 9 Co-owners elected at an AGM to represent the interests of the Co-owners. They may frame and monitor policy but are not empowered to implement it. (Limited liability)
Common Property: Any space in the Condominium Building or on its grounds which is not and cannot be owned privately. (This includes the land upon which the Condo is built). All Co-owners own a share of the Common Property, sharing also in the expense of its upkeep. It is to be used for their communal enjoyment, recreation and benefit.
Competent Official: The State Officer/s authorized by the Ministry to enforce the Thai Condominium Act. Powers vest in different officials, depending on the particular part of the Act being enforced and how. Contact is via the Land Department/ Office.
Completion: The registration of the CJP with the Competent Authority according to Thai Condominium Act, which can only be done upon the full completion of the building and contractual terms and conditions as specified in the Co-owners' contract.
Condominium: A building or group of buildings, registered with the Land Department under the Thai Condominium Act, which can be separated into units for individual ownership and which includes Common Properties.
Condominium Unit: A part of the building that has been separated for private ownership by an individual or company.
Condotel: A Condominium containing un-purchased units owned by the developer which can be rented out in much the same way as an hotel room.
Co-owner: Owner of a Condominium unit. (a Juristic Person)
Foreign Quota: The percentage of units foreigners are allowed to own. Usually this amount is 49%, but not all Condominiums are open to Foreign ownership, nor may a Foreigner insist on on Foreign registration even if the Condominium's Foreign Quota is not filled. The Foreign Quota is recorded but not implemented by the Land Office.
Juristic: Of one relating to law or legality. The term "Juristic" indicates a shielding of the so described person or entity from personal legal liability
Maintenance Fund: A mandatory annual payment based on the square meterage of each Condominium unit. This amount is used to pay staff, make repairs and keep the building in peak condition. Details regarding payment, default or any alteration of the Maintenance Fee are clearly outlined in the Thai Condominium Act.
Manager: A Normal (Natural) or Juristic person hired to implement management tasks for the Condominium under the supervision of the Committee and the JPM.
Management Company: A private company hired on a contract basis to implement management tasks. Such companies usually provide a Manager, and may offer Legal and other services as well.
Nominee Company: A company which has purchased a Condominium unit in its own name.
Normal or Natural Person: a person not a Co-owner of the condominium
Proxy: A normal or Juristic Person authorized by a Co-owner to exercise his/her vote at an AGM or EGM, or to act on his/ her behalf in any matter. The limit is three Proxies per person authorized.
Regulations: (also called "By-laws") Rules for your Condominium, written, proposed and approved by a vote at either an AGM or EGM. The Condominium's regulations are Law, so long as they do not contravene the Thai Condominium Act or Thai Law.
Sinking Fund: A fund maintained separately from the Maintenance Fund, to be used only for building emergencies, demanding unforeseeable circumstances. Circumstances for other usage must be clearly specified and voted upon at an AGM/ EGM. The amount of a Sinking fund is fixed initially at the discretion of the developer, subsequently determined by vote at an AGM or EGM.
Square Meter Ratio: (Individual Ownership Area) The sum of meterage owned by the Co-owner including his/her share of Common Property.
Tabien Bahn: A booklet to which an owner is entitled which provides proof of residence. For Thais, the book is blue. For foreigners it is yellow.
Voting Power: The strength of a Co-owner's vote at an AGM or EGM is proportional to the square meters s/he owns, including the share of Common Property. There are exceptions, details of which and applicable restrictions are clear in the Thai Condominium Act.
Notes on Areas:
(Some sellers simply refer to "Chanote Area")
Nominal Area of a Condominium Unit
This is the area referred to by those who are selling the condo unit. It will always be a greater value than the Chanote Area. The Nominal area includes:
1.) Area of the main building columns
2.) Area of balcony wall
3.) 50% of the area of the wall that borders with a corridor or common walkway.
Chanote Area. This is the official area determined by the land register office.
Typically it will be the Nominal Area less #s 1-3 as above. The main purpose of the Chanote Area is to determine a value for transfer taxation purposes. Taxation on balcony areas is typically lower than the taxation imposed on the living area.
RELEVANT THREADS: ***If you think you've found a source or Thread which might be useful in this list, please submit it first to the 'Definitions Discussion' thread for consideration.***
- Many condo definitions – data supplied by 'prv.' Jpg This can be found in the "Terms Discussion" thread, and is from a well-drafted purchase contract.
-The Condominium Act and Definition of a Condominium in Thailand (issues such as juristic, voting, updates to the Act, security, etc. - By "hhgz") TVF
- Condo Committees and Management – difficulties, advantages and lessons learned – By "ripley" TVF
- Are Condo Voting Rights in proportion to condo size? – By "Delight" TVF
- Condo Documents: What are they? – By "vibe" TVF
Edited by ripley, 2011-10-02 15:34:29.
