Thai condominium act amended

[balls]

The rights of condominium buyers will be protected under an amended Condominium Act that will take effect on July 4, according to the Lands Department.

 

baiscally developers can be liable for fines should they incorrectly make promises on developments in their advertisements, fines from 50,00 to 100,000 will be payable by developers, if you are unfamiliar with the act it is an essential read for anyone owning a condo or is considering purchasing a condo.

 

this amendment is to safeguard potential investors and make developers more accountable for sales and service whilst selling their units. this is not such a huge deal for anyone who already owns a condo but there are further amendments to the act regarding voting rights for major decisions and the juristic persons involved with the development.

 

here's a link to get you started - http://www.dol.go.th/eng_version/menu.php

 

reading more and more about condo investment in Thailand, it appears that this is a precarious time for any property investment, not alone condo's in the kingdom. but if you are a long term mulitple resident it seems logical to me to have a foothold and a tangible asset to reside in whilst you are visiting, and you are not subject to unscrupulous rental prices and availablity worries depending on what time of year you can visit.

 

property prices are still relatively cheap in Pattaya, and new developments are springing up daily.

 

a good lawyer is essential to the process, as i have learnt through hard experience, and dont be afraid to seek advice from ex-pats or professionals before you rush in.

 

there are many many scams that can happen from the minute you consider purchasing and sitting with a sales person, to owning and maintaining your condo.

 

it may be worth starting a specific thread for people to guide them.

[JASONTHAI]

Good advice Tomski, I will be looking at buying a condo in the next few years when the pound goes back up

[balls]

tell me about it!

 

"looks like i picked the wrong week to start buying condo's!" - quote plagarised from "the sarge" - airplane II

[jackpot]

So basically, the developers of these multi billion Bt condo projects can be fined the grand sum of 100000Bt.

 

 

I bet they are quaking in their boots.

Edited March 28, 2008 by jackpot

[7-Eleven]

Thanks for the info Tomski

[payoff]

looks like the £ is strongest in september and November from what I could glean from the currency charts. If you ask me it won't go back to it's old levels ever again. Too many pounds are flooding into LoS these days. The only Baht flooding out is in the shape of Taksin Shinawartra's Man City spending.

[gmoule]

tourism doesnt account for much,interest rates do the most damage,remmeber when the pound was as high as it was,well the % rate was high,and now as its coming down so has the bht,simple reason investors money will leave uk and go where the interest rate is higher