Living in such a close knit arrangement would, not surprisingly, lead to some conflicts in some way or form. Indeed if you have a complaint, it is best to deal with it rather than live with it especially if you have to live with it everyday. Common complaints may include, noisy pets, parking spaces being used by neighbours in an inconsiderate manner, loud music at unreasonable hours or the committee members acting in an autocratic or biased manner. You may wish to take the floor and air your grievances here or if having a right of audience is not your preferred mode of communication, be sure there are other formal methods set up to air your grievances within the juristic person. If these initial methods do not work, you may wish to pursue other avenues such as, negotiation, mediation, arbitration or, in the most unlikely scenario, phuket beach condo – karon butterfly litigation. This may be in the form of knowing who to contact or whether there is a complaints box available somewhere. These are just some introductory points among many others when purchasing a condominium. There are many others depending on individual circumstances with each purchase unique in its post-treatment stage of the acquisition. The underlying theme here is to do some good in-depth research into the property. It is a big investment fraught with its own cultural peculiarities. Proper care should always go into making such a decision.
There are normally other things which a buyer should also consider so as to reflect their expectations and match their lifestyle. Be sure that a good and reputable management company is looking after things in an orderly and transparent manner. It is certainly not the most exciting reading material and is often long and convoluted. Beware of development companies appointing their own managers as they could be acting with ulterior motives in regards to repairs during the default liability period in which the developer should be responsible for and not the juristic person. The co-owners may wish to appoint a new manager if 50% of the co-owners in a general meeting agrees. You may also want to request for a copy of the juristic person’s accounts to ensure that everything is in order. That no funds are being siphoned furtively or that any payments are unaccounted for. This is important as you want to see fees you contribute help maintain the premise and ensure its value in the long run.
Many of us are already familiar with condominium titles in our home country.E 1979. It is characterized by the individual ownership of living units. The joint ownership of the common areas within the building. What happens after the purchase of a condominium can be just as disconcerting. Taxing if certain precautions are not taken. Standard due diligence will normally check for, among others, that the title is good, that the owner is who they claim to be and that there are no registered encumbrances on the property. Ensure that you check in the contract how much the monthly maintenance fee and sinking fund is. Do ask the seller to provide you with this or you may obtain it directly from the condominium’s management company. This should be in all the contracts for new condominium units although some units in the secondary market may omit this in their documents. As such, it should be expressed as an amount per square metre. Procedure for managers. Their appointments.
Occasionally, there may be a need for the management to call forward an emergency fund to cover some unexpected repairs. Before you vote, do check that the fund is indeed genuine and by right, you may request for all the related information in regards to this emergency expense. The number of members shall not be more than 9 and may consist of any of the co-owners of the condominium who are elected in a general meeting of all co-owners. It may be useful to note that a co-owner’s voting rights are determined by the proportion of the ratio of space owned in the building. Politics may not be everyone’s cup of tea and it is certainly regarded by many as a waste of time and effort. Such views do often lead to apathy and many of us try to avoid the dreaded rigmarole of residential politics and hope by ignoring it long enough, it will go away.
The developer showed him a few properties, but they were not what he was looking for. You see, he wanted to look at villas. The developer told him. But the developer only wanted to show him condos – his own un-sold stock. But, the developer still insisted there were none for sale. He was surprised. A little confused. Later he went to see another developer. By now he was starting to smell a rat. And the same thing happened. I told him there were in fact 6 re-sale villas on the first estate and even more on the second. So, he called me. So the prices were good. He was obviously annoyed that he been lied to. Plus, many of the owners were keen to sell. But let’s face it, if the developer still has his own properties to sell he won’t give two hoots about selling yours. It is direct competition. And if you are undercutting him – that is a big problem.