A condominium is essential to ensure the correct use and maintenance of shared spaces, for which all owners are responsible, and respecting the rules contributes to a good neighborhood. But in the case of new buildings, the builders also have responsibilities, and there are several steps to take before moving on to the constitution of the condominium.
For example, they should check the interior and exterior finishes of the building, the streets, and sidewalks, among others, and ensure that the building’s equipment is in good condition and working.
After this stage, they will then be able to proceed to the constitution of the condominium with the presence of the builder, who, in the case of new buildings, should be at the meeting to hand over the administration to the owners. But if the builder does not participate in this meeting and the condominium is constituted in his absence, he is not exempt from responsibilities, namely, in the case of detecting defects in the building.
It will then be time to build the condominium. In this part of the process, it is necessary to ask the builder or real estate agent for some documents:
- Housing data sheet;
- Articles of incorporation;
- City license;
- Project of the property or subdivision;
- Regulation (if it exists and is not included in the instrument of incorporation);
- Durable contracts, such as elevator maintenance, budget;
- Report of accounts and operating license for the elevator.
Once constituted, the administration should also keep copies of the contracts with the various service providers and note the contacts of the representatives of the existing appliances in the building.
To manage the residents’ money well, it is best to open two accounts in the name of the condominium. One, on-demand, to pay current expenses. Another, from savings, to deposit the common reserve fund.
The documents to open the account vary depending on the bank, but a few should be prepared:
- Identification card of an entity equivalent to a legal person;
- Proof of the constitution of the condominium (constitutive title or first minutes);
- Minutes of the election of the acting administration;
- Ata with authorizations to move accounts.
New minutes, their identifications and new signatures, and a copy of the regulation must be delivered when the authorized persons change. Search for condo balcony garden (จัด สวน ระเบียง คอน โด which is the term in Thai)