What is a Condominium Juristic Person?
Thailand has become a haven for all foreign investors looking to invest in a real state- in particular condominiums.
Condominiums offer you numerous benefits and amenities, including gyms, swimming pools, courts, beauty salons, etc. They do help increase the attractiveness of condos over another real estate.
Though, you may wonder who is responsible for condo management. Who looks after all the administrative and maintenance activity of the shared-spaces?
This is where the Condominium Juristic Person comes to save the day.
Who is a Juristic Person?
When you hear or see the word ‘juristic,’ chances are that your brain produces a particular type of person. It must be of someone old, wearing grand black robes and a dramatic wig, right?
Not really, though. In Thailand, a team of people assigned with condo management tasks is termed as the Condominium Juristic Person (CJP).
The Juristic Person can also comprise of the owners because they have their voting entitlements. Though, the owners, in general, avoid being involved in condo management and are rarely present in gatherings.
Qualifications to be appointed as a Condo Juristic Supervisor
The standards, as set by the Thailand Condominium Act, to be a Juristic supervisor, include:
- Not bankrupt
- Not below the age of 25
- Was never fired, released, or eliminated from any public or private sector institutions due to illegal acts
- Has never gone to prison for reasons except for a trivial felony or neglect
- Isn’t unprofessional or even semi-unskilled
- Doesn’t have any outstanding tax liability or duty-related expenditures
- Had never been dismissed from a position of supervisor due to fraudulent acts or immoral misconduct
Functions and Responsibilities of a Condo Juristic Person
The CJP is required to oversee their duties from the time the condominium gets disclosed as a juristic person. Condo management includes all the work to protect and maintain the jointly availed facilities and spaces. Furthermore, new conditions, strategies, and planning are recommended to be carried out to promote further improvements in those services.
Besides, the CJP also has to oversee the joint assets and forecast revenues and expenditures to be incurred. Some of the joint-assets they administer include:
Managing maintenance of building systems: It includes looking after systems like tap water, electricity, lifts, sewage, and fire-alarm systems.
Supervising the surrounding: It includes CJP ensuring that the space surrounding the condominium is clean and well-maintained. This refers to cleaning the entrances, lawns, beautiful plantation, and sidewalks.
Supervising security-based services: The CJP must ensure that the condominium is being provided with proper security. This includes assessing and minimizing the danger of thefts, trespassing, damages to the properties, etc.
Overseeing precautionary pest control measures: CJP must take action against unwanted pests like mice, flies, and mosquitoes. Not only do they irritate the residents, but they also affect the hygienic level of the building. Also, ignoring this issue may even lead to damaging of the condominium.
Administering amenities: Providing services and facilities is easier. But, maintaining them requires a lot of attention too. Hence, the CJP must see to the quality of the facilities being offered. This includes seeing that all required types of equipment are available for use, the carpets, and furniture are in good shape and always arranged.
Maintaining the swimming pools: If the pools aren’t looked after and the water not changed regularly, it may become unattractive and even hazardous. Hence, ensuring that the pools have clean water, are free from algae and garbage, and have no leaks or cracks is one essential duty of the juristic person.
The Condominium Act
Thailand’s Condominium Act further explains and writes every obligation and regulation of CJP. The Act’s essential aim is to have the condo management being carried out in the best way possible. The Act also outlines ways that CJP can manage its revenues, allocate budgets, and pay taxes in inappropriate ways.