BANGKOK, THAILAND, November 20, 2008
/24-7PressRelease/ -- Property developers in Thailand have been hit with new laws regarding documentation and regulation when selling condos, and top law firms are warning that they will need to seek business legal advice or risk imprisonment.
Jim Byrne is a business adviser, specializing in contracts of all types at leading Thai law firm, BSA Law. Of the new laws, he says "There are some radical changes which could have a huge impact on developers if they are not aware of them."
"Sales and Purchase agreements used to be a matter for individual developers to set, but their appearance and content is now regulated by law. Criminal charges are possible for developers that don't use the standard agreement, and if hefty fines aren't paid, imprisonment is even an option."
Some of the features of the new laws governing condominiums include:
• The introduction of a standard sales and purchase agreement form
• Any clauses not beneficial to the buyer are unenforceable and may incur criminal charges
• Condominium advertisements must correspond to the facts listed in registration documents
• If marketing materials are contradictory to details in the sales and purchase agreement, the interpretation will be in favour of the buyer
• No commercial activity can now be conducted in a condominium
• Owner's voting power is based on the amount of space each owner has, rather than the number of units they have.
Until confusion regarding some points of the new condo law are resolved, especially those regarding incorporating additional terms and conditions into the standard agreements in a way which is in accordance with the law, developers will need to seek legal advice, Jim Byrne advises.
On the buyers side, BSA Law's specialists still advise that research is needed to ensure that the details included in an agreement match reality, to avoid legal complications.
About BSA Law:
For nearly 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.
For more information contact:
Jim Byrne
Business Advisor, BSA Law.
Email: jim@bsalaw.co.th
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