Do you know the reserve fund of your condo?

[theguyfromanotherforum]

If you own a condo in Thailand do you get the annual report and itemized list of expenses including the current reserve fund.

Who manages your condominium? Is it an outside company or insiders from the building?

[WorkingTourist]

Any condo following the law will prepare an annual report for the joint owners to be presented at the AGM (and sent to them in advance). On this meeting, there should also be a vote on the budget for the current year.

Unsure if your question is meant as a survey to see if condominiums are following the law.

As for management, I think most use a management company, though some will employ their own staff, i.e. maid, technician, etc.

Why are you asking?

[KittenKong]

The account summary and bank balances should form part of the financial report, an audited version of which should be presented at the AGM which, by law, must take place at the latest 4 months after the end of the financial year.

Whether there is any accuracy or detail in this financial report will depend entirely on how corrupt your management company is. More detail should be provided to the committee and co-owners in the form of a monthly cash-flow report, but again the level of corruption of your management company and committee will influence this.

Edited April 19, 2016 by KittenKong

[angy]

Most part of condos are administrated by external company. The balance of the condo is audited by another firm and this auditors are decided by the owners during annual meetings but normally the names of the auditors are proposed by the administrators of the condo and these names are in good relationship with the administrators and they don't evidence any wrong doing in the accounting, is only another way to waste money.

The lucky condo have a good committee and the committee can verify if the administrators are doing well but if they are able or intentioned to do that is an optional can't be found frequently.

Some condos are still managed by the developer and in same cases are better managed then the other above.

[theguyfromanotherforum]

Any condo following the law will prepare an annual report for the joint owners to be presented at the AGM (and sent to them in advance). On this meeting, there should also be a vote on the budget for the current year.

Unsure if your question is meant as a survey to see if condominiums are following the law.

As for management, I think most use a management company, though some will employ their own staff, i.e. maid, technician, etc.

Why are you asking?

I am asking because I am always on and off about buying a place in Bangkok.

[theguyfromanotherforum]

Most part of condos are administrated by external company. The balance of the condo is audited by another firm and this auditors are decided by the owners during annual meetings but normally the names of the auditors are proposed by the administrators of the condo and these names are in good relationship with the administrators and they don't evidence any wrong doing in the accounting, is only another way to waste money.

The lucky condo have a good committee and the committee can verify if the administrators are doing well but if they are able or intentioned to do that is an optional can't be found frequently.

Some condos are still managed by the developer and in same cases are better managed then the other above.

Do you know what condos are managed by developer? I have a strong suspicion Lumpini is one of them.

[Bandersnatch]

I have a Lumpini Condo in BKK, which is managed by the developer, pretty efficiently I would say. I am on the management committee in another building and it is an uphill struggle to get owners to pay common fees and find a management company that will enforce sanctions against those who don't. We are on our third management company in 3 years.

[theguyfromanotherforum]

The more I do my research, the more I believe Lumpini is a way to go.

Really dislike the ugly generic design (expect Lumpini 24, of course), but everywhere I read it seems to be well managed organization and developer is quick to fix any issues.

But man, it's ugly.

[KittenKong]

I am on the management committee in another building and it is an uphill struggle to get owners to pay common fees and find a management company that will enforce sanctions against those who don't.

Tell the management company what to do (send letters, cut off water) and if they dont do it just withhold their monthly fee.

Personally I dont see it as much of a problem if owners dont pay on time as the penalty interest applied far exceeds anything that the building would get on cash deposited at the bank. Of course if your building has no reserves it might be a problem.