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IMPORTANCE OF A WILL IN THAILAND

Benjamin Franklin once said that the only two certainties in life are death and taxes. While we may not be able to avoid death, we can plan for it. However, many people fail to plan for their passing, even if they live in Thailand where they may have significant assets. Therefore, it is crucial to…

WHAT IS A CONDOMINIUM JURISTIC PERSON (OR CJP)?

Condominiums offer various shared facilities like swimming pools, gyms, and communal areas, which are co-owned by all owners. Condominium owners have a fractional ownership share in all of the condo’s common areas and facilities. But who takes care of these shared spaces? The answer is the Condominium Juristic Person, also known as CJP. What is…

WHAT IS THE COMMON AREA AND THE COMMON AREA FEE?

When you buy a condominium unit in Phuket, you’ll be required to pay a monthly fee for the maintenance of the development and upkeep of the common area. This fee may be known by different names, such as Common Area Fee, Maintenance Fee, or Common Area Maintenance Fee (CAM Fee), and is typically paid monthly…

WHAT IS SINKING FUND?

When it comes to purchasing a Phuket condominium, it is essential to know about a sinking fund. A sinking fund is a reserve fund set up by the owners within a development, which acts as a savings account, set aside for a rainy day. It is typically called upon in the case of an emergency,…

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