As we wrap up the year 2022, I want to discuss a topic that I believe members of TerraBKK will find interesting, especially those who have recently purchased a condominium and are preparing to move in during 2023. This is about being a co-owner of a condominium.

Many people wonder, what does the term “co-owner” mean?

“Co-owner” is a term defined by the Condominium Act of 1979 and the Condominium Act (No. 4) of 2008, referring to the owners of individual units within the same condominium project who share ownership of the common property both inside the building and in the communal areas.

Becoming a “co-owner” occurs as soon as we transfer ownership of the condominium unit. As a co-owner, there are roles and responsibilities defined by law, including maintaining personal property in good condition, ensuring it does not disturb other co-owners, and taking care of the common property within the building and units, ensuring it is always in usable condition, such as electrical systems and plumbing.

It is essential to strictly adhere to the regulations of the condominium juristic person, as these regulations serve as specific laws that co-owners have collectively agreed to follow and cooperate on.

Co-owners must also comply with the rules set by the condominium juristic person or housing estate, such as regulations regarding renovations or any modifications that encroach on communal areas or the property of other co-owners.

Additionally, co-owners must follow other regulations established by the general assembly of co-owners or the board of the condominium juristic person or housing estate, provided they do not conflict with the regulations of the condominium juristic person or the relevant acts.

Co-owners are responsible for paying common expenses, water bills, and other costs necessary for maintaining the public utilities and common property of the building in a normal, usable condition at all times.

At the same time, co-owners have rights and powers regarding the management of the condominium, which include:

- The right to participate in the annual general and extraordinary meetings.

- The right to vote based on their ownership share in the common property or to delegate their voting rights to another person on various matters discussed in the general assembly, with each co-owner's vote proportional to their ownership share.

- The right to run for election to the board of the condominium juristic person.

- The right to approve or disapprove various agreements made in the general assembly according to the agenda.

- The right to sign a petition to request the board of the condominium juristic person and/or the manager to call an extraordinary meeting when necessary.

The roles, responsibilities, rights, and powers of co-owners in managing and cohabiting in the condominium make it essential for new co-owners to prioritize attending the first general meeting, which, by law, must be held within six months of the condominium's registration as a juristic person. This first general meeting is crucial for establishing agreements, rules, and etiquette for cohabitation among all co-owners. Participating in this initial meeting allows us to contribute to setting the rules and standards for living together from the start. Here are 8 reasons why co-owners should attend the first general meeting:

1. The right to jointly appoint the first manager of the condominium juristic person, ensuring transparency in management and care for our living conditions.

2. The right to participate in reviewing the budget or plans for common expenses, determining how funds should be allocated and managed.

3. The right to select co-owners to serve on the board of the condominium juristic person, with a minimum of 3 and a maximum of 9 members, serving terms of 2 years. Co-owners should research candidates and choose trustworthy individuals to manage the condominium.

4. The right to review and approve the regulations of the juristic person to ensure compliance with the rules before voting on them.

5. The right to review and approve the living regulations of the condominium juristic person to ensure they are suitable for co-owners.

6. The right to vote on proposals for utilizing common areas for profit without impacting other co-owners, which can generate income for the condominium juristic person, reduce expenses, and delay increases in common fees.

7. The opportunity to learn about various management strategies within the condominium from the management company.

8. To be informed about the progress of the handover of common areas from the project owner.

As you can see, attending the first general meeting of co-owners is crucial for determining the management style and methods that benefit cohabitation. Living in a condominium involves a large group of people with diverse lifestyles, and establishing rules and fostering mutual understanding are key to creating a sustainable and pleasant community.

Now that you understand this, once you transfer ownership of your condominium, make sure to attend the general meeting of co-owners. For those who have been living in a condominium for a while, there will be an annual general meeting to update you on the operations of the condominium juristic person, including details about building management and the election of new board members and managers, typically held in the first half of the year. I recommend everyone participate to protect your interests. If you have never attended a meeting, start in the new year 2023!

Looking forward to sharing more good things with you in 2023. Happy Year of the Rabbit!