Furthermore, additional protection for buyers of condominium units was provided this year through the enactment of the Escrow Act, B.E. 2551 (2008). Although the provisions of the Escrow Act are optional for condominium purchases, it does provide a way for a potential purchaser to protect deposits for condominium purchases from being used (and potentially lost) by a developer when short of funds. See “Escrow Business Law” for more information about the Escrow Act.
Unit Title for Owners of Condominium Units
Under the Condominium Act (including No. 1 – 4),