Thread: usufruct on new house?

There's a lot of misinformation on this thread.

If the OP wishes to avid paying a lawyer, he can get a standard wording from the Land Office. Then he will need to have it translated. It's worth paying a lawyer to advise and amend the standard wording as appropriate.

The usufruct should be registered with the Land Office. That secures the agreement and would dissuade anyone from buying or lending money against the property.

Joint property bought after a legal marriage can be divided equally. In effect, that means each party is entitled to half the proceeds of sale or it can be taken into account in the divorce settlement.

Originally Posted by Morden

There's a lot of misinformation on this thread.

If the OP wishes to avid paying a lawyer, he can get a standard wording from the Land Office. Then he will need to have it translated. It's worth paying a lawyer to advise and amend the standard wording as appropriate.

The usufruct should be registered with the Land Office. That secures the agreement and would dissuade anyone from buying or lending money against the property.

Joint property bought after a legal marriage can be divided equally. In effect, that means each party is entitled to half the proceeds of sale or it can be taken into account in the divorce settlement.

Right there, lots of mis information.
You can print a usufruct off the computer, you can not amend anything, the civil code is all you get.
A usufruct gives a farang absolutely no protection, if any thing it put him in a worse position.
Usufructs are business contracts under the Thai Tax and Revenue code and where aliens are involve come under the double taxation treaties. Jim

Originally Posted by jamescollister

Originally Posted by Morden

There's a lot of misinformation on this thread.

If the OP wishes to avid paying a lawyer, he can get a standard wording from the Land Office. Then he will need to have it translated. It's worth paying a lawyer to advise and amend the standard wording as appropriate.

The usufruct should be registered with the Land Office. That secures the agreement and would dissuade anyone from buying or lending money against the property.

Joint property bought after a legal marriage can be divided equally. In effect, that means each party is entitled to half the proceeds of sale or it can be taken into account in the divorce settlement.

Right there, lots of mis information.
You can print a usufruct off the computer, you can not amend anything, the civil code is all you get.
A usufruct gives a farang absolutely no protection, if any thing it put him in a worse position.
Usufructs are business contracts under the Thai Tax and Revenue code and where aliens are involve come under the double taxation treaties. Jim

I rely on my lawyer's advice rather than anything here.

Morder I'm not giving advice just stating the fact that a usufruct is a business contract under Thai tax law.
Here's the UK treaty with Thailand.


DT18706 - DT: Thailand: double taxation agreement, Article 7: Income from immovable property

(1) Income from immovable property may be taxed in the Contracting State in which such property is situated.

(2)

(a) The term `immovable property` shall, subject to the provisions of subparagraph (b) below, be defined in accordance with the law of the Contracting State in which the property in question is situated.
(b) The term `immovable property` shall in any case include property accessory to immovable property, livestock and equipment used in agriculture and forestry, rights to which the provisions of general law respecting landed property apply, usufruct of immovable property and rights to variable or fixed payments as consideration for the working of, or the right to work mineral deposits, sources and other natural resources; ships, boats and aircraft shall not be regarded as immovable property.

(3) The provisions of paragraph (1) of this Article shall apply to income derived from the direct use, letting, or use in any other form of immovable property.

(4) The provisions of paragraphs (1) and (3) of this Article shall also apply to the income from immovable property of an enterprise and to income from immovable property used for the performance of professional services.

I rely on my lawyer's advice rather than anything here.[/quote]


u do know, there are no honest lawyers. well meybe one. somewhere. and by f*** he's yours. well done that man.