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trogers

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Posts posted by trogers

  1. 11 minutes ago, newnative said:

         I suppose the 2% could be considered significant or insignificant depending on the value of the condo and the wealth, or lack of it, of the inheritor.  Is 100,000 or 200,000 Baht pocket change, a large amount, or somewhere in between?   Certainly if the inheritor is planning to hold on to the condo it makes sense to me to put it in his name as the owner on the Chanote.  If the condo is going to be immediately put up for sale then the other route might be considered.

        I think your lawyer was incorrect in telling you that you could not have the condo as an asset in your Will without your name on the Chanote as the owner.  Although it was easy to do it the way he did.   There are cases where people have paid the full amount for a condo and purchased it in full from the developer but have not yet received the Chanote because of delays at the Land Office or some problems with the developer getting the paperwork done and submitted.  During this waiting period they can still make a Will directing to whom this asset will go to should they die suddenly before they receive the Chanote.  In my case, I am buying a condo in Bangkok that won't be finished until the end of 2018 but I still list it as an asset in my Will and I direct who will inherit it. 

    Your asset is not the condo, but a promise written in a contract.

     

    Should it be passed on to your heir in this state, your heir could sue for breach of contract should the other party defaults. Same remedy as you would have if still alive.

     

    In the case of the condo remaining in the name of an executor, with the heir being the one and same person, the condo will not be in the will, and would be an asset of the deceased under intestate consideration.

     

    If the executor who died is a different person, the heir can apply to court for the appointment of a new executor. The condo would not be his asset until he owns it, and can be included in his will as such.

  2. 1 hour ago, newnative said:

        You are still incorrect about a new FET being required with an inherited condo.  It is not required.  However, it is nice to know that you have verified the information I gave you in an earlier post about making your son your Executor (administrator) in your Will.  By doing this, your son will not have to pay any transfer fees until he sells the condo.   He just needs to pay a small fee to add his name as Executor to the Chanote.   You are correct that as the  Executor and also the only inheritor, there isn't a time limit on when your son would need to sell the condo.    

    Not worth saving that 2% transfer fee.

     

    Should the heir wants to make his own will, the condo cannot be included as his asset since his name is not in the title deed as owner, only as an executor.  That will create problems down the line.

     

    I signed a new will (pre-drafted by the same lawyer) on the same day my late father's condo was transferred to me. Signed just outside the Land office.

  3. 1 minute ago, huawei said:

     

    Regard delay of transfer. If I inherited a house, which I have, my advice to anyone would be to delay as long as possible because until probate has been granted the rule for sale within 1 year does not kick in. Not the case with a condo.

     

    i agree the name of the person who is identified as the administrator on the chanote and is also the beneficiary doesn't have to actually transfer and would remain as administrator indefinitely....doesn't really make sense to me..

     

    as trodgers has state if the beneficiary inherits the rights of the old FET then that can be used to allow inheritance funds to be transferred out.

     

    the mind boggles..

    Why would inheritance funds not be allowed for transferring out when it was an investment from overseas?

     

    Would be the same as a foreigner bringing money in for investing, and then not allowed to bring them out while he is still alive...

  4. 1 minute ago, Delight said:

     On the topic of inherited rights - I have no clue. Sounds suspicious that rights can be transferred from the dead to the living

    Up to a judge I guess.

    The person who advised me of the 'work around' referenced a farang who held  a condo  'un executed ' for 5 years

    Then decided to sell. Then executed.

     Who decides what is  ' reasonable' time. Given that  'reasonable ' time has elapsed- who then acts?

    From Thai cases, the court shall appoint another executor (if the heirs couldn't agree on the new person) to replace the former executor who has resigned, incapacitated or passed away.

  5. 11 minutes ago, Delight said:

      Probate will determine who gets what

     

    So probate determines that the farang gets the condo

     

    However inorder to get it registered in his/her name the samuiforsale solution will be required.

    Unless the ' work around ' is already in place at the Will  creation stage
     

     

     

    I am saying that the foreign heirs inherited the rights of the deceased, who had obtained through submitting that first FET and the condo unit is within the 49% quota. Thus these heirs do not need to submit new FETs to qualify themselves under 19/1 of the Condo Act. This interpretation is made possible by the Inheritance laws.

     

    Nothing to do with who the estate administrator (executor) is.

     

    I am sure an administrator have to execute the will within a reasonable time period, and cannot withhold actions indefinitely, until he passes away.

  6. 2 hours ago, Delight said:

      I have investigated this apparently confusing issue and  have learned the following:

     

    If as a beneficiary you wish your name to be added to the condominium title deed in the regular way-i.e as full owner -then indeed a FET is required.

    So samuiforsale is correct

     

    The work around.

     

    Ensure that the  beneficiary and the administrator are one in the same.

    So added to the condo title deed will be the name of the administrator.

    It can remain  in this  state for many years.

    No legal requirement to sell.

     

    When the beneficiary choses to sell -then it is the administrators job to transfer the condo to the new owner. The new owner requires the FET

     

    As stated by trogers and huawei  a small tax has to be paid

    Using this work around the both trogers and huawei are correct

     

    Seems another website on inheritance of foreign-owned condos by foreign heirs differ from what you have discovered:

     

    http://www.tilleke.com/resources/inheritance-condominium-units-foreigners-thailand

     

    Click to view the full article.

     

    The conclusion:

     

    The foreign heirs will take over the rights that the deceased has obtained, and can register ownership over the condo, without needing to dispose of it as per the Condo Act.

  7. 1 hour ago, Delight said:

      I have investigated this apparently confusing issue and  have learned the following:

     

    If as a beneficiary you wish your name to be added to the condominium title deed in the regular way-i.e as full owner -then indeed a FET is required.

    So samuiforsale is correct

     

    The work around.

     

    Ensure that the  beneficiary and the administrator are one in the same.

    So added to the condo title deed will be the name of the administrator.

    It can remain  in this  state for many years.

    No legal requirement to sell.

     

    When the beneficiary choses to sell -then it is the administrators job to transfer the condo to the new owner. The new owner requires the FET

     

    As stated by trogers and huawei  a small tax has to be paid

    Using this work around the both trogers and huawei are correct

     

    So, this is a loophole?

     

    The other would be joint ownership. How can a sales be forced (by the authorities) on a Thai-owned condo that is jointly inherited by both Thai and foreign heirs?

  8. Just now, Mike West said:

    She wont do it, she hates confrontation as is working towards her own business ventures with her sisters, so I am thinking we will rent the place out soon anyway. I made friends with a few co onwers in the building that share my annoyances, so hopefully their votes count. thanks 

    In my hunt to buy my first investment condo in 2007, I turned down an offer in a project in Asoke area because the atmosphere at the lobby was too cold and military like.

     

    Orderly and clean...but lifeless. ??

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