Condo SOLD price

[Inn Between]

Wouldn't the heir named in the will be given the condo itself rather rather than instructions specified in the will for it be sold by the executor and the proceeds of the sale forwarded to the one inheriting the assets? It seems like a very strange and convoluted way to settle property in a will. Perhaps the executor should check the details again to see if they're actually required to do this. 

Edited March 30, 2019 by Inn Between

[Spaniel]

12 hours ago, KittenKong said:

If it is only one Pattaya condo and nothing else then very little work. It would be unusual however for people to have only one condo and nothing else at all. Most people might also have a car, a pension, savings, bank accounts, other investments .......

He does, but that is covered by his stateside will,   which I have nothing to do with.

[KittenKong]

19 minutes ago, Spaniel said:

He does, but that is covered by his stateside will,   which I have nothing to do with.

I dont understand. Someone else in the US will be dealing with his other Thai assets/estate under a US will? Or are you saying that he has no Thai assets/estate at all apart from the condo?

[Spaniel]

2 minutes ago, KittenKong said:

I dont understand. Someone else in the US will be dealing with his other Thai assets/estate under a US will? Or are you saying that he has no Thai assets/estate at all apart from the condo?

He has two wills.     One covers his assets in the US.   The Thai will covers his assets here in Thailand, his condo.

[KittenKong]

Do you know if the US beneficiary would want to have the condo or the value of the condo? This could make a difference to the amount of work involved, and also the cost. Condo inheritance is treated pretty much as a sale in Thailand, so if she only wants the money you would need to arrange probate and then to sell it, so as to avoid paying more transfer tax.

Then you have the question of repatriating the money. You should probably get copies of FET forms now to help with that.

[KittenKong]

1 minute ago, Spaniel said:

He has two wills.     One covers his assets in the US.   The Thai will covers his assets here in Thailand, his condo.

I understand that. But you haven't answered the question: does he ONLY have a condo here? No bank accounts, no car, no motorbike, nothing else?

[Spaniel]

1 minute ago, KittenKong said:

Do you know if the US beneficiary would want to have the condo or the value of the condo? This could make a difference to the amount of work involved, and also the cost. Condo inheritance is treated pretty much as a sale in Thailand, so if she only wants the money you would need to arrange probate and then to sell it, so as to avoid paying more transfer tax.

Then you have the question of repatriating the money. You should probably get copies of FET forms now to help with that.

She is not interested in the condo and would want the money from its sale transfered to her in the USA.     What are FET forms and where do I get them?

[Spaniel]

5 minutes ago, KittenKong said:

I understand that. But you haven't answered the question: does he ONLY have a condo here? No bank accounts, no car, no motorbike, nothing else?

Yes, only the condo.    He does have a bank account but very little cash in it.    For his visa he used the Embassy letter method.    He will now use the B800,000 method which means he bank account will be considerably larger.    Next time I see him I will talk to him about that.

[KittenKong]

The owner of the condo should have got them when he transferred money in. They may have been called tor tor sam (TT3) if that was some years ago. His bank issues them.

 

You will need to get probate, find a buyer, arrange the sale, pay a proportion of the transfer fees and taxes (negotiable) and then send the remaining money on to her. A decent agent would be expected to assist with this, if you can find one. And you may want to use a lawyer to do the probate.

 

Of course, this all assumes that the condo is in his name and not company name.

[KittenKong]

Just now, Spaniel said:

He will now use the B800,000 method which means he bank account will be considerably larger.    Next time I see him I will talk to him about that.

That will form part of his estate and in theory probate will need to be obtained for it also. Putting the account into joint names would not be acceptable to immigration, though it would get round the need for probate.

[Spaniel]

The condo is in his name.    It's a nice place and would probably sell for around 6 million.      Thanks for the info.

[newnative]

   Reading these last few post highlights what I said originally about giving some thought to being an executor because it can be more work than you would think.  If I could make a suggestion.  I think you, Spaniel, should sit down with let's call him Joe--the guy you're executor for and say, "OK, Joe, I've just been told that you have died.  I'm your executor for your Thai will. What, specifically, am I to do here in Thailand?"  Bring  a notepad and have Joe be detailed.  Where is the will?  Is there a version in Thai?  Where in the chanote? How do you gain access to Joe's condo? Who do you need to notify of Joe's death or will someone else do that?  Who's handling his body? Funeral?  Is there no bank account at all in Thailand?  What specifically is to be done with the condo?  And, how?  How do you pay for things if there are expenses involved, such as hiring a lawyer if needed?  If I were the executor these are some of the things i would want to nail down while Joe is alive.

[newnative]

    Sent my last post before I saw there will likely be a sizeable Thai bank account involved.  That's a whole nother set of questions for Joe.  The bank account should be in the will.  Is it?  The will should also have the bank details--bank name, branch, account number.  Does it?  Is dealing with the account part of your executor duties?  Who is the beneficiary?  I assume it's the beneficiary of the condo but the will needs to state this.  Does it?  Where is the bank book kept?  Etc.

[bkk6060]

What a hassle..

This thread is a perfect example why I would never buy a condo here.

I would never subject my family to all the BS.

99.9 percent of my assets thankfully remain in my home country.

Edited March 31, 2019 by bkk6060

[KNJ]

Lets get a couple of things ironed out:

 

Probate only comes into play in essence where there is no will.

 

Executor is responsible for executing the terms of the will ( it helps when the deceased person makes it clear as to what they want doing with assets - and any debt owed needs to be cleared first )

 

It is VITALY important that the US will states that it only covers US assets.

Equally that a Thai will states it only applies to Thai assets, failing to do one or either of these will result in the second will superseding the first - be warned.

 

Do you have a complete list of assets?

 

Pensions need to be considered, some are transferable and some not, depends on circumstance.

 

Are there any specific items of "importance" e.g. Aunty Mary's old hat pin, medals from the Boer War, etc which need to go to specific members of the family.

 

Let this be a lesson to all, Dying intestate causes no problem for the dead, but can create much headache for those they leave behind.

Get your life( Death) sorted out, as it will cause, confusion, delay, and no doubt arguments where assets are involved

[topt]

2 hours ago, KNJ said:

Probate only comes into play in essence where there is no will.

My understanding is that this is not correct when it comes to assets in Thailand. 

 

According to posts in other threads you still need a lawyer to go to court with the executor for the judge to agree on the validity of the will. 

See post #146

https://forum.thaivisa.com/topic/447336-will-advice/page/10/

 

[gunderhill]

On 3/29/2019 at 1:06 PM, KittenKong said:

 ...... have him stuffed and mounted and put on display because he is unique.

 

I would never trust anyone in any way connected with real estate here. To do so would be utter insanity.

Everyone involved in ANY way takes a  cut, from the maid to the security guy, it can be as  little  as the maid  calls   the agent to say "someone  looking for condo here".

You cannot  trust anyone in real estate here and in many other countries, it's  easy money.

Edited March 31, 2019 by gunderhill

[newnative]

28 minutes ago, topt said:

My understanding is that this is not correct when it comes to assets in Thailand. 

 

According to posts in other threads you still need a lawyer to go to court with the executor for the judge to agree on the validity of the will. 

See post #146

https://forum.thaivisa.com/topic/447336-will-advice/page/10/

 

And, the will needs to be in Thai.

[KNJ]

35 minutes ago, topt said:

My understanding is that this is not correct when it comes to assets in Thailand. 

 

According to posts in other threads you still need a lawyer to go to court with the executor for the judge to agree on the validity of the will. 

See post #146

https://forum.thaivisa.com/topic/447336-will-advice/page/10/

 

That would be useful, but it is not Probate.

 

I would most certainly recommend a lawyer to be involved ( once you have found one you can trust) to ensure it goes smoothly This applies in Thailand as in any other country.

[topt]

1 minute ago, KNJ said:

That would be useful, but it is not Probate.

It may be country specific but interested to know what your definition of Probate is?

This is from the UK - https://www.gov.uk/wills-probate-inheritance

Quote

Applying for the legal right to deal with someone’s property, money and possessions (their ‘estate’) when they die is called ‘applying for probate’.

 

2 minutes ago, KNJ said:

his applies in Thailand as in any other country.

Disagree - know several people recently who have gone through probate in the UK without using a lawyer.

[Spaniel]

On 3/31/2019 at 9:44 AM, newnative said:

    Sent my last post before I saw there will likely be a sizeable Thai bank account involved.  That's a whole nother set of questions for Joe.  The bank account should be in the will.  Is it?  The will should also have the bank details--bank name, branch, account number.  Does it?  Is dealing with the account part of your executor duties?  Who is the beneficiary?  I assume it's the beneficiary of the condo but the will needs to state this.  Does it?  Where is the bank book kept?  Etc.

The bank account is listed in the will and the beneficiary is his sister.     Where is the bank book?   That's one of the questions  I have for my friend as well as several others as noted in your post #42.     I assume I will have a number of expenses associated with selling the condo.    How do I get reimbursed?    My guess is that when the condo is sold I deduct my expenses from the sale?     Also am I entitled to a sales commission?

[newnative]

19 minutes ago, Spaniel said:

The bank account is listed in the will and the beneficiary is his sister.     Where is the bank book?   That's one of the questions  I have for my friend as well as several others as noted in your post #42.     I assume I will have a number of expenses associated with selling the condo.    How do I get reimbursed?    My guess is that when the condo is sold I deduct my expenses from the sale?     Also am I entitled to a sales commission?

All good questions.  Ask Joe.

[KittenKong]

7 hours ago, Spaniel said:

My guess is that when the condo is sold I deduct my expenses from the sale? 

All expenses would be deducted from the estate. Nothing complicated there.

 

Spaniel: Also am I entitled to a sales commission? 

 

That might be a conflict of interest. You should find out what the beneficiary thinks about that and also get the condo owner to specify in his will what you can and cannot deduct.

Edited April 1, 2019 by KittenKong

[newnative]

3 minutes ago, KittenKong said:

All expenses would be deducted from the estate. Nothing complicated there.

 

That might be a conflict of interest. You should find out what the beneficiary thinks about that and also get the condo owner to specify in his will what you can and cannot deduct.

Actually Spaniel asked both questions.

[KittenKong]

I'm sorry. Some weird glitch in the forum software. I just clicked on the "quote" pop-up.

 

I have edited it.

Edited April 1, 2019 by KittenKong

[newnative]

1 minute ago, KittenKong said:

I'm sorry. Some weird glitch in the forum software. I just clicked on the "quote" pop-up.

No problem.  Good answers, by the way.

[lamyai3]

On 3/30/2019 at 7:58 AM, KittenKong said:

I wont even start on the highly tedious and unpleasant experience of dealing with Thai contractors and suppliers and agents and the Land Office, and generally getting services turned on and working. This is something I would like to avoid completely if at all possible, just as I would like to avoid contracting syphilis or getting haemorrhoids.

Unlike property headaches, syphilis and haemorrhoids can be easily and inexpensively taken care of on a single visit. 

[Spaniel]

It looks like this will cover my questions about payment.    This is item 8 in the Will.

I authorise that any administrator, executor or trustee of this will shall be entitled to be paid all reasonable  charges for the work done by him or his firm in providing my Will and any codicil to it.

[ivor bigun]

I love Thai pricing of houses and condos,our son has just purchased a house,he got it 3 million cheaper than a house in the next street,which is exactly the same model but not quite as nice,and with a really rough empty one next door.
When i rang to check the price the guy selling would not listen to how much other houses on the estate were selling for,reckoned his was far superior.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app

[bkk6060]

2 hours ago, ivor bigun said:

I love Thai pricing of houses and condos,our son has just purchased a house,he got it 3 million cheaper than a house in the next street,which is exactly the same model but not quite as nice,and with a really rough empty one next door.
When i rang to check the price the guy selling would not listen to how much other houses on the estate were selling for,reckoned his was far superior.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

Unless you have a full disclosure of the sales price and terms of other sales, seems you are just relying on a phone call.

I bet he could not sell it for what it paid for it in 6 months.

But if he is happy, then great!