Land purchase for kids, minimum age?

[thecaveman]

I am currently considering to buy some land for my thai kids. One of them is 15 years old, the other one soon to be 17. What is the minimum age for a Thai in order to have the property being registered in his own name (if any)?

 

As I assume this subject may have been discussed before, I would be grateful for beeing directed to any relevant thread.

Edited September 17, 2019 by thecaveman

[BritManToo]

No minimum, you can buy if for them the day they get a Birth Certificate.

No loans on the land allowed thought, kids can't have debt.

Put yourself down as the land manager until they are of legal age.

 

PS.

that doesn't mean the land office won't attempt to conspire with mom against the kids interests

(by telling you she has to be owner or manager).

Edited September 17, 2019 by BritManToo

[ThomasThBKK]

No minimum, but to sell it you need a court order if it's in your kids names.

But since they turn 18 soon... no problem

[scorecard]

Great idea and I admire your desire to take care of your kids.

Good luck.

 

My Thai son recently completed his will and (with his wive's instant agreement) he left his land and house equally to his 3 kids: 14, 8, 3.

 

Trusted lawyer double checked with the local LTO here in Chiang Mai, they confirmed it can done without complications but as already mentioned it can't be sold (other than by court order which apparently is almost impossible to achieve) until all 3 kids reach majority. 

[thecaveman]

17 minutes ago, ThomasThBKK said:

But since they turn 18 soon...

Did you really mean 18 or 20?

 

Thx for your, for BritManToo's and for scorecard's  replies!  

Edited September 17, 2019 by thecaveman

[ThomasThBKK]

37 minutes ago, thecaveman said:

Did you really mean 18 or 20?

 

Thx for your, for BritManToo's and for scorecard's  replies!  

You are right, it's actually 20 years until they have majority here and can sell it on their own.

Which may be good anyway, or is there any plan to sell it soonish?

[thecaveman]

52 minutes ago, ThomasThBKK said:

or is there any plan to sell it soonish?

Not at all! The later, the better, preferably never.

[LukKrueng]

15 hours ago, BritManToo said:

Put yourself down as the land manager

What is a land manager and where do you register such a thing??

[BritManToo]

12 minutes ago, LukKrueng said:

What is a land manager and where do you register such a thing??

There's a space on the land title form if the owner is under age.

Can't be changed once it's done, except by death.

[harry1465]

i have a nice piece of land 77 Wah  behind mae jo university approximately 3 Kilo in. great investment for kids going to university. 600,000 baht and negotiable.

[khunPer]

On 9/17/2019 at 9:43 AM, thecaveman said:

What is the minimum age for a Thai in order to have the property being registered in his own name (if any)?

In my case a Birth Certificate with an ID-number, as @BritManToo also mentioned. You might need a guardian also. Be aware that it might be extremely complicated to sell or transfer any property registered in the name of a minor.

 

A minor can also own shares in a company limited.

[ubonr1971]

On 9/17/2019 at 3:04 PM, BritManToo said:

No minimum, you can buy if for them the day they get a Birth Certificate.

No loans on the land allowed thought, kids can't have debt.

Put yourself down as the land manager until they are of legal age.

 

PS.

that doesn't mean the land office won't attempt to conspire with mom against the kids interests

(by telling you she has to be owner or manager).

Are you saying that if the wife buys a house and needs a loan from the bank that we cant have it in our childs name. Only the wifes name?

[BritManToo]

1 hour ago, ubonr1971 said:

Are you saying that if the wife buys a house and needs a loan from the bank that we cant have it in our childs name. Only the wifes name?

Yep.