Usufruct With Option To Transfer Property Ownership Into Thai Persons Name

[fvdv]

As a foreigner, I would like to contract a lifelong usufruct with the actual Thai owner of land and its house.

However, would it be legally enforceable to include a clause that permits the transfer of the property ownership from the actual owner to another Thai person (future wife / GF) of my choice ?

The problem is: I found a nice advertised house but at present I do not have a Thai wife or serious GF who could own it and grand me the usufruct...

Thank you very much in advance for your help!

[Langsuan Man]

Short answer yes, a usufruct can be inherited by your heirs, but save yourself some grief and get a lawyer to write it up to insure that it is worded correctly

A usufruct can be either for the life of the lessee or for a set period of time (not to exceed 30 years)

But before you proceed understand that most Thai owners don't want to be bothered with a usufruct, since it requires a lawyer and they are loathe to deal with lawyers. And they or their heirs can't understand that they will get the property back at the end of the lease

[fvdv]

Thank you for your reply.

What I mean is can a usufruct with the actual thai owner be transformed into an acquisition title in favour of a Thai national of my choice (eg future wife) ?

If so, is it legally binding ?

Thanks again for your help.

[Gerald14]

Just enter into the usufruct with the actual Thai owner and if the house in a future point is registered into your future wife's name draw up a new one. Just worry about the present and handle the next step when it happens.

[Langsuan Man]

Just enter into the usufruct with the actual Thai owner and if the house in a future point is registered into your future wife's name draw up a new one. Just worry about the present and handle the next step when it happens.

Don't want to rain on your parade but the original issuer of the usufruct will have to agree to any change, if they are smart they won't, since there is nothing in it for them. Your future wife will get what remains of the usufruct (out of the 30 years) when you die per your will

This one of those situations where purchasing via the company route is doable, since once you die the company will be closed by your death and your wife at the time can now own the property in her name or sell the company to another farang . Or If you want to turn the property over to her later on, then you just legally close the company and gift the property to her and then have her give you a usufruct

All of which can be done by a competent lawyer

[Khun Jean]

I would advice the OP to ingore all the posts above as they are incorrect.

Do a search instead on this forum as there is plenty to read about the subject.

And since when can a usufruct go to your heirs? A reference would be nice.

Also a usufruct does not have to be made again when land is transferred, especially when the new owner is your wife!, that is the whole point!

You also not need a lawyer, a usufruct is a standard document that you can get at the landoffice. It will cost you 180 baht and is the best document you can have as it is clear of all the lawyer nonsense that actually make it a less strong document.

If you make a usufruct with the Thai owner, you want to make a separate contract for the planned title transfer, in practice an option to buy that specifies the amount and timeframe.

Good luck on doing that, or be prepared to pay for it, as it is not really in the owners interest to do that. If you specify a good price and a reasonable timeframe, like within a year (maybe two) the owner might agree.

Edited May 26, 2013 by Khun Jean