Usufruct Registration in Chiang Mai

[LivinLOS]

No idea on if its what an owner might jump on.. Some might, some might not, depends on the terms I guess.

it would be a good deal for both of us and he'd get a very nicely renovated place when we leave or die - it would have to be tied up very tightly so we had guaranteed rent increase limits and he would have claim to our estate should we die before it's all up.

A cynical, but probably wise adage of living here is.. Never be worth more dead than alive.

[dcnx]

WOW long post for a small Q.

Rental returns here are awful. The rest is so variable its impossible to answer..

yup my 8 to 9% NET returns over the last 8 years are AWFUL

In 15 years in rental homes I have paid 2 - 4 % of the property value in annual rents.

Then the homes needed maintaining.. 2 of those 7 or so properties cost more in maintenance than my rent gave them. One of those properties, a miulti million dollar clifftop villa, the retaining wall gave way and the villa ended up a total loss, half of it at the bottom of the 25 cliff.. Millions of usd flushed.. The Thai insurance refused to pay the farang.

I just moved last month, into a lovely budget home with pool, large garden, etc where rent is less than I have had electric bills.

well I own several condos in Chiang Mai - renovated them - I get 8% minimum RoI for most of the last decade and they have nearly paid for themselves

Not bad at all. You do mostly long term contracts with your tenants?

[louse1953]

to be safe you will need 3 things:

• usufruct for life
• Will if your wife or friend dies
• undated PoA with signed ID

good luck, stay safe and make sure your names on the Chanot and you have those three

No usufruct for life.

[MadMac]

No usufruct for life.

What makes you say that?

[Mark0]

to be safe you will need 3 things:

1. usufruct for life
2. Will if your wife or friend dies
3. undated PoA with signed ID

good luck, stay safe and make sure your names on the Chanot and you have those three

Have all there and usufruct was registered same day at Sansai office. I know I was there .

Lucky - most offices do do it same time but San Sai is very nervous about it (I know I was there a few weeks ago registering my Usufruct)

You got a Usufruct registered just a few weeks ago at San Sai land office ... good news !!

I asked a few lawyers recently in Chiang Mai, telling me it's more difficult there since about 2 years. Officers there are worried making mistakes and therefore "prefer" 30 years lease agreements (what ever 'prefer' might mean) ... ;-)

Guess I gonna try my luck then there as well !

[MadMac]

Don't listen to what lawyers tell you. I wrote already what you need to do. Go to the land office and use the standard form. No questions asked.

If you have a lease agreement, it will be taxable. Usufructs not. Adding more complications. Lawyers and their wallets love that <deleted>.

Edited May 1, 2016 by MadMac

[zeekgarcia]

OK, apologies for the long rambling post. The shadow had passed the sundial, so to speak.

So, the sober potted version, if a house valued at say 2 million were on the market and an investor were to buy knowing that he could get a usufruct year lease, paid annually in advance, with massive improvements to the property value at the end of that lease, what return in very general terms would he be looking at on his 2 million?

I realise that I kind of hijacked a topic and may need to start another thread more for investors.

sent you a message

[LannaGuy]

On 5/1/2016 at 2:50 PM, Mark0 said:

You got a Usufruct registered just a few weeks ago at San Sai land office ... good news !!

I asked a few lawyers recently in Chiang Mai, telling me it's more difficult there since about 2 years. Officers there are worried making mistakes and therefore "prefer" 30 years lease agreements (what ever 'prefer' might mean) ... ;-)

Guess I gonna try my luck then there as well !

got my lifetime in San Sai they just want you to wait a month or two after buying your place

[DiamondKing]

Did the same 4 years ago at hang Dong land office very painless no lawyers I filled the from in signed it they added my name to the Chanote and then I gave the guy a cashier check for the house after it was all done.

My wife is fully informed (by the Land Dept) she can do nothing with the house without my input and permission.

Edited April 25, 2017 by DiamondKing

[LannaGuy]

21 hours ago, DiamondKing said:

Did the same 4 years ago at hang Dong land office very painless no lawyers I filled the from in signed it they added my name to the Chanote and then I gave the guy a cashier check for the house after it was all done.

My wife is fully informed (by the Land Dept) she can do nothing with the house without my input and permission.

good news and I hope this stays under the radar as we have no idea what this government might do in the future with Usufucts