Inheriting a condo

[trogers]

5 hours ago, Delight said:

 Thanks for the correction

 

Does that mean in your case when your mother passes away then you could inherit the whole foreign owned condo without a need to bring in foreign funds?

Does the arrangement applicable to your circumstances also apply to non marrieds. So for example I could add my son's name to my foreign owned condo-such that there would be no need,-when he inherits my half- for him to supply an FET to the land office 

My mother's will benefits my sister, also non-Thai.

 

You can gift half of your foreign-owned condo, which is presently owned wholly by you, to your non-Thai son without a new FET, subjected to proof of relationship and payment of transfer tax.

[inThailand]

On 25/07/2017 at 9:51 AM, trogers said:

It's 50/50 in Thailand.

 

I paid 2% transfer fee on 50% of the condo's assessed value which was in joint names of my parents, when I inherited my dad's share.

So in essence your inheritance of the condo was the same as a purchase? Except you did not have to bring in money? Did you require a debt free letter from the condo JP Mgr? Were you required to provide a certified death certificate?

 

[trogers]

7 minutes ago, inThailand said:

So in essence your inheritance of the condo was the same as a purchase? Except you did not have to bring in money? Did you require a debt free letter from the condo JP Mgr? Were you required to provide a certified death certificate?

 

My parents brought in money to purchase, and will the asset to their children.

 

I guess you can will your condo to a foreign buyer, if you can find one who would pay good money and hope he outlives you...?

 

All documents submitted to the court in processing the will cover every aspects, birth, ID, passports, death certs, relationship chart, and a no-contest letter from my mother and sister.

Edited August 2, 2017 by trogers

[inThailand]

So the probate court issued a document required by the Land Dept to proceed with the transfer? How long did this take?

[trogers]

5 minutes ago, inThailand said:

So the probate court issued a document required by the Land Dept to proceed with the transfer? How long did this take?

The official court letter was to appoint me as the executor of my father's will. The court's decision was published as notice by the court for one month.

 

After this one month, when the court received no challenges, my lawyer obtained the final court order and we went to the Land Office the next day.

 

 

[inThailand]

Sounds relatively quick and painless. Thks!

 

If you were a joint owner with your father would you still have to pay the 2% transfer fee to in essences remove his name from the title?

[trogers]

7 minutes ago, inThailand said:

Sounds relatively quick and painless. Thks!

 

If you were a joint owner with your father would you still have to pay the 2% transfer fee to in essences remove his name from the title?

Transfer fee is payable, but only for % on half of the assessed value.