Harveyboy Posted January 31, 2018 Share Posted January 31, 2018 Hello to all here on TV. can anyone shine a light on this little request ..does anyone know if there is a minimum age that a property can be put into my childs name he is still only a few months old but wanted to put it as a legacy for later .its a condo that i thought about selling but then the cash gets spent thought this might be a better option..any help appreciated Link to comment Share on other sites More sharing options...
nabbie Posted February 1, 2018 Share Posted February 1, 2018 No age restriction as long as your child is Thai citizen - just in my personal thought. In addition, anyone selling the property must be over age of 20. Link to comment Share on other sites More sharing options...
BEVUP Posted February 1, 2018 Share Posted February 1, 2018 Many threads on this , but here's a couple of points * Property must be fully paid for * There must be a Guardian for child to the age of 20 (some will ? this ) & be very careful as the LD may insist it has to be a Thai (meaning Wife / GF ) *** BE VERY CAREFUL - That the LD doesn't put it 50/50 on the back of chonote if your wife/GF ends up being Guardian (alot of Thais go this way, incase child ends up a rotten apple ) * Cannot be Mortgaged or sold without Court approval & money should be held by Gov Dept for childs interest Some of the points obviuosly only relate if you are not single Link to comment Share on other sites More sharing options...
Jimbo2014 Posted February 1, 2018 Share Posted February 1, 2018 I looked into this and it can be problematic. As others have said, If you place the property in the childs name and they are under 20 then the childs guardian can act in the childs interests - ie: the guardians interest. If the child is over 20 then you have to trust your child doesnt go through a bad phase of drugs or gambling or other problem and doesnt end up liable for anything. One option for you may be to obtain a usefact agreement. As far as I know these are very valid in Thailand. Its a fairly simple agreement that guarantees you full use of the property (effective to ownership) for your life. This involves you having your name on the back of the land paper which means that noone can loan against the property or sell the property without your permission. Your rights are full - can rent or sub-let the property as you wish. This document should remain valid in any situation - although as far as I know it has never been contested. A clearer explanation is here: https://www.siam-legal.com/realestate/Usufructs.php As a disclosure, I have a usefact on my house with my X - we are good friends and get along well but the paper also gives me some reassurance. Link to comment Share on other sites More sharing options...
BEVUP Posted February 1, 2018 Share Posted February 1, 2018 49 minutes ago, Jimbo2014 said: This involves you having your name on the back of the land paper which means that noone can loan against the property or sell the property without your permission. Absolute BS The court can give permission to Mortgage /sell the property if it is only beneficial to the child under 20 yrs old (the Guardian shall do the leg work ) Once the child reaches 20 yr old (still having the property in the care of the Guardian ) it shall be signed over to them (if totally in the childs name ), but it is very common from the start that the Guardian (no doubt parent ) will be in 50/50 partnership with the child (in case they go bad ) Link to comment Share on other sites More sharing options...
khunPer Posted February 1, 2018 Share Posted February 1, 2018 No minimum age, but need a guardian – don't know if that has to be a Thai national, in my case the Thai mum is guardian – any eventual documents like lease, superficies, or usufruct, shall be made before transfer, as it may be difficult or impossible to have them registered when land is owned by a minor. Also mortgage might be difficult, if not impossible; however, registrations on back of a title deed might be handled different in various Land Offices, so check first locally, or with a local lawyer, if any of that is needed. Link to comment Share on other sites More sharing options...
Jimbo2014 Posted February 5, 2018 Share Posted February 5, 2018 On 01/02/2018 at 4:04 PM, BEVUP said: Absolute BS The court can give permission to Mortgage /sell the property if it is only beneficial to the child under 20 yrs old (the Guardian shall do the leg work ) Once the child reaches 20 yr old (still having the property in the care of the Guardian ) it shall be signed over to them (if totally in the childs name ), but it is very common from the start that the Guardian (no doubt parent ) will be in 50/50 partnership with the child (in case they go bad ) The comment you quoted me on was "This involves you having your name on the back of the land paper which means that noone can loan against the property or sell the property without your permission." This was not in reference to the child being on the property. It was concerning the usefact agreement. How is this statement "Absolute BS"? This is precisely what occurs when you organise a usufruct agreement. Read up http://www.isaanlawyers.com/usufruct-agreement-thailand/?gclid=EAIaIQobChMIn46zvJOO2QIVVRmPCh19FQ74EAAYASAAEgLKfPD_BwE Link to comment Share on other sites More sharing options...
BEVUP Posted February 5, 2018 Share Posted February 5, 2018 1 hour ago, Jimbo2014 said: The comment you quoted me on was "This involves you having your name on the back of the land paper which means that noone can loan against the property or sell the property without your permission." This was not in reference to the child being on the property. It was concerning the usefact agreement. How is this statement "Absolute BS"? This is precisely what occurs when you organise a usufruct agreement. Read up http://www.isaanlawyers.com/usufruct-agreement-thailand/?gclid=EAIaIQobChMIn46zvJOO2QIVVRmPCh19FQ74EAAYASAAEgLKfPD_BwE No need to read up as I have personal experience - I even got to see a prospective buyer looking at the house & land (they even asked about the boundaries ), but then found out about my Usufrut & didn't buy from now the NEW owner Oh guess who did all the paper work for my Usufrut at the Land Office in triplicate Yep you got it ! Sebastion (actually his partner as he couldn't do himself ) some 8 yrs ago through Isaan Lawyers Oh & if you keep browsing TV you will come across a thread where an OP has just had the same done to him (Property mortgaged high & will no doubt be sold ) he got quite a shock I have also read the law & we Usufrutees have no say in another persons Chanote as we are only the users of the land Link to comment Share on other sites More sharing options...
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