Usufruct right It is a type of property rights in which the owner retains ownership of the real estate. This is another interesting matter that business people are involved with. Investing in real estate for Thais and foreigners that you should know Because real estate may be subject to usufruct rights. Today, MMOC has gathered knowledge about usufruct rights to share with readers of the article to resolve their questions about usufruct rights.

Usufruct rights What is it?

Usufruct is a principle of rights in real estate law. that will have effects according to the Civil and Commercial Code (Civil and Commercial Code) according to Section 1417 to Section 1428, when the owner of the property has registered the ownership of the usufruct to the legal heir or any person for a certain period of time or for the life of the person receiving the right. by the person who has the right to usufruct (also known as The "right holder") has the right to use the property or reap the benefits from the property legally, such as allowing people to come in and rent and receive rent. Cultivate crops and then sell them to earn income, etc. But the person who has usufruct rights does not have the right to sell, add on, demolish, build, or do anything that changes or destroys the property or immovable property to make it different from the original. Because the real ownership is still the original owner.

Registration of usufructuary rights This can only happen when a legal contract is made. By making a registered letter that expires within the framework of a certain period of time specified in the letter or throughout the life of the person receiving the rights to the official. which when the expiration date of the Sita-kheb book ends The person granted usufructuary rights must return the property, which is land or real estate, to the owner. And whoever will give usufruct rights to that person must be the legal owner of that land or real estate.

Types of usufruct registration

1. Usufruct rights is the registration of usufruct rights that gives usufruct rights. In all property or real estate
2. Partial usufruct is the registration of usufruct that gives the right. Usufruct of some property or immovable property means that the property or immovable property is owned jointly with others. Later, one of the owners who held the property wanted to give the usufruct to someone. Such rights will cover only the portion of the owner's ownership, not all property or real estate rights.
3. Without usufruct rights is the registration of usufruct rights that gives the right to collect. Inheriting part of the property or immovable property means that the property or immovable property is owned jointly with others. Later, one of the owners who held the property wanted to give the usufruct to someone. Such rights will cover only the portion that that owner owns. It does not cover all property or real estate rights.
4. Usufruct rights cover is the registration of usufruct rights in a single case. with the case of no usufruct rights The difference is that the parties have made an agreement together. It is based on the fact that land that is separated or remaining from the original land is covered by usufruct rights. Can be held or used legally.
5. Cancellation of usufruct rights is the registration of cancellation of usufruct rights that is effective. Mandatory by law This can be done in cases where both partners want to cancel their usufruct rights. or the person who received usufruct rights dies However, the owner of the property or real estate must be the one to submit the cancellation request.

Advantages of registering usufruct rights

Registering usufructuary rights also benefits foreigners' land ownership. According to the law, foreigners can own land only if they receive it through inheritance. The holding can be no more than 1 rai or there must be an investment in Thailand of 40 million baht or more. If a foreigner receives usufruct rights, he will be able to possess and use the usufruct rights for life.

Disadvantages of registering usufruct rights

Person with usufructuary right Will have the right to rent or collect benefits from the land, but will not be able to sell the property or real estate that has been granted usufructuary rights. This right still belongs to the sole owner. Moreover, the person who receives usufructuary rights cannot make a will to bequeath the land or immovable property that has been granted as inheritance to his or her heirs. If the usufructuary dies, the usufruct is void and all possession rights in the land or immovable property revert to the owner of the land. or heirs of the original owner of the property.

In the event that the usufructuary holder dies It is the cause of the usufructuary rights in the land or real estate to be extinguished according to the Civil and Commercial Code. (Compression and Civil and Commercial Code) Section 1418 allows the person authorized to record the words of the land owner according to the printed form Tor.D. 16 about the reasons why the usufructuary right must be terminated by submitting a copy of the death certificate or court order or other reliable evidence along with certification that the usufruct holder has actually died or died Therefore, the usufructuary right can be registered.

What you should know about registering storage rights Eat

1. If based on Section 1417 of the Civil and Commercial Code, the rights holder Thais have the right to use or receive interest in assets such as forestry, mining, or quarrying, while foreigners cannot register usufructuary rights in the case of using such benefits. Because operating a forestry business, mining or quarrying is classified as a prohibited business for foreigners in Thailand. which is based on the list at the end of the Foreign Business Act. 1999
2. Foreigners' usufruct rights cover only possession and residence. Only in the land But it can be understood that foreigners want to use their usufruct rights to circumvent the law. The best way is to register the right of residence instead of registering the right of usufruct in cases where you want to occupy or live there and not use it for any business.
3. Whoever grants usufructuary rights must be the owner of the land. Legitimate

Registration documents

Registration of usufruct rights has the required registration documents. As follows

1. Land title deed or certificate of utilization
2. Identification card with a signed copy
3. First name and last name change form (if any)
4. Copy of house registration with signed copy< /li>
5. Marriage or divorce certificate (if any)
6. In case of having a spouse, there must be a letter of consent to enter into the legal act of the spouse. It is attached with a copy of the identification card which has already been signed.

Steps for registering usufructuary rights

Registration of usufruct rights has registration steps. As follows

1. Submit all registration documents at the land office in the area of responsibility for that plot of land. Located
2. Fill in the details in the request document in the service box and sign it< /span>
3. In the case of registration of usufruct rights with compensation A fee of 100 baht must be paid per request and a receipt will be received. Or in the case of registering usufruct rights without compensation, a fee of 50 baht per application must be paid and receipt received.
4. Bring the receipt to the official at the service counter. Then wait for the process to take approximately 1 hour.
5. Return all documents. Ready to check the correctness of the documents By turning the back of the document to see that the name of the person receiving usufruct rights is specified. or the right holder For how long and check the date indicating the beginning of receiving usufruct rights as well as the name of the land owner. and size of land

Ref.DD Property and Baania