If you are looking at buying property in Phuket with usufructs registered over it speak to a property lawyer in Phuket first. The usufruct usage in Thailand is allowed in Thailand and we cover it here. Be aware of the use of the usufruct in Thailand and how it affects the property. Call us today in Phuket!
Thai law allows you to register a usufruct over immovable property in Thailand. What would one consider immovable one could very well look at British law as being defined as property which is affixed to the land in such a way that removal of it destroys the property itself. Now having a usufruct over a property allows you to manage the property. If you have a usufruct over a forest then by law you would be allowed to exploit the forest. The very same goes with a mine or say a coconut plantation. Your usufruct would allow you the ability to use and exploit the minerals or fruits of the land.
Normally the usufruct is registered for a period of time or for the lifetime of the usufruct holder. The destruction of the property however becomes very complicated. You need to speak to a property lawyer in Phuket should the property which you have a usufruct for is destroyed or damaged. The law becomes very complicated at that stage. Further to this is the abuse of the usufruct by a holder. If the holder of the usufruct is doing what is illegal or destroying the property the owner of the property can demand security for the use of the usufruct. These sorts of situations will however end up in a Thai court.
Finally the usufruct holder is responsible for property taxes and other expenses to maintain the property. Once the usufruct comes to an end, you have 1 year to claim any damages or to solve any issues with regards to the usufruct. If you are buying property in Phuket then speak to any of our attorneys with regards to usufructs and their use in Thailand. Speak to us online, in person at any of our offices in Thailand or via our toll-free US and UK numbers.