Usufruct Agreement in Thailand
The usufruct, or the “See-tee-kep-kin” as the Thai people call it, is a contract between the owner of a property and the “to be” usufructuary. This type of contract will give the usufructuary “possessory” rights on a stated property, for a stated period of time (or lifetime). In addition, the usufructuary is able to enjoy any profits derived from the property, so long as it is maintained and free from damage or deterioration. The usufructuary can enjoy and use the land as he wishes according to the terms of the contract. On top of that, because this is a “real right”, should the owner of the property die, the usufruct can still maintain his rights after this event.
A very important feature of the Usufruct Agreement in Thailand is that in the event of the death of the usufructuary (not the owner) the agreement is then terminated, meaning it cannot be inherited by another party. Also, the owner has the right to demand that the usufructuary ensures the property against loss, to the benefit of the initial owner.
As the Thai Civil and Commercial Code stipulates, the usufructuary can transfer their rights to a third party. If the usufructuary leases the property to a third party and then dies, the third party-usufructuary maintains the rights of usufruct agreement for as long as the contract reads.
Our contract is based on our experience. We are trying to make it as best as we can to protect the usufructuary according to Thai Law.
In this ZIP file, you will receive a full “Usufruct Agreement” based on Thai Law. It is the perfect and easy document to make an easy and legal sale contract for a car, motorcycle or any other vehicle. We provide instructions in a file called “READ THIS”.