Know Your Right EP1: Your Right to get benefit from the piece of land - Usufruct

 

Know Your Right EP: 1

Usufruct is a legal concept that grants the right to use and enjoy the benefits of someone else's property without owning it. This arrangement is characterized by its temporary and limited nature, allowing individuals to derive advantages from a property without the burden of ownership.

 

In a usufructuary relationship, the person with usufruct, known as the usufructuary, holds certain rights over the property while respecting the ownership rights of the owner, known as the bare owner. This unique legal arrangement often arises in situations where a property owner wishes to grant another party the right to utilize their property for a specified period or purpose.

Usufruct embodies a balance between the interests of the property owner and the usufructuary, fostering cooperation and mutual benefit. It finds applications in various contexts, such as real estate, where one might grant usufruct to a family member or business partner, ensuring the efficient use of the property during a specific time-frame.

This legal concept reflects the adaptability of legal systems to accommodate diverse property arrangements, offering a nuanced solution for situations where outright ownership may not be the most suitable option. Usufruct thus stands as a testament to the flexibility of legal frameworks in recognizing and facilitating shared interests in property use.

For example, If the landlord is very sick which result her/him to be unable to care the land, the landlord can provide or grant usufruct registration to someone she/he believes in to use or benefit from the land in the matter of time granted in the agreement, or until the landlord pass away and the land shall be passed on act of Laws.

Another example, especially for expats living here in Pattaya, since you knew already that you are not allowed by the law to own the land in Thailand. Many of you bought the land on your wife or Thai girlfriend name. This usufruct right can also be registered to such that piece of land by her consent though.

So, hopefully after reading this, you know a little more on your right over the piece of land you spent money on.

PLC 

 

For more information contact LineID: woodypr  

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