Inherited Condo Confusion

[puan]

off topic a tad....but suggestion:

Undaunted's recommended attorney sounds like a good listing for the "Business Recommendations" section of the board.

[windwalker]

Does anyone have advice for him?

He first has to, as Executor and Inheritor, transfer the property to himself within a year of probate.
Once property is in his name he must then sell it within a year. Cannot keep it for himself even though he inherited it. Not sure what would happen if he was unable to sell it! Sounds crazy! This info came from a friend who has had this experience.

[Gaybutton]

Does anyone have advice for him?

He first has to, as Executor and Inheritor, transfer the property to himself within a year of probate.
Once property is in his name he must then sell it within a year. Cannot keep it for himself even though he inherited it. Not sure what would happen if he was unable to sell it! Sounds crazy! This info came from a friend who has had this experience.

Can he sell it to himself?

[windwalker]

Since he inherited the condo it would belong to him. Not sure how someone could sell something to them self that they already own? Will have to ask my friend his opinion.
But do know he could sell it to someone else and then buy it back.

[Undaunted]

If he sells it to himself he has to pay tax......on 3,000,000 bht. tax approx. 135,000bht...this makes no sense as he inherited the condo the title would pass to him however, I am sure this doesn' t happen automatically.
Still can't understand all this minutiae, call the lawyer have a free or very cheap consult and get the right answer.

[mahjongguy]

Once property is in his name he must then sell it within a year.

That would only be true for a house, or a condo in a building where farang ownership is already at 49%.

If probate has closed then he is no longer the executor. The condo is his; at least, it should have been transferred to his name during probate.

In any case, he could just skip the lawyer and go to the Land Office and ask them about the transfer tax. From the horse's mouth, and for free.

[Undaunted]

Good luck to a falang that wants to sort this out at the land office who doesn't speak or understand Thai.

[Gaybutton]

Still can't understand all this minutiae, call the lawyer have a free or very cheap consult and get the right answer.

I understand it perfectly. The OP said two different lawyers gave conflicting information. What's he supposed to do, go for two out of three? And what if the third lawyer tells him something entirely different from the first two?

That's why I agree with getting answers directly from the Land Office. And if nobody there speaks English, fine. Take someone along who is bilingual, even if such a person has to be paid.

[Undaunted]

I think the O.P. should continue to do nothing and wait for more posters opinions.

[windwalker]

Once property is in his name he must then sell it within a year.

That would only be true for a house, or a condo in a building where farang ownership is already at 49%.

If probate has closed then he is no longer the executor. The condo is his; at least, it should have been transferred to his name during probate.

In any case, he could just skip the lawyer and go to the Land Office and ask them about the transfer tax. From the horse's mouth, and for free.

My friend who has been experience in buying/selling condos claims that anyone inheriting a condo must sell within one year, regardless if 49% farang ownership. Exception is when the inheritor/heir is a Thai, in which case, there is no restriction.

As for taxes, the inheritor of a condo does not pay taxes on that unit until such time as he should sell the unit. Taxes are split 50/50 with the person buying the condo .

Hope this helps a bit.