A usufruct agreement allows one person to have a legal rights over another person's property, and is a way for a foreigner to "acquire" land in Thailand.
Usufruct can be registered over a property at the local land office. Once registered, your name will be registered on the title deed (chanote).
In Thailand, a Usufruct contract can be created for a limited time eg 5 years, 10 years, 30 years, or lifetime & the Usufructuary can act like the owner of the land/house, so he/she can lease out the house/land but cannot sell the property.
If the usufruct is registered for 30 years, and the usufructuary dies after 20 years, then the usufruct will be terminated on the death of the usufructuary.
More information:
http://www.samuiforsale.com/real-rights/usufruct-property-rights.html
http://www.siam-legal.com/realestate/Usufructs.php
http://www.thaivisa.com/forum/topic/171307-everything-you-wanted-to-know-about-usufruct-agreements-in-thailand/
Usufruct agreement sample:
http://www.samuiforsale.com/other-miscellaneous/usufruct-agreement-sample.html
Buy & download a Usufruct Contact
I haven't bought the contract from there, but if you decide to buy, please give us feedback via the comment section below.
http://www.thailandlawonline.com/paid-downloads/usufruct-contract-th-en
