I am interested in buying a condo (foreign quota) and putting it in my name together with a friend's (farang) name as joint ownership. The objective is to let the condo ownership pass automatically from one party to the other when one party dies.
I have heard that this can be done (somehow) at the Bangkok Land Department but I am specifically interested in how this can be achieved in the Pattaya (Jomtien) area.
Questions I have include:
Does the money to purchase the condo have to come from both parties i.e.half-half, or can one party pay the total amount?
Does there have to be a separate 'agreement' drawn up to detail the joint ownership. By a lawyer or just a hand written agreement?
Upon death of one party does the surviving party have to change of ownership from 2 names to one name with the land department, or can the survivor just carry on using the condo with both names registered? If the survivor wanted to sell the condo I can see that some legal processes would then be required but at this stage I am not concerned about this.
Any experience/advice about this would be gratefully received. Note that I am also not concerned about the condo being sold from under me by the joint owner if we have a bust-up. The person in question is already named in my will to inherit my far more expensive Bangkok condo. Joint ownership seems like a convenient way to pass on property without the normal transfer requirements.
Thanks