ballbreaker

Here's the problem with the whole deal. You need an escrow. Not just for your protection but more importantly for the buyers. How would a buyer feel after making 10 years of payments only to find out the seller just got a fresh loan against the property at the bank? I assume you're not going to surrender the Chanote till its paid in full, right?

Escrow accounts are not used for payment of mortgage loan any place I have ever lived. Typically an escrow account is set up during contract negotiations so funds are protected until such time that ownership is transferred and any mortgage loans are recorded on property title (chanote). The funds are then dispersed according to the contract agreement.

An escrow account may also be set up to collect funds on a monthly basis for payment of yearly property taxes and any insurance required by mortgage holder.

I would think the OP does need to insure he names another entity in mortgage contract that will assume mortgage as the lender and receive remaining payments should he die.

Before you sign any contract that is Thai language get it translated into English and problem solved.

If you choose the right lawyer to do the work should not be a problem.

I would try and sell house yourself before attempting to use realtor. If you decide to use realtor then list with many not just one.

Should the wife kick off you and daughter would become owners of the property. Since your a foreigner you would need to tranfer your part ownership to daughter within 1 year and she would then be sole owner. She being a minor you would be her legal guardian and would control property under court supervision until she is no longer a minor under Thai law. Court just wants to insure anything you do with the property is in the best interest of the child.

I would suggest both you and wife make out wills to prevent anyone from contesting distribution per Thai law.

Its my understanding they only have classes at universities in Bangkok several times a year. You must pass a written test and then verbal test in English before getting the license.

I leaned this info from a past girlfriend that wanted to obtain her tour guide card several years ago. This was back when the Russians were starting to invade Thailand as tourist.

Get a thirty year lease or even better a usufruct BEFORE you register your marriage, otherwise the house and furnishing will be Community Property under Thai law

This is a must for sure if you want protection.

You will have a one time company setup fee but you will also have annual cost to maintain the company.

Ask youself do you trust the Thai owners of the other 51 percent.

In my opinion, others will disagree, Thai companies set up to buy land and house are skirting the law. Stop and think about it for a second. Thai law says foreigners cannot own land. If you set up a company owning 49 percent or less but give yourself 51 percent or more of the voting rights have you not in realty taken ownership away from Thai share holders. It would be interesting to see what a judge in court would say.

OP it is a pain doing transfers from a US bank. My account is with BofA and I cannot do transfers because I did not fill out necessary paper work before leaving the US that would allow me to phone in request or internet access my account and do transfer.

Rather than return to US I use my stock brokerage account. A simple fax and followup phone call for a few security questions and its done. I can send any amount no problem.

When you do get it sorted make sure purpose of transfer says condo purchase.

I would save some money and go with usufruct, making sure its recorded on chanote, instead of lease agreement.

Also when you build house make sure building permit is in your name.

He can possibly still own the house but if the new owner of the land refuses to accept the usufruct, what happens then?

The new owner has no choice but to accept the usufruct.

I went through this last year when my wife died and before hand we had decided to give property to relative of wife since I could not own property and would be forced to sell within one year. At time of transfer my lawyer and official at land office explained to relative that although they would be the new owner I effectively would be the owner of property till my death because of the usufruct.

It will depend on the airline person at check-in counter. I once have this very same problem flying back from Oz in 2006 on Qantas and they refused to board me. My visa and re-entry were good through April 4th of that year and I was attempting to fly from Oz on April 3. They argued that Thai immigration might refuse me entry with such a short time remaining on my visa and Qantas might be forced to pay for my repatriation to Oz. I finally gave up after talking with supervisors and getting same answer, but they would board me if I had outbound ticket from Bangkok.

I went off and purchase a refundable outbound ticket from Bangkok to Singapore and returned to check-in only to be told I now did not have outbound ticket from Singapore. I finally was able to explain that was not her problem but would be Bangkok's.

The compulsory car insurance required in Thailand should cover bodily injury from accident up to maximum of 50k baht per person I think. Legally its required for annual registration and you cannot get legit windshield sticker without.

OP Google thailawonline and then under Thai Laws tab select Civil code and then read book 6 (Succession) and you will find your answers.

You both should write a will to prevent someone trying to alter your wishes in court should either of you die.

Lawyers I talked with say its best to have a will for each country that you have assets. It will make life much more simple for beneficiary.

Crossy link should give you a clue.

If you guys want to do a bit more reading on this subject and others you might want to go to thailawonline.com.

Under Thai law tab select civil code and then in Property (Book IV Section 1410) you will find Superficies.

Its a document (house registration) that should be keep with chanote and passed to new owner if you sell condo.

It will list only current Thai residents of that condo or a foreigner who has a residence permit.

In my case its a book that describes the condo but shows no residents since no Thai's have lived in unit.

Make sure the building permit has your and two partners names.

The blue Tambien Baan is only a house registration document stating who lives in structure. Only Thai people or foreigners with residence permit can be listed in that document.

You have a lease on property which gives you right construct buildings but at end of lease or you and property owner agree to cancel lease you must leave the building on property. If you have the property owner issue a right of Superficies in your and two partners names then you can remove building.

Make sure lease and Superficies are recorded on chanote.

Both of you take trip to Thailand and go with mother to land office and do the transfer. All necessary paper work will be done at land office.

Yes taxes are due but its lower rate on transfer between family member I think.

Google search for thailawonline.

Once on the site select civil code under the Thai Laws tab. Then select book 6 for details you seek.

It will be best if you have wife make out a will. My wife passed away last year and I went through this process and my lawyer said it was good she had left a will.

The lawyer said in the court room next to ours was a family fighting over who gets what because no will. Cases like that are a big problem according to her.

If you have any questions PM me and I will try to answer.

My wife and I did the exact same thing many years ago before making the move to Thailand. It was just a basic hotel room type place we used serveral times a year. It was built on slab and measured 16ft X 20ft plus attached bathroom. We used it for 6-7 years and then sold to wife's sister after we moved to Thailand and built our house.

Both parties are responsible for any debt incurred during marriage so a loan might not be a good option. A usufruct on property naming your relative might be an option.

One reason I bought a condo in my name was to prevent such concerns.

In Thailand you will be confronted with the following fees at transfer. All will be collected at land office on day of closing.

Transfer fee

Stamp duty: only if owned more than 5 years

Specific Business Tax: only if owned less that 5 years

Personal Tax

Who pays the above fees will be decided during contract talks. The more you can get the buyer to pay the better it is for you.

Hope you have a copy of FET letter from bank (tor tor 3) that brought money into Thailand. If not you might have problems sending money out of Thailand.

Good luck with US tax.

Good luck trying to get amount you want from house sell.

Unless there is a will leaving the house and property to you then you might end of with only a share as spelled out in Thai civil code.

If you do get 100% ownership then you have only 1 year to sell or put in Thai persons name.

Just put in your name and leave a will.

uh i posted in wrong forum, sorry for htat, btw if anybody knows a condo in onnut like 50 sqm for under 800 000 let me know

it must be in good condition, furniture not needed

Try checking On Nut 17 Yaek 16. First condo complex on right hand side. Don't remember name of place but consist of six buildings with many units that are two rooms creating 48-50 sq meters total. Some have one bathroom space unfinished and others have converted to kitchen. Condition of building judge for yourself while condition of unit will depend on previous owner. A year ago I looked at a couple that were in the 800-900 k baht range and in good condition while a couple others needed work. Complex about 3km from On Nut BTS.

She should net around 3 M baht depending on appraised value land office has for property.

Fees you mention cannot be deducted when paying withholding tax at land office.

Once the transaction has been completed an individual seller will have the choice either to consider the withholding tax he/she has paid at the land department as his/her final tax payment on the condominium sale or to integrate the income resulting from the sale in its personal income tax and apply the withholding tax credit against its tax.

Unless she was cash short and needed to sell why did she agree to pay all the transfer cost? She should have tried for 50/50 split of transfer cost or buyer pays transfer fee but not seller pays all transfer cost.